Etena and Securities Offer USDtb to Spartak’s $1b Tokenization Grand Prix
Proposals by Athena and Securitize will be reviewed for suitability by the Panel. If approved, the proposal will increase fluidity and stability in the Sky ecosystem. USDtb, backed by BlackRock's BUIDL, offers a stable, RWA-based risk profile.
Athena Labs and tokenization platform Securitize have submitted a joint proposal to offer Athena's new stablecoin, USDtb, at Spark's $1 billion Tokenization Grand Prix.
The $1B Tokenization Grand Prix competition aims to further expand token values in a decentralized ecosystem by providing liquidity to selected participants in DeFi over real-world assets (RWAs).
A proposal by Athena and Securitize
At the heart of Etena's idea is a unique exchange facility between USDtb and the established stablecoin USDe.
This innovation allows participants in the Sky ecosystem—formerly MakerDAO—to manage liquidity and risk based on changing market conditions and interest rate trends. The ability to reconnect between these stablecoins is designed to improve financial flexibility and stability in the ecosystem.
Athena's contribution to the Sky ecosystem is significant, generating approximately $120 million in annual revenue. The integration of USDtb can further strengthen USDe's performance, especially by flexibly adjusting to challenging funding conditions.
USDtb, scheduled to launch next week, is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a US Treasury fund on the Ethereum blockchain. With over $533 million in tokenized assets under management, BUIDL provides a solid foundation for USDtb, offering an alternative risk profile compared to USDe.
While USD employs derivative hedging strategies and is exposed to cryptocurrency market fluctuations, USDtb's reliance on traditional financial instruments provides a more conservative alternative.
The proposal will be evaluated by a panel including Phoenix Labs and Stackhouse Financial, based on factors such as liquidity, pricing competitiveness and alignment with Spark's strategic objectives. Sky Token holders will decide on the final election by administrative vote.
