Obex funds stablecoin yield with $1B across Sky USDS real-world assets

Obex, backed by Framework Ventures, began deploying $1 billion to expand stablecoin yield by linking Sky’s USDS to tokenized real-world assets (RWA). The first partners—Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better—will help bridge crypto markets with lending, housing finance, energy and AI infrastructure via tokenization. Sky, a long-running DeFi lending protocol and issuer of the $10 billion USDS token, is using this mandate to allocate up to $2.5 billion of USDS reserves into yield-generating real-world assets. Sky says this is meant to move beyond “circular” crypto lending loops and toward structured credit, fintech, energy infrastructure, AI capital expenditure and real estate income sources. Key stats: Sky reported $435 million in annualized revenue in 2025 and targets USDS supply above $20 billion next year. Separately, RWA.xyz data says the tokenized RWA market has grown to about $26 billion after tripling over the past year, driven by demand for more stable and predictable returns. For traders, this is a continued push into stablecoin yield backed by tokenized off-chain cash flows, which may impact USDS liquidity and sentiment toward Sky’s ecosystem.