Obex, the incubator backed by Framework Ventures, began deploying $1 billion on Wednesday to tie Sky’s USDS stablecoin to income-producing real-world assets — from AI data centers and energy projects to housing and structured credit. The move is designed to broaden stablecoin yield beyond crypto-native sources and push the Sky ecosystem toward more predictable, off-chain revenue streams.
The first slate of partners includes Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better. Each firm will work with Obex to tokenize assets — turning loans, funds, infrastructure and other real-economy exposures into blockchain-native instruments — and roll out new yield-generating products intended to increase USDS usage across their platforms.
Why it matters: Sky issues the $10 billion USDS stablecoin and posted $435 million in annualized revenue in 2025. The protocol wants to grow USDS supply above $20 billion next year, and Obex has been tasked with helping by plugging fresh, real-world income into the system. Last year Obex won a mandate to allocate up to $2.5 billion of Sky’s USDS reserves into real-world assets to generate yield.
“We’re moving beyond circular DeFi yield sources and toward high-quality yield from structured credit markets, fintech, energy infrastructure, AI CapEx, real estate, and other productive sectors,” said Parker Edwards, partner at Framework Ventures.
The initiative reflects a broader industry trend toward tokenization — representing loans, funds or infrastructure projects on blockchains to make capital more mobile, ownership easier to track, and investor access wider. The market for tokenized real-world assets has expanded rapidly, tripling to $26 billion over the past year, according to RWA.xyz data, driven in part by demand for steadier returns than those typically found in speculative crypto lending.
In short, Obex is betting that anchoring stablecoin yield to tangible, revenue-producing assets will help Sky scale USDS while offering crypto investors a more predictable income profile — a test case for whether tokenized real-world assets can become a mainstream source of on-chain yield.
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