Spark, an Onchain Capital Allocator focused on optimizing risk-adjusted returns, and competitive stablecoin yields, today announced that BlackRock/Securitize, Superstate, and Centrifuge have been selected as the winning applicants of the Spark Tokenization Grand Prix. Designed to onboard up to $1 billion in tokenized assets to the Spark Liquidity Layer (SLL), this initiative aims to diversify Spark’s portfolio and drive the adoption of real-world asset tokenization.
The competition received 39 applications which were reviewed by Steakhouse Financial, a key Spark ecosystem actor specializing in RWAs. Applications were assessed based on several key metrics, including the balance between high liquidity and capital efficiency. The total liquidity allocation, subject to market demand and up to a maximum value of $1 billion, will be distributed proportionately to the winning applicants. Following the rigorous process, the selected winners were:
- BUIDL by BlackRock, tokenized by Securitize ($500M allocation): a fund that invests entirely in U.S. Treasury bills, repurchase agreements, and cash.
- USTB by Superstate ($300M allocation): a fund that focuses on short-duration U.S. Treasury bills maturing in six months or less.
- JTRSY by Centrifuge ($200M allocation): a short-duration U.S. Treasury fund that invests in Treasury bills maturing within six months and reinvests in new issuances.
Sam MacPherson, CEO at Phoenix Labs, commented: “Since the launch of this competition last year, demand for cutting-edge tokenized products has only grown. Onboarding these partners will strengthen the liquidity, diversification, and robustness of the Spark Liquidity Layer, supercharging Spark’s journey to becoming the growth engine for DeFi.”
Spark is the first Star in the Sky Ecosystem, home of the longest-standing DeFi protocol. The assets, owned by Sky and accessible through the Spark Liquidity Layer, include USDS and other digital assets. Pending Sky governance approval, BlackRock/Securitize, Superstate, and Centrifuge applications will be onboarded as collateral for Sky’s native stablecoin USDS, and sUSDS, the yield-bearing tokenized stablecoin deposited into the Sky Savings Rate. The total supply of USDS and DAI, Sky’s legacy stablecoin, now stands at more than $8 billion.
Rune Christensen, co-founder of Sky, commented: “Sky pioneered the adoption of real-world tokenized assets, strategically diversifying its collateral pool to grow over the last three years. Now, through the Sky’s Allocation system – a critical element in the Sky Agent Framework – Spark is providing the liquidity to bring on BlackRock/Securitize, Superstate, and Centrifuge. More than just a milestone for DeFi, this is a great example of how Star Agents can drive innovation and speed for the ecosystem while creating fantastic opportunities for themselves and their partners.”
Robert Mitchnick, Head of Digital Asset at BlackRock, said: “We are pleased to support the Spark Tokenization Grand Prix’s allocation of up to $500 million into our tokenized stable value yield fund, BUIDL. This step underscores the growing convergence of decentralized finance and traditional capital markets, highlighting the role that institutional-grade investment vehicles can play in the technology innovation underway in the financial ecosystem.”