Ethena Labs and Securitize have officially submitted a proposal to include the upcoming stablecoin USDtb in Spark's liquidity competition.
Ethena is determined to secure $1 billion in liquidity for USDtb
The Ethena Labs protocol and the Securitize tokenization platform have submitted a joint proposal to include Ethena's stablecoin USDtb in Spark's $1 billion Tokenization Grand Prix. This competition aims to attract real-world assets (RWAs) into decentralized finance by providing liquidity to selected participants.
In the proposal, Ethena has introduced a mechanism for swapping between USDtb and USDe - another stablecoin of the platform. This feature allows the Sky ecosystem to manage and reallocate between the two stablecoins based on changes in interest rates or market conditions.
The applications will be evaluated by a council consisting of Phoenix Labs and Steakhouse Financial, based on criteria such as competitive pricing, liquidity, and alignment with Spark's strategy. The final result will be decided through a vote by Sky token holders.
Ethena claims to currently contribute nearly $120 million in annual revenue to the Sky ecosystem, previously known as MakerDAO.
About the USDtb stablecoin
USDtb, expected to launch next week, is backed by BlackRock's BUIDL Digital Liquidity Fund - a U.S. Treasury tokenization fund launched on Ethereum in March 2024 and currently holding over $533 million in tokenized assets.
Ethena's upcoming stablecoin will provide a different risk profile compared to the current USDe, which uses a derivative hedging strategy with various cryptocurrencies, making it more sensitive to market volatility.
Ethena Labs stated that the integration of USDtb could improve the performance of USDe under weak funding conditions. Specifically, the collateral component of USDe could be adjusted to incorporate USDtb, helping to minimize the risk from negative interest rates.
According to data from CoinGecko, the market capitalization of USDe has surpassed $4.3 billion as of November 29. Recent analysis by CCData indicates that this growth is driven by "significant interest in the Ethena ecosystem following the proposal to activate revenue sharing for ENA token holders."
Follow CoinMoi to stay updated on the hottest crypto market issues!
The article Ethena and Securitize "compete" for $1 billion in USDtb liquidity first appeared on CoinMoi.
