Obex raises $37 million to create the "Y Combinator" of RWA-collateralized stablecoins.
TL;DR
Obex raised $37 million to incubate RWA-backed stablecoins, acting as a Y Combinator for the space. It will use Sky ecosystem funding and a 12-week program to support projects with institutional risk controls.
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According to Odaily, crypto incubator Obex has announced the completion of a $37 million funding round, led by Framework Ventures, LayerZero, and the Sky ecosystem. Obex's core objective is to incubate and fund next-generation interest-bearing stablecoin projects, and it has been described as the "Y Combinator" (a well-known Silicon Valley incubator) of the stablecoin space.
Core Strategy
Key areas: Obex will focus on stablecoin strategies backed by high-quality real-world assets (RWA), using institutional-grade risk control standards to avoid the failures seen with previous synthetic stablecoins.
Sky's role: Obex will become the capital allocator for the Sky ecosystem (the successor to MakerDAO, which owns the USDS stablecoin). The Sky ecosystem has already authorized the deployment of up to $2.5 billion of USDS to eligible projects incubated through Obex, providing funding and scalability for these stablecoin strategies.
Vance Spencer, co-founder of Framework Ventures, said Obex will offer a 12-week incubation program, providing early-stage teams with access to capital, technical resources, and Sky infrastructure, aiming to address the current lack of robust risk infrastructure in the interest-bearing stablecoin market.