Obex, the Framework Ventures-backed incubator, began deploying $1 billion on Wednesday to link the Sky ecosystem’s USDS stablecoin with revenue from tangible assets like AI data centers, housing and energy, powering real-world strategies beyond crypto-native sources of return.
The first group of assets includes products from Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better. Each aims to link crypto markets with parts of the real economy, including lending, housing finance, energy and artificial intelligence infrastructure, often converting those assets into blockchain-based instruments through tokenization.
The companies will work with Obex to add new tokenized products designed to generate yield and increase the use of USDS on their platforms. They will also work to develop and deploy new yield-generating tokenized assets.
Sky, one of the oldest decentralized finance (DeFi) lending protocols and a $10 billion issuer, is trying to overcome the closed loops that have long defined crypto lending. The protocol generated $435 million in annualized revenue in 2025 and plans to drive supply of the dollar-pegged stablecoin above $20 billion next year.
Obex aims to help Sky achieve this by connecting new revenue streams to the system. Last year, it got a mandate to allocate up to $2.5 billion of Sky’s USD reserves into real-world assets to generate returns.
“We are moving beyond circular sources of DeFi returns and towards high-quality returns from structured credit markets, fintech, energy infrastructure, AI CapEx, real estate and other productive sectors,” said Parker Edwards, partner at Framework Ventures.
The push reflects a broader shift toward tokenization, in which assets such as loans, funds or infrastructure projects are represented on blockchain networks. Proponents say this can facilitate the movement of capital, ownership tracking and open access to a broader group of investors.
The market for real-world tokenized assets is growing rapidly, tripling in value to $26 billion last year, data from RWA.xyz shows. That growth has been driven by demand for more stable and predictable returns than those typically found in crypto loans and other speculative strategies.
