Obex Raises $37M to Launch Accelerator for RWA-Backed Stablecoins

Obex, a new crypto incubator, has secured $37 million in funding to develop an accelerator program focused on real-world asset (RWA)-backed stablecoins. The initiative is backed by major investors including Framework Ventures, LayerZero, and the Sky ecosystem, which oversees the DAI and USDS stablecoins with a combined market cap of $9 billion.

The program will run as a 12-week incubator for early-stage teams, providing capital, technical resources, and access to Sky's infrastructure. Sky will act as the capital allocator, offering up to $2.5 billion in USDS to projects that meet stringent risk and governance standards. This aims to foster yield-generating stablecoins backed by high-quality collateral such as tokenized compute credits, municipal-scale energy assets, and loans to large fintechs.

Vance Spencer, co-founder of Framework Ventures, described Obex as a "Y Combinator for stablecoins", emphasizing the goal to address infrastructure gaps and ensure new stablecoins are safe and scalable. The initiative seeks to avoid failures seen in synthetic stablecoins like Stream Finance’s USDX or Elixir’s deUSD, which lost their peg due to protocol issues, by implementing institutional-grade risk controls and diversified collateral strategies.