$ENA
Ethena and Securitize's upcoming stablecoin USDtb is participating in Spark's tokenization competition, which is also known as the tokenization grand competition, aimed at incorporating real-world assets (RWA) into decentralized finance and providing liquidity support of up to $1 billion to selected partners. The initial reserves of USDtb will receive over 90% support from BlackRock's BUIDL fund, which is tokenized by Securitize. Spark is a lending platform within the Sky ecosystem, which originated from MakerDAO, and its core stablecoin DAI has also been renamed to USDS. The results of the competition will be confirmed by Sky token holders in governance votes. Ethena stated that it contributes approximately $120 million in revenue to the Sky ecosystem each year, accounting for nearly 30% of total revenue. This indicates that Ethena plays an important role in the Sky ecosystem, and the launch of USDtb may further enhance its influence within that ecosystem.
