In July 2024, Spark launched the Tokenization Grand Prix, a competition designed to onboard up to $1 billion in tokenized assets, depending on market conditions. The initiative aimed to allocate stablecoins directly through the Spark Liquidity Layer (SLL) to the winning projects, advancing Spark’s goal of becoming the stablecoin growth engine for DeFi, using RWAs as a tool to diversify its balance sheet.

Selecting the Winners

The competition received 39 applications, which were carefully reviewed by Steakhouse Financial, a key Spark ecosystem actor specializing in RWAs. The evaluation focused on three main criteria:

• Pricing: Competitive and transparent pricing models.

• Liquidity: High liquidity to ensure seamless transactions.

• Strategic Considerations: Alignment with Spark’s long-term vision and objectives.

Following this rigorous process, three winners were selected: BlackRock/Securitize, Superstate, and Centrifuge. However, the final allocation, funded by Sky, is subject to Sky governance approval, with a vote scheduled for April 3, 2025.

Expanding the SLL Balance Sheet

Currently, the Spark Liquidity Layer (SLL) holds USDC, USDS, sUSDS, USDe, and sUSDe. Once approved by Sky governance, the initial allocation distribution will be:

• BUIDL (BlackRock, tokenized by Securitize) – $500M allocation

• USTB (Superstate) – $300M allocation

• JTRSY (Centrifuge-Anemoy Janus Henderson) – $200M allocation

By onboarding these assets, Spark ensures a diversified allocation, reinforcing Spark's positioning to conservative, liquid instruments.

The Winning Assets

BUIDL by BlackRock -tokenized by Securitize

BUIDL is a fund that invests entirely in U.S. Treasury bills, repurchase agreements, and cash.

USTB by Superstate

USTB focuses on short-duration U.S. Treasury bills maturing in six months or less.

JTRSY by Centrifuge-Anemoy Janus Henderson

JTRSY is a short-duration U.S. Treasury fund that invests in Treasury bills maturing within six months and reinvests in new issuances.

What’s Next?

The onboarding of BlackRock/Securitize, Superstate, and Centrifuge is a key step toward Spark’s goal of becoming the stablecoin growth engine for DeFi. Pending Sky governance approval, these allocations will strengthen the liquidity, diversification, and robustness of the Spark Liquidity Layer.

Stay tuned for updates as we approach the governance vote on April 3, 2025!


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