tl;dr
Spark, an on-chain capital allocator within the rebranded Sky (formerly MakerDAO) ecosystem, has committed an additional $1 billion to tokenized real-world assets (RWAs) backed by U.S. Treasury securities, raising its total value locked to $2.4 billion. This makes Spark the leading on-chain allocato...
Spark, a key on-chain capital allocator within the rebranded Sky ecosystem (formerly MakerDAO), has injected an additional $1 billion into tokenized real-world assets (RWAs) backed by U.S. Treasury securities. This latest commitment boosts Spark's total value locked (TVL) to $2.4 billion, establishing it as the leading on-chain allocator of RWAs.
Following Spark’s extensive "Tokenization Grand Prix," capital was awarded to three RWA protocols: BlackRock/Securitize’s BUIDL ($500 million), Superstate’s USTB ($300 million), and Centrifuge-Anemoy’s JTRSY ($200 million). These assets, primarily consisting of short-term U.S. Treasuries, are being integrated by DeFi protocols to stabilize yields and reduce exposure to the inherent volatility of cryptocurrencies.
Spark operates through its Liquidity Layer, automating liquidity provision for various stablecoins—including USDC—across multiple networks and protocols. Since a governance overhaul in August 2024, Spark’s role within Sky has expanded significantly, reporting $40 million in revenue in Q1 2025 and launching a USDC Savings Vault that has attracted over $41 million in deposits.
The latest allocations reflect growing institutional and retail momentum, especially in Asia Pacific and emerging markets, as Spark continues to embed low-volatility, yield-generating RWAs into DeFi finance. This strategic focus has positioned Spark to account for more than two-thirds of the over $3.5 billion in total tokenized U.S. Treasury assets across protocols.
Spark’s success highlights a broader trend of tokenizing sovereign debt to bring traditional financial stability into decentralized finance, allowing DeFi participants to enjoy more predictable and secure yield opportunities amid the crypto market’s fluctuations.