The Spark protocol has announced a $1 billion investment in the market for tokenized U.S. government bonds, allowing it to control over 30% of this asset. Among the funds that received financing were BUIDL, USTB, and JTRSY.
This is reported by Finway
Spark, which is part of the Sky ecosystem (formerly known as MakerDAO), reported a new investment in tokenized real-world assets (RWA) backed by U.S. government bonds. The company’s total investment volume has already reached $2.4 billion, according to DeFiLlama. This means that Spark controls more than a third of the market for tokenized U.S. government bonds, which has a total value of about $6.6 billion.
Investment Distribution
According to recent announcements, the new $1 billion was distributed among the three winners of the Tokenization Grand Prix initiative:
- BlackRock/Securitize’s BUIDL received $500 million;
- Superstate’s USTB — $300 million;
- Centrifuge-Anemoy’s JTRSY — $200 million.
These funds had already received financing during the previous investment round. The most significant among them is BUIDL, a BlackRock fund that currently manages assets worth $2.81 billion. USTB and JTRSY have $490.7 million and $237.1 million, respectively, according to DeFiLlama.
Funding Mechanism
Funding is provided through the Spark Liquidity Layer (SLL), a mechanism that automates the provision of liquidity with stablecoins such as USDC, USDS, sUSDS, USDe, and sUSDe across various blockchain networks. The selection of assets for placement was conducted by Steakhouse Financial based on criteria of transparency, liquidity, and alignment with Spark’s strategic goals.
Currently, Spark operates as an autonomous module within the updated Sky structure. In the first quarter of 2025, the protocol earned around $40 million in revenue and launched the USDC Savings Vault, which has already attracted $41 million in deposits.
“The expanded capital base coincides with a period of increasing institutional and retail activity in on-chain finance, particularly in the Asia-Pacific region and emerging markets.”
It is worth noting that Spark was launched by former MakerDAO nearly two years ago, in May 2023.