A new player has emerged in the stablecoin arena with substantial backing. Obex, a crypto incubator, has secured $37 million in funding to create a Y Combinator-style accelerator focused on real-world asset (RWA) backed stablecoins. Framework Ventures, LayerZero, and the Sky ecosystem led the investment round, which aims to foster the next wave of stablecoin innovation.
The initiative comes at a critical time for the stablecoin market, which continues to expand rapidly but faces challenges with stability and risk management. Obex plans to address these issues by implementing institutional-grade risk controls and focusing on high-quality collateral for stablecoin projects.
Reimagining Stablecoins with Real-World Assets
Stablecoins have evolved beyond simple dollar-pegged tokens into sophisticated financial instruments. Obex aims to support yield-generating stablecoins backed by tangible assets rather than solely relying on cryptocurrency as collateral. The incubator will target three key areas for RWA backing: compute credits (such as tokenized GPU infrastructure), energy assets (including municipal-scale solar projects), and loans to large fintech companies.
Vance Spencer, co-founder of Framework Ventures, expressed confidence in the rapid growth of the sector. “While we see stablecoins going to a trillion [dollar market], I think yield-bearing stablecoins are moving even faster,” Spencer stated in an interview with CoinDesk. This sentiment reflects the growing institutional interest in stablecoins that offer both stability and returns.
The market has seen significant interest in yield-generating stablecoins, with Ethena’s USDE token growing to an $8 billion market cap as a notable example. However, this growth has not come without risks, as demonstrated by recent failures in synthetic stablecoin projects.
Sky’s Capital Commitment and Infrastructure Strategy
Obex is scaling fast, and much of that growth depends on Sky. Previously known as MakerDAO, Sky oversees the DAI and USDS stablecoins—together worth around $9 billion. Obex taps directly into Sky’s resources, turning its stablecoin governance expertise and deep reserves into the foundation for early-stage project incubation.
Sky will act as a capital allocator, backing teams that meet its strict governance and risk requirements. A recent governance vote approved up to $2.5 billion in USDS for deployment into Obex projects. This commitment sends a clear message: Obex has institutional-grade backing and a long runway for expansion. It’s a model built to scale without shortcuts.
Spencer put it bluntly: “We cannot have people creating $500 million stablecoins and blowing them up.” He emphasized that Sky offers the infrastructure to grow these assets safely and sustainably. That’s the standard Obex intends to maintain.
Solving the Stablecoin Failure Cycle
The timing for Obex couldn’t be more critical. Recent failures exposed cracks in the current stablecoin ecosystem. Synthetic assets like USDX from Stream Finance and deUSD from Elixir lost their pegs after an exploit in Balancer. These collapses renewed concerns over risky collateral design and loose economic assumptions.
Obex was built with these failures in mind. It introduces institutional safeguards, robust governance, and real collateral backing. The goal is clear—prevent future meltdowns while supporting innovation. This approach blends discipline with experimentation, allowing projects to push forward without repeating old mistakes.
Obex runs a 12-week program that offers capital, technical resources, and access to Sky’s battle-tested infrastructure. Startups entering the program receive both funding and guidance through the regulatory and technical maze of launching a compliant stablecoin.
Building the Future of RWA-Backed Assets
Stablecoins are evolving, and Obex is steering that evolution toward real-world assets (RWAs). Financial institutions are exploring tokenized assets at an unprecedented pace. Obex sees this as an opportunity to bring RWA strategies on-chain with structured underwriting and safeguards.
Spencer sees this trend playing out in real time. “You look around San Francisco and see stablecoin ads everywhere,” he said. “We receive five-to-ten pitches every day.” The excitement is real, but Obex sees one major gap: proper infrastructure. Without it, promising ideas won’t scale or stay secure.
The incubator launches at a time when regulatory clarity around fiat-backed and RWA-backed digital assets is improving. That timing positions Obex to ride the wave of regulatory approval while guiding projects with proven risk frameworks.
Why Obex Matters Now
Obex brings a Y Combinator-style model to a sector that urgently needs it. Stablecoins still face regulatory scrutiny and trust issues. Obex addresses both by combining strong oversight, clear collateral requirements, and experienced capital backing.
With Sky’s $2.5 billion war chest, the incubator isn’t just another pilot program. It’s an effort to rewrite how stablecoins get built, scaled, and regulated. In doing so, Obex could raise the bar for safe, yield-generating stablecoins across crypto and traditional finance.
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