Ethena Labs has officially submitted a proposal to include its upcoming stablecoin, USDtb, in Spark’s liquidity competition.
Synthetic dollar protocol Ethena Labs and tokenization platform Securitize have submitted a joint proposal to feature Ethena’s USDtb stablecoin in Spark’s $1 billion Tokenization Grand Prix. The competition seeks to onboard real-world assets (RWAs) to decentralized finance by offering liquidity to selected participants.
As part of the proposal, Ethena has included the introduction of a swap facility for USDtb and USDe — another of its stablecoins. This feature would enable the Sky ecosystem to manage and reallocate between the two stablecoins in response to shifts in interest rates or market conditions.
Applications are said to be evaluated by a panel including Phoenix Labs and Steakhouse Financial under criteria such as competitive pricing, liquidity, and alignment with Spark’s strategic goals. Final selections will be determined through a governance vote by Sky tokenholders.
