**News Flash: Ethena Labs Proposes USDtb Stablecoin for Spark's Tokenization Contest**

Ethena Labs and Securitize have teamed up to propose Ethena's USDtb stablecoin for Spark's $1 billion Tokenization Grand Prix. This competition aims to integrate real-world assets into decentralized finance by providing liquidity to selected projects.

Ethena's proposal includes a swap facility between USDtb and USDe, allowing the Sky ecosystem to adjust to market changes. A panel, including Phoenix Labs, will evaluate entries based on pricing, liquidity, and strategic alignment, with final decisions made by Sky tokenholders.

USDtb, launching next week, is backed by BlackRock’s USD Institutional Digital Liquidity Fund and offers a different risk profile than USDe. Ethena's USDe market value recently surpassed $4.3 billion, driven by increased interest following a revenue-sharing proposal for ENA tokenholders.