On-chain capital allocator Spark has doubled down on its commitment to tokenized U.S. Treasuries, taking a commanding lead in the real-world asset (RWA) segment of decentralized finance.
Spark, a key player within the rebranded Sky ecosystem (formerly MakerDAO), has injected another $1 billion into tokenized real-world assets, raising its total investment to $2.4 billion. This move further cements Spark’s dominance in the growing market for on-chain U.S. Treasury products.
The funds will be allocated to three previously selected RWA protocols: BlackRock/Securitize’s BUIDL, Superstate’s USTB, and Centrifuge-Anemoy’s JTRSY—the same trio that emerged as winners in Spark’s “Tokenization Grand Prix,” a capital deployment initiative launched in mid-2024.
This expanded investment gives Spark control of over two-thirds of the global tokenized U.S. Treasury market, which currently surpasses $3.5 billion in total value, according to RWA.xyz and DeFiLlama data.
Leading the RWA Revolution
Spark’s aggressive expansion reflects a broader DeFi shift toward integrating low-volatility, yield-bearing instruments such as short-term U.S. government debt. With heightened market instability and yield pressure in crypto-native assets, tokenized Treasuries have emerged as a preferred reserve for protocols seeking stability and predictable returns.
All three recipient funds—BUIDL, USTB, and JTRSY—are backed by short-term government debt and designed to automatically reinvest matured securities, mirroring the behavior of traditional money market funds in a decentralized form.
- BUIDL, managed by BlackRock and Securitize, holds roughly $2.81 billion, making it the largest of the group.
- USTB, operated by Superstate, manages approximately $490.7 million.
- JTRSY, developed by Centrifuge and Anemoy, holds around $237.1 million.
Inside Spark’s Strategy
The recent billion-dollar injection follows an April 3 governance vote within Sky, allocating capital in the same proportions as the initial round: $500 million to BUIDL, $300 million to USTB, and $200 million to JTRSY.
All assets are managed through Spark’s Liquidity Layer, a system that facilitates capital flows and stablecoin deployment—including USDC, USDS, and their synthetic versions—across multiple chains such as Arbitrum and Base.
Spark’s broader strategy is not only attracting capital, but also delivering results: it reported $40 million in Q1 2025 revenue and recently launched a USDC Savings Vault that now holds over $41 million in deposits.
The Bigger Picture
The surge in tokenized RWA adoption—especially across Asia-Pacific and emerging markets—is driving fresh momentum in on-chain finance. Spark’s proactive approach, reinforced by rigorous evaluations from underwriting partner Steakhouse Financial, puts it in a position to shape the future of decentralized capital allocation.
As tokenization continues to bridge traditional finance with DeFi infrastructure, Spark’s $2.4 billion commitment signals that institutional-grade, real-world assets are fast becoming foundational building blocks for the next era of decentralized finance.