Obex, the stablecoin incubator administered by Framework Ventures and backed by a $2.5 billion mandate from the Sky ecosystem, on Tuesday introduced its inaugural cohort of eight initiatives and commenced deploying as much as $1 billion in USDS throughout them.
The primary class consists of Maple, USDAI, Daylight, Centrifuge, Securitize, River, TVL Capital, and Higher. All eight are both already a part of, or intend to affix, the Sky ecosystem, spanning structured credit score, fintech lending, vitality finance, AI infrastructure, tokenization, crypto capital markets, and actual property.
“Our trade is at an inflection level. We’re transferring past round DeFi yield sources and towards high-quality yield from non-public credit score markets, fintech, vitality infrastructure, AI CapEx, actual property, and different productive sectors,” stated Parker Edwards, companion at Framework Ventures, in a press launch seen by The Defiant.
The deployment marks the primary main transfer by Obex, which raised $37 million in November 2025 in a spherical co-led by Framework, LayerZero, and the Sky ecosystem. The Sky group individually voted to supply as much as $2.5 billion price of USDS for deployment into authorized, incubated initiatives that graduate from this system.
The transfer comes amid sturdy momentum for Sky, the protocol previously generally known as MakerDAO. USDS at the moment has roughly $11.6 billion in circulation, making it the third-largest stablecoin by market cap, in accordance with Coingecko. Sky’s complete worth locked (TVL) surged 38% in March to $7.52 billion, making it the fourth-largest DeFi protocol. The protocol’s fastened 3.75% financial savings price on sUSDS has attracted capital as DeFi yields elsewhere have compressed.
“Truthfully, it is the basic story of how Sky, identical to Maker used to, at all times does higher in bear markets as a result of it is simply targeted on a stable product that may be trusted to be steady and ship good returns,” Sky founder Rune Christensen advised The Defiant earlier this month.
Along with receiving capital, cohort members plan to launch Sky-aligned merchandise designed to bootstrap USDS utilization inside their ecosystems.
Tokenization Tailwind
The deployment arrives amid speedy progress within the tokenized real-world asset (RWA) sector. The sector tripled in worth to roughly $26 billion over the previous 12 months, in accordance with RWAxyz.
RWAs turned Wall Road’s gateway to crypto in 2025, with onchain tokenized property tripling to just about $19 billion over the course of the 12 months. The momentum has solely accelerated into 2026, with RedStone projecting the market may attain $50-60 billion by year-end.
