Obex Deploys $1B to Link USDS Stablecoin to Real-World Assets

Obex, an incubator backed by Framework Ventures, began deploying $1 billion on March 25 to connect the Sky protocol’s $10 billion USDS stablecoin with income from real-world assets. The capital allocation targets tokenized assets in sectors like AI data centers, housing, and energy through partnerships with firms including Maple, Centrifuge, and Securitize. This strategy is designed to move Sky’s ecosystem beyond the "circular" and often volatile yields native to decentralized finance (DeFi).

Sky, a DeFi lending protocol that generated $435 million in annualized revenue in 2025, plans to grow the USDS supply to over $20 billion next year. Obex's mandate, which allows for up to $2.5 billion in RWA allocations from Sky's reserves, is central to this expansion. By integrating stable, off-chain income streams, the protocol aims to enhance the utility and stability of its dollar-pegged stablecoin.

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.

— Parker Edwards, Partner at Framework Ventures.

Tokenized Asset Market Triples to $26 Billion

The move into real-world assets aligns with a significant industry trend. The market for tokenized RWAs has tripled over the past year to a total value of $26 billion, according to data from RWA.xyz. This growth is driven by investor demand for more predictable and stable returns than those typically found in speculative crypto trading and lending strategies.

Tokenization represents physical or financial assets, such as loans and infrastructure projects, as digital tokens on a blockchain. This process improves capital efficiency, simplifies ownership tracking, and can broaden access to previously illiquid investment opportunities. Sky's large-scale commitment validates this growing market and provides a blueprint for other stablecoin issuers seeking sustainable yield.

Public Company Pivots With 8.78% Stake in SKY Token

Underscoring the growing institutional interest in the Sky ecosystem, a publicly traded company recently executed a dramatic corporate pivot. NovaBay Pharmaceuticals (NBY) has rebranded as Stablecoin Development Corp. (SDEV) after acquiring 2.06 billion SKY governance tokens for $134 million. The purchase gives the firm an 8.78% share of the total circulating supply, making it a significant stakeholder in the protocol's governance.

SDEV is now staking its holdings for an annual yield reported to be over 10%. This move demonstrates how traditional entities are exploring DeFi protocols not just for their technological potential but also as powerful treasury management and yield-generation tools. The presence of a major corporate holder adds a new dimension to Sky's governance dynamics as it simultaneously expands its asset base into the real world.