Ethena and Securitize are preparing to participate in Spark's $1 billion Tokenization competition for the upcoming Stable Coin USDtb. The initial reserve of USDtb will be supported by over 90% from BlackRock's BUIDL fund, which is tokenized by Securitize. Spark, a platform under the Sky ecosystem (formerly MakerDAO), will have the competition results determined by Sky Tokenholders' vote. Ethena claims to contribute approximately $120 million in annual revenue to the Sky ecosystem, accounting for nearly 30% of the total revenue. (TheBlock)

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