Spark, an on-chain capital allocator embedded in the recently rebranded Sky, formerly MakerDAO, ecosystem, says it has committed an additional $1 billion to tokenized real-world assets (RWAs), specifically those backed by U.S. Treasury securities.
The expansion brings Spark’s total value locked (TVL) to $2.4 billion, making it the leading on-chain allocator, per DeFiLlama data.
The allocation follows the conclusion of Spark’s “Tokenization Grand Prix,” a months-long initiative that awarded capital to three RWA protocols: BlackRock/Securitize’s BUIDL, Superstate’s USTB, and Centrifuge-Anemoy’s JTRSY.
“The expanded capital base comes at a time of growing institutional and retail momentum in onchain finance, particularly across Asia Pacific and emerging markets,” the platform shared in a statement with Decrypt.
The initial $1 billion allocation, finalized following a Sky governance vote on April 3, deployed $500 million to BUIDL, $300 million to USTB, and $200 million to JTRSY.
Spark’s Liquidity Layer automates liquidity provision for USDC, among other stablecoins, directly from Sky across various networks and protocols.
The new funds are being distributed to the same recipients as Spark’s original $1 billion Tokenization Grand Prix.
Tokenization nation
The latest allocation offers a clearer picture of how tokenized RWAs, primarily short-term U.S. Treasuries, are being actively adopted as primary reserves by major DeFi protocols seeking to stabilize yields and reduce exposure to crypto-native volatility.
The Tokenization Grand Prix, launched in July 2024, was an open call for asset issuers to propose RWA products for Spark’s stablecoin-backed treasury.
Thirty-nine applications were reviewed by Steakhouse Financial, a firm embedded in the Spark ecosystem with experience underwriting RWA protocols.
Evaluations focused on liquidity, pricing transparency, and alignment with Spark’s goal of integrating low-volatility, yield-generating assets into DeFi.
The assets were onboarded via the Spark Liquidity Layer (SLL), which holds stablecoins including USDC, USDS, sUSDS, USDe, and sUSDe.
BlackRock’s BUIDL fund holds approximately $2.81 billion in tokenized U.S. Treasuries, making it the largest among the three.
Superstate’s USTB follows with $490.7 million, while Centrifuge’s JTRSY stands at $237.1 million, according to DeFiLlama data.
All three funds are backed by short-duration government debt and structured to reinvest as securities mature.
Spark’s role within Sky, a rebranded MakerDAO, has grown since the governance overhaul was announced in August 2024.
Now operating as a standalone “Star” (Sky’s designation for modular sub-protocols), Spark has reported around $40 million in revenue in Q1 2025 and launched a USDC Savings Vault, which has attracted more than $41 million in deposits, according to the protocol.
The protocol also expanded to Arbitrum and Base earlier this year.
While many DeFi protocols have explored exposure to sovereign debt, Spark’s combined $2.4 billion deployment places it ahead of peers.
RWA.xyz data shows that total tokenized U.S. Treasury assets across protocols now exceed $3.5 billion, meaning Spark alone accounts for more than two-thirds of the current market.
Edited by Sebastian Sinclair
