Obex, an incubator backed by venture capital firm Framework Ventures, has begun deploying a $1 billion capital allocation to connect the Sky ecosystem's USDS stablecoin with yield generated from tangible, real-world assets. The deployment, which commenced on Wednesday, targets sectors including AI data centers, housing, and energy infrastructure, marking a strategic shift for the protocol beyond traditional crypto-native yield sources.
The initiative involves a consortium of firms including Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better. These partners will work with Obex to create and integrate new tokenized financial products. The goal is to bridge crypto markets with real-economy sectors like lending, housing finance, and energy by converting these physical assets into blockchain-based instruments.
Sky, one of the oldest decentralized finance (DeFi) lending protocols and the issuer of the $10 billion USDS stablecoin, is driving this expansion. The protocol generated $435 million in annualized revenue in 2025 and has an ambitious plan to increase the supply of its dollar-pegged stablecoin to over $20 billion next year. Obex's mandate is central to this growth, having been authorized last year to allocate up to $2.5 billion of Sky's USDS reserves into real-world assets (RWA) to generate yield.
"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," stated Parker Edwards, a partner at Framework Ventures.
This push is part of a broader industry trend toward asset tokenization, where physical assets like loans or infrastructure projects are represented on blockchain networks to improve capital mobility, ownership tracking, and investor access. Data from RWA.xyz shows the tokenized RWA market has tripled in value over the past year, reaching $26 billion, driven by demand for more stable and predictable returns compared to volatile crypto-native strategies.
