Spark of MakerDAO invested 500 million USD into BlackRock's BUIDL fund.

Spark has just announced that BlackRock, Superstate, and Centrifuge are the three winning entities at the Tokenization Grand Prix, with a total capital allocation of up to 1 billion USD. Among them, BlackRock's BUIDL fund is expected to receive half of this investment.

The competition will kick off in July 2024 to allocate capital through Spark Liquidity Layer (SLL), with the goal of integrating real assets (RWAs) to diversify Spark's balance sheet while expanding the application scope of stablecoins in DeFi.

The final allocation still requires approval from Sky (, previously MakerDAO), with a vote scheduled to take place on April 3rd. If approved, this initiative will invest 300 million USD into Superstate's USTB and 200 million USD into Centrifuge-Anemoy Janus Henderson's JTRSY.

Expand the tokenized asset portfolio

Currently, the Spark Liquidity Layer holds stablecoins such as USDC, USDS, sUSDS, USDe, and sUSDe. This protocol will use these stablecoins to supplement BUIDL, USTB, and JTRSY into its asset portfolio.

The Tokenization Grand Prix attracted 39 applications, evaluated by Steakhouse Financial – a company specializing in tokenized assets within the Spark ecosystem. Candidates were assessed based on price transparency, liquidity levels, and alignment with Spark's strategy.

Winning assets are all backed by U.S. Treasury bonds, indicating that Spark prioritizes high liquidity assets with low risk.

BUIDL is provided by BlackRock and Securitize is implementing the tokenization. This is an investment fund in U.S. Treasury bonds, repurchase agreements, and cash. Currently, BUIDL is the largest tokenized currency fund, with a market capitalization of over 1.2 billion USD as of March 18. With the investment from Spark, this fund could approach the 2 billion USD mark.

Meanwhile, USTB from Superstate focuses on short-term U.S. Treasury bonds maturing within six months to ensure stable and safe yields. Compared to BUIDL, USTB is significantly smaller in scale, with a market capitalization of 370 million USD.

Finally, JTRSY of Centrifuge-Anemoy Janus Henderson is an investment fund in short-term treasury bonds, continuously reinvesting in new issuances as the current securities mature. With a market capitalization of 32.4 million USD, JTRSY is the smallest fund among the three potential funds invested by Spark.

If approved, investments in BlackRock/Securitize, Superstate, and Centrifuge will mark a significant step in integrating tokenized assets into the DeFi infrastructure.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.

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