BlackRock's BUIDL, Superstate and Centrifuge Win Spark's $1B Tokenized Asset Windfall

What to know:

Tokenized Treasury products of BlackRock-Securitize, Superstate and Centrifuge are poised to receive allocations from $1 billion investment plan initiated by Sky, formerly MakerDAO, an initiative designed to accelerate the adoption of real-world asset (RWA) tokenization on Sky-adjacent decentralized finance (DeFi) lending platform Spark.

BUIDL, issued by BlackRock and Securitize and backed by U.S. Treasury bills and repurchase agreements, is set to receive $500 million allocation. Superstate's USTB will get a $300 million. Centrifuge's JTRSY, a T-bill fund in partnership with asset managers Anemoy and Janus Henderson, set to receive $200 million.

The selection process saw 39 applicants evaluated by advisory firm Steakhouse Financial, a key player in Spark’s ecosystem specializing in RWAs. Winners were chosen based on criteria including liquidity and capital efficiency. The final allocations will be market-driven and capped at $1 billion, Spark said in a press release.

Pending governance approval, the selected tokenized assets could be used as collateral for Sky’s native stablecoin USDS and its yield-bearing counterpart, sUSDS.

The protocol's move is part of a larger trend of blockchain-based protocols integrating tokenized versions of traditional financial assets, or real-world assets, like bonds, funds and credit. In 2024, Sky  announced plans  to invest $1 billion in tokenized U.S. Treasury bills, attracting interest from a wide range of issuers.

The allocation will also lend a significant boost for the already fast-growing tokenized U.S. Treasuries market, which currently stands at $4.6 billion, according to  rwa.xyz data .

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