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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