TechFlow reports that on November 29, according to The Block, Ethena and Securitize are launching the stablecoin USDtb to compete in Spark's $1 billion tokenization contest. Over 90% of USDtb's initial reserves will be backed by BlackRock's BUIDL fund, which is tokenized by Securitize.
The Spark competition, known as the Tokenization Grand Prix, will distribute up to $1 billion in liquidity to selected partners. Spark is a lending platform within the Sky ecosystem, formerly known as MakerDAO (whose core stablecoin DAI has been renamed USDS). The final results of the competition will be confirmed through governance voting by Sky token holders. Ethena stated it contributes approximately $120 million in annual revenue to the Sky ecosystem, accounting for nearly 30% of total revenue.
