PANews reported on November 29 that according to The Block, Ethena and Securitize are participating in Spark's $1 billion tokenization competition for the upcoming stablecoin USDtb. USDtb's initial reserves will be supported by more than 90% of BlackRock's BUIDL fund, which is tokenized by Securitize. Spark is a platform under the Sky ecosystem (formerly MakerDAO), and the results of the competition will be decided by Sky token holders. Ethena claims that it contributes about $120 million in revenue to the Sky ecosystem each year, accounting for nearly 30% of total revenue.
Ethena and Securitize Join Forces in Spark’s $1 Billion Tokenization Race
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