Ethena and Securitize have jointly submitted an application for Spark's $1 billion tokenization competition, aiming to enhance the Sky ecosystem's financial flexibility. The proposal introduces a swap facility utilizing Ethena's upcoming stablecoin USDtb alongside USDe, designed to optimize asset allocation in response to interest rate fluctuations. USDtb's reserves are slated for investment in BlackRock's BUIDL fund, marking it as the only stablecoin predominantly backed by BUIDL. The outcome of this bid will be determined by a vote from Sky token DAI holders, as announced by SparkDAO.