1 month ago
Spark has announced that BlackRock, Superstate, and Centrifuge are the winners of its Tokenization Grand Prix. The extremity is to allocate $1 cardinal successful tokenized assets, with BlackRock’s BUIDL money acceptable to person fractional of it.
The competition, launched successful July 2024, allocated funds done the Spark Liquidity Layer (SLL). The inaugural aimed to integrate real-world assets (RWAs) to diversify Spark’s equilibrium expanse portion expanding stablecoin adoption successful DeFi.
The last allocation remains taxable to Sky (formerly MakerDAO) governance approval, with a ballot scheduled for April 3.
If approved, the inaugural volition besides put $300 cardinal successful Superstate’s USTB and $200 cardinal successful Centrifuge-Anemoy Janus Henderson’s JTRSY.
Currently, the Spark Liquidity Layer holds USDC, USDS, sUSDS, USDe, and sUSDe. The protocol volition usage these stablecoins to adhd BUIDL, USTB, and JTRSY.
Adding RWAs to the treasury
The contention attracted 39 applications, reviewed by Steakhouse Financial, a steadfast specializing successful RWAs wrong the Spark ecosystem.
Applicants were assessed based connected pricing transparency, liquidity levels, and strategical alignment with Spark’s objectives.
Spark picked each of these RWA tokens backed by US Treasury securities, suggesting a penchant for liquid and blimpish assets.
BUIDL is offered by BlackRock and tokenized by Securitize. The wealth money invests successful US Treasury bills, repurchase agreements, and cash.
BUIDL is the largest tokenized wealth fund, with implicit $1.2 cardinal successful marketplace headdress arsenic of March 18. Spark’s incoming concern could propel it adjacent to $2 billion.
Meanwhile, Superstate’s USTB focuses connected short-duration US Treasury bills maturing successful six months oregon less, ensuring a predictable and unafraid yield. It is importantly smaller than BUIDL, with $370 cardinal information successful the market.
Lastly, Centrifuge-Anemoy Janus Henderson’s JTRSY allocates wealth to a short-duration US Treasury money that reinvests successful caller issuances arsenic existing securities mature. With a marketplace headdress of $32.4 million, JTRSY is besides the smallest of the 3 tokenized funds perchance to person Spark’s investment.
If approved, Spark’s investments successful BlackRock/Securitize, Superstate, and Centrifuge volition people a important measurement successful integrating tokenized RWAs into DeFi infrastructure.
The station MakerDAO’s Spark to put $500 cardinal successful BlackRock’s BUIDL fund appeared archetypal connected CryptoSlate.
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