Obex: "Stablecoin Incubation Camp" in the Sky Ecosystem

$37 million in financing + $2.5 billion in deployment rights: Can Obex become the growth engine for Sky?

Written by: KarenZ, Foresight News

Stablecoins have long been considered the "holy grail" connecting traditional finance and on-chain finance.

Recently, Obex, a stablecoin incubator led and managed by Framework Ventures, officially launched in San Francisco. With $37 million in financing and a massive $2.5 billion capital deployment authorization from Sky (formerly MakerDAO), Obex is aiming for innovation in RWA-backed stablecoins. Its core vision is to provide comprehensive support—from funding to technical infrastructure—for the next generation of yield-bearing stablecoin projects based on real-world assets.

Obex: The "Stablecoin Accelerator" of the Sky Ecosystem

Obex is not a traditional diversified startup accelerator, but rather a strategic incubation tool managed by Framework Ventures and deeply integrated with the Sky ecosystem.

Although some in the industry compare it to a "Y Combinator" for stablecoins, its core positioning is to drive developers to launch innovative yield stablecoin projects on the Sky platform.

Unlike models that rely on recursive DeFi leverage, Obex focuses on yield extraction from real-world economic assets. Vance Spencer, co-founder of Framework Ventures, emphasized: "The value of Obex lies in launching stablecoins in a controlled manner—we guide liquidity step by step, set pre-credit standards, and test the stability of yield streams to avoid the chaos of wild fluctuations in small stablecoins. The root cause of many emerging stablecoin failures is the lack of Sky-style structured anchoring mechanisms and liquidity management during periods of stress."

Capital Endorsement: $37 Million in Financing + $2.5 Billion Authorized Liquidity

This week, Obex announced the completion of a $37 million financing round, co-invested by Framework Ventures, cross-chain interoperability protocol LayerZero, and Sky.

Framework Ventures, as an early DeFi investment benchmark, has successfully invested in leading projects such as Chainlink and Aave; LayerZero provides the key technical foundation for cross-chain asset liquidity; and Sky, as a foundational DeFi protocol (formerly MakerDAO), is not only an investor but also the core ecosystem focus for Obex.

At the same time, Sky will deploy a total of $2.5 billion USDS to projects incubated by Obex as liquidity support for graduating projects. According to Obex, top graduating projects may receive nine-figure real deployment funding in USDS in a single tranche.

Strategic Focus: RWA-Backed Stablecoin Projects within the Sky Ecosystem

Each team incubated by Obex will build an independent, decentralized project within Sky, aiming to drive innovation and growth in the Sky ecosystem.

According to CoinDesk, the program will focus on stablecoins backed by high-quality real-world collateral, with an emphasis on three key areas: compute credit, such as tokenized GPU infrastructure; energy assets, such as municipal-scale solar and battery deployments; and loans to large fintech companies, which, despite their size, often lack credit lines.

These assets not only provide tangible value backing for stablecoins but also bring sustainable real yield to holders, rather than relying solely on token inflation for artificially high returns.

It is foreseeable that the new wave of growth logic initiated by USDS (formerly Dai) will be completely different from previous cycles: it will shift towards Sky proactively "wholesale lending" to the real economy. Moreover, when stablecoin projects in computing, energy, and fintech lending go live, the projects incubated by OBEX are essentially "creating demand" for USDS.

How does the operating model work?

Obex's operational process deeply integrates crypto-native characteristics with traditional accelerator experience:

• Application stage: Open to early-stage teams (from idea to MVP stage) that can bring sustainable yield to Sky, as well as existing stablecoin teams (usually at the idea or MVP stage). Existing stablecoin teams can also apply.
• 12-week incubation: Selected teams participate in a 12-week incubation program, during which they receive initial funding, strategic guidance, access to Sky infrastructure, and other resources.
• Demo Day and subsequent financing: At the end of the incubation, teams will showcase their achievements to investors. High-quality projects that pass risk and governance reviews have the opportunity to directly receive massive liquidity support from the Sky ecosystem.

This "incubation + direct capital deployment" model to some extent lowers the cold start challenges faced by new stablecoin projects and makes Obex a core strategic tool for the expansion of the Sky ecosystem.

Summary

The launch of Obex comes at a time when the stablecoin industry is experiencing explosive growth. As the regulatory environment becomes clearer, institutional investors are accelerating their entry.

On one hand, the success of USDT and USDC proves the huge demand for dollar stablecoins; on the other hand, the collapse of some stablecoin projects has exposed the risks of non-compliant stablecoins, and the market demand for "yield + stability" hybrid products is surging. The shift from pure on-chain speculation to integration with the real economy has become a core trend in DeFi.

The core philosophy of Obex is to reconstruct the value dimension of stablecoins: in the future, stablecoins should not only be on-chain representations of fiat currency, but also serve as "yield carriers" and "capital formation tools." By connecting RWA and on-chain finance, Obex may help the Sky ecosystem break through the crypto circle, enabling USDS to serve capital markets and industrial chain scenarios on a large scale. The model of each incubated project building an independent decentralized application within the Sky ecosystem can both drive innovation and promote ecosystem synergy.