Author: Krisztian Sandor

Translated by: Tim, PANews

Web3 incubator Obex recently announced the completion of a $37 million financing round, led by Framework Ventures, LayerZero, and the Sky ecosystem fund. The funds will be used to develop a new generation of yield-bearing stablecoins.

The Obex incubator aims to invest in projects that bring Real World Assets (RWA) on-chain and to introduce institutional-level risk control and underwriting standards to this rapidly growing market.

Obex will become the latest capital allocator for Sky (formerly MakerDAO, which launched the DAI and USDS stablecoins with a total market value of $9 billion), using its large reserves to provide funding to Sky for scaling and generating returns from projects through its strategies.

Vance Spencer, co-founder of Framework Ventures, stated in an interview, "The total market value of stablecoins is approaching the trillion-dollar mark, but I believe the growth momentum of yield-bearing stablecoins will be even more rapid."

Stablecoins are a type of cryptocurrency that maintains price stability by being pegged to external assets like the US dollar. These tokens are rapidly evolving into a massive asset class. Currently, stablecoins are primarily pegged to fiat currencies and government bonds, and are increasingly used in cross-border payments, while emerging categories of stablecoins are attempting to provide holders with more competitive yields through backend investment strategies.

Among the tokens known as "synthetic stablecoins," the most notable is the USDe token issued by Ethena, which has a scale of $8 billion. This token creates returns for holders by holding spot cryptocurrencies while shorting equivalent derivatives to maintain a neutral trading position.

However, the stability mechanisms of certain tokens may harbor risks, leading to a decoupling from their pegged prices. Recently, a vulnerability attack on the decentralized protocol Balancer triggered risk contagion in the DeFi space, resulting in a series of synthetic stablecoins, including Stream Finance's USDX and Elixir's deUSD, experiencing decoupling phenomena.

The creation of Obex is precisely to avoid such stablecoin collapse events. Spencer pointed out that these incidents indicate the need for stricter regulation and a more robust technological foundation in the stablecoin industry. "We cannot allow institutions to issue hundreds of millions in stablecoins only to let them collapse instantly," he emphasized, "The Sky platform has the infrastructure to safely scale these stablecoins."

The Obex incubation program will focus on stablecoins backed by high-quality RWA assets, primarily concentrating on three key areas: computing resources (such as tokenized GPU infrastructure), energy assets (including municipal-level solar and battery deployment projects), and loans aimed at large fintech companies (which, despite their size, often struggle to obtain traditional credit support).

Obex incubation will provide startup teams with 12 weeks of related services, offering funding, technology, and opportunities to utilize Sky's infrastructure.

Teams that pass risk and governance audits will be eligible for additional funding support from Sky, which has recently approved through governance voting to invest up to $2.5 billion in USDS stablecoins into Obex.

Spencer referred to Obex as the "YC of the stablecoin world," a metaphor referencing the influential Silicon Valley startup accelerator Y Combinator. "In San Francisco, stablecoin advertisements are everywhere. We receive five to ten project proposals every day," he stated, "The industry is bursting with vigorous development momentum."

Spencer added, "What is currently lacking is the infrastructure—providing adequate support for these ideas, ensuring their safety, and truly achieving scalability."

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