Sky's $2.5B Bet: Real-World Assets to Solve Stablecoin Stability Crisis

Sky Authorizes Up to $2.5 Billion in USDS to Back New RWA Stablecoin Projects

The stablecoin market is set for a major shift as Sky, the entity formerly known as MakerDAO, has authorized up to $2.5 billion in USDS to fund projects under its new crypto incubator, Obex. The initiative, which aims to develop yield-generating stablecoins backed by real-world assets (RWA), has already secured $37 million in initial funding led by Framework Ventures, LayerZero, and Sky. This move underscores a growing industry push to anchor stablecoins to tangible assets, a strategy designed to mitigate risks seen in synthetic stablecoins that lost their pegs following recent DeFi exploits.

Obex, described as a "Y Combinator for stablecoins" by Vance Spencer, co-founder of Framework Ventures, will focus on three key areas: compute credits (such as tokenized GPU infrastructure), energy assets (including municipal-scale solar and battery deployments), and loans to large fintechs according to the report. The incubator will run a 12-week program for early-stage teams, offering capital, technical resources, and access to Sky's infrastructure. Projects that pass risk and governance reviews may qualify for additional funding from Sky's reserves, which hold over $9 billion in market capitalization across its DAI and USDS stablecoins.

Obex seeks to create a stablecoin ecosystem that balances innovation and risk control. The incubator will prioritize high-quality, tangible collateral—such as energy infrastructure and fintech loans—to ensure the stability of yield-generating stablecoins. This approach represents a departure from traditional stablecoin models that rely on fiat or government-backed assets.

The initiative addresses a critical gap in the stablecoin market, where synthetic tokens like Ethena's USDE and Stream Finance's USDX have faced volatility due to backend investment strategies. "We cannot have people creating $500 million stablecoins and blowing them up," Spencer emphasized, noting that Obex will enforce institutional-grade risk controls and underwriting practices. This approach aligns with broader industry trends, as stablecoins are projected to reach a $1 trillion market size, with yield-bearing variants growing even faster according to market analysis.

Sky's decision to allocate $2.5 billion in USDS reflects confidence in the scalability of RWA-backed stablecoins. The funds will be drawn from the protocol's vast reserves, allowing projects to generate returns while maintaining stability according to the report. This strategy contrasts with traditional stablecoins, which are often backed by fiat or government bonds. Instead, Obex prioritizes high-quality collateral, including energy infrastructure and fintech loans, to create a diversified revenue model.

The incubator's launch comes as demand for innovative stablecoin solutions intensifies. Ethena's USDE and Tether's recent $1.5 billion in credit-backed issuance highlight the sector's potential. However, Obex's focus on RWA aims to reduce reliance on volatile crypto assets, offering a more resilient alternative.