Obex Raises $37 Million to Build 'Y Combinator' for Real-World Asset-Backed Stablecoins
Obex, a newly launched crypto incubator, has raised $37 million to fund the development of yield-generating stablecoins backed by real-world assets. The initiative is led by Framework Ventures, LayerZero, and the Sky ecosystem. These stablecoins will be collateralized by assets such as compute credits, energy holdings, and fintech loans. Sky has committed up to $2.5 billion in USDS funding to projects emerging from Obex.
The incubator will host a 12-week accelerator program aimed at early-stage teams, providing capital, technical resources, and access to Sky's infrastructure. Sky, formerly known as MakerDAO and responsible for stablecoins like DAI and USDS—with a combined market cap of $9 billion—will fund Obex projects using its reserves through a governance-approved deployment of up to $2.5 billion.
Obex seeks to implement institutional-grade risk controls and underwriting practices for on-chain real-world asset strategies to prevent peg failures observed in certain synthetic stablecoins such as USDX and deUSD following exploits. Ethena's USDE is cited as a notable example within the yield-bearing stablecoin space.
Framework Ventures' Vance Spencer described Obex as a "Y Combinator for stablecoins," emphasizing the importance of building infrastructure to safely underwrite ideas and scale them effectively.
