BlackRock BUIDL and others win MakerDAO (Sky) RWA contest, total of 150 billion yen to be received

GateUser-d76e02b9 · 2025-03-19T01:14:05+00:00

Spark, a lending protocol, announced winners of the RWA tokenization contest. Three funds to tokenize US bonds win over $1.5 billion in allocation, boosting Spark's position. Spark aims to enhance diversification and liquidity by listing RWA assets. Spark operates a liquidity layer with stablecoins. Winners receive funding and the tokens will be listed on Spark's platform. The RWA market is rapidly growing.

GateUser-d76e02b9

2025-03-19 01:14:05

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## 3 tokens RWAToken, Spark to listing

Sky (formerly known as MakerDAO) announced the winner of the ‘Spark Tokenization Grand Prix’ contest in the real-world asset (RWA) tokenization field on the 19th, provided by the lending protocol Spark.

Selected from 39 applicants are BlackRock Securitization, Superstate, and Centrifuge. These three are expected to receive a total of 1 billion dollars (approximately 150 billion yen) from Sky.

All are U.S. bond Tokenization funds, with BlackRock managing and securitizing ‘BUIDL’ issuing 500 million dollars (about 75 billion yen), ‘USTB’ from SuperState receiving 300 million dollars (about 45 billion yen), and ‘JTRSY’ from Centrifuge receiving 200 million dollars (about 30 billion yen).

By listing such RWA assets, Spark aims to diversify its assets and strengthen its position as a highly liquid financial product with stable liquidity.

Related: What is Real World Asset (RWA) | Reasons why investors are interested in tokenizing real assets

What is RWA

Short for “Real World Asset”. RWA tokenized on the blockchain includes tangible assets such as real estate, artwork, trading cards, as well as securities such as stocks and bonds. The potential for tokenizing RWA has attracted attention from major asset management firms like BlackRock.

Providing liquidity with stablecoins

Currently, Spark’s ‘Liquidity Layer,’ which supplies and operates the liquidity of stablecoins in the DeFi (decentralized finance) market, holds stablecoins such as USDC, USDS, sUSDS, USDe, and sUSDe.

Sky provides funding to winners in the form of stablecoins like ‘BUIDL’, ‘USTB’, and ‘JTRSY’, and lists them on Sky’s platform.

The final approval of the fund allocation is scheduled to be voted on in the Sky Governance vote on April 3rd.

In this contest, Steakhouse Financial, which specializes in RWA and is active in the Spark ecosystem, is in charge of the evaluation. The evaluation is conducted from the following three aspects.

Pricing: A competitive and transparent pricing model.
Liquidity: High liquidity to ensure seamless trading.
Strategic considerations: Alignment with Spark’s long-term vision and goals.

On-chain RWA is a scale of 3 trillion yen

According to rwa.xyz, the total amount of RWA assets on-chain has reached about $19 billion (about 3 trillion yen) currently. Of this, approximately $12 billion (about 1.8 trillion yen) is in private credit, followed by about $4.6 billion (about 690 billion yen) in US Treasury bonds.

By listing the 3 new tokens selected in the Spark contest, the amount of Tokenized US bonds will increase. BUIDL by BlackRock, which was launched just last March, has now become the largest fund by market capitalization in the RWA market, reaching approximately $1.2 billion.

Source: rwa.xyz

The RWA market has been rapidly growing in the past few years, with its market capitalization increasing to over 6 billion dollars as of March 2023, more than three times higher than two years ago.

Related: BlackRock’s Tokenized Fund BUIDL Surpasses $1 Billion in Assets Under Management for the First Time

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