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Quick take:
Advisory firm Steakhouse Financial evaluated 39 applicants for Spark’s tokenised RWA fund allocation.
The winners were selected based on liquidity and capital efficiency, with the final allocation market-driven and capped at $1 billion.
The selected tokenised assets may be used as collateral for Sky’s USDS stablecoin and its yield-bearing version sUSDS upon governance approval.
BlackRock’s BUIDL, Superstate’s USTB and Centrifuge’s JTRSY have been chosen to receive Spark’s $1 billion real-world asset (RWA) tokenisation fund. According to the announcement, the BlackRock-backed Securitize will receive a $500 million investment into BUIDL with Superstate getting $300 million for USTB while Centrifuge’s JTRSY will receive $200 million.
The announcement comes eight months after Sky (formerly MakerDAO) announced plans to tokenise $1 billion through its decentralised finance (DeFi) lending subsidiary Spark.
According to the announcement, advisory firm, Steakhouse Financial evaluated 39 applicants for the allocation. The winners were selected based on liquidity and capital efficiency, but will still require governance approval.
Once approved, the selected tokenised assets may be used as collateral for Sky’s USDS stablecoin and its yield-bearing version sUSDS.
The announcement comes as institutional adoption of crypto assets continues to grow amid an expected clearer regulatory framework in the U.S. BlackRock has emerged as one of the leading drivers for institutional adoption of digital assets with its BUIDL fund and the Spot Bitcoin ETF, but more financial institutions are beginning to show interest amid Trump’s pre-lection promises, which are gradually being fulfilled.
The RWA segment of the crypto market has been one of the leading drivers for crypto mainstreaming, with the sector now topping $4.6 billion according to RWA tokenisation tracking platform RWA.xyz.
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