Ethena and Securitize will launch the stablecoin USDtb to participate in Spark's $1 billion tokenization competition

ChainCatcher news, stablecoin issuer Ethena and tokenization platform Securitize are set to launch the stablecoin USDtb to participate in Spark's $1 billion tokenization competition.

The Spark competition (referred to 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, renamed from MakerDAO. The results will be confirmed by governance votes from Sky token holders.

The reserves of the USDtb stablecoin will be invested in BlackRock's U.S. institutional digital liquidity fund (BUIDL), which is tokenized by Securitize. BUIDL will account for over 90% of its initial backing. Ethena claims that this ratio is higher than that of other stablecoin issuers.