Obex, supported by Sky, allocates $1 billion to credit, energy, and AI investments to enhance stablecoin returns.

The stablecoin incubator is focusing on tokenized assets related to AI hardware, energy, and housing to expand Sky’s ecosystem beyond "circular" crypto yields.

Parker Edwards, partner at Framework Ventures (Framework Ventures)

Key points:

• Obex, an incubator supported by Framework Ventures, is investing $1 billion to link Sky’s USDS stablecoin with earnings from real-world assets like AI data centers, housing, and energy.
• The initial partners include Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better, facilitating connections between crypto markets and traditional sectors.
• Sky, a longstanding DeFi lending protocol and issuer of the $10 billion USDS token, is leveraging Obex’s initiative to invest up to $2.5 billion of reserves into real-world assets as part of a larger industry transition toward tokenization, a sector currently valued at around $26 billion.

Obex, the incubator backed by Framework Ventures, commenced the deployment of $1 billion on Wednesday to connect the USDS stablecoin within the Sky ecosystem to income generated from physical assets such as AI data centers, housing, and energy, enhancing strategies that extend beyond crypto-centric yield sources.

The initial array of assets encompasses products from Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better. Each participant aims to connect crypto markets with segments of the real economy, including lending, housing finance, energy, and AI infrastructure, frequently by converting those assets into blockchain-based instruments through tokenization.

The companies will collaborate with Obex to introduce new tokenized products aimed at producing yield and expanding the utilization of USDS across their platforms. They will also focus on creating and implementing new yield-generating tokenized assets.

Sky, one of the earliest decentralized finance (DeFi) lending protocols and the issuer of the $10 billion USDS, seeks to progress beyond the closed loops that have historically characterized crypto lending. The protocol generated $435 million in annualized revenue in 2025 and aims to elevate the supply of the dollar-pegged stablecoin above $20 billion next year.

Obex intends to facilitate Sky’s ambitions by integrating new income sources into the framework. Last year, it received a mandate to allocate up to $2.5 billion of Sky’s USDS reserves into tangible assets to yield returns.

"We’re progressing beyond circular DeFi yield sources and moving 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 initiative signifies a broader movement toward tokenization, where assets such as loans, funds, or infrastructure projects are represented on blockchain networks. Advocates argue that this can enhance the movement of capital, facilitate ownership tracking, and broaden access for a more extensive range of investors.

The tokenized real-world assets market is rapidly expanding, tripling in value to $26 billion over the past year, according to RWA.xyz data. This growth has been propelled by the demand for more stable and predictable returns compared to those typically encountered in crypto lending and other speculative methodologies.

Tokenized RWA market size (RWA.xyz)