On May 6, 2025, Spark – part of the Sky ecosystem (formerly MakerDAO) – announced an additional $1 billion investment into tokenized real-world assets (RWA) based on U.S. Treasury bonds, raising the total value locked (TVL) to $2.4 billion. This move solidifies Spark's leading position in on-chain finance. Is this the future of DeFi? Let's analyze in detail.
Spark Increases Investment: $2.4 Billion Into Tokenized Bonds
Spark, an on-chain capital allocator in the Sky ecosystem, has committed an additional $1 billion to RWA backed by U.S. Treasury bonds, raising the total TVL to $2.4 billion, according to DeFiLlama. The new allocation targets three funds from the previous “Tokenization Grand Prix”: BlackRock/Securitize's BUIDL ($500 million), Superstate's USTB ($300 million), and Centrifuge-Anemoy's JTRSY ($200 million). Currently, Spark controls over 2/3 of the tokenized Treasury bond market ($3.5 billion), becoming the leading allocator in DeFi.
Tokenization Grand Prix: Quality Asset Selection
The “Tokenization Grand Prix,” launched in July 2024, is an open call for asset issuers to propose RWA products for the treasury of #Spark . Steakhouse Financial – a company in the Spark ecosystem – has assessed 39 applications, focusing on liquidity, price transparency, and alignment with Spark's goals: integrating low-volatility, income-generating assets into DeFi. The three selected funds – BUIDL ($2.81 billion), USTB ($490.7 million), and JTRSY ($237.1 million) – are all supported by short-term government debt and reinvested upon maturity, according to DeFiLlama.
The Role of Spark in the Sky Ecosystem
Spark, now an independent “Star” in the Sky ecosystem after a governance restructure in August 2024, achieved $40 million in revenue in Q1 2025 and launched the $USDC Savings Vault (attracting $41 million in deposits). The Spark Liquidity Layer (SLL) automatically provides liquidity for stablecoins like USDC, USDS, sUSDS, USDe, and sUSDe, supporting integration across networks like Arbitrum and Base. This move comes amid strong on-chain finance growth, particularly in the Asia-Pacific and emerging markets, according to Spark.
Impact on the Crypto Market
Spark's investments signal many positive trends:
Boosting DeFi: The integration of RWA ($2.4 billion) helps DeFi protocols stabilize yields, reduce dependence on crypto volatility, and support stablecoins like #USD1 (7th in the world).
Increasing institutional trust: The participation of BlackRock and major funds reinforces confidence, similar to Bitcoin ETFs (which attracted $1.8 billion last week).
Market support: With Bitcoin and crypto fund inflows ($3.4 billion last week), RWA could expand in the next 3-5 years.
Future Outlook
Spark leads the RWA market with $2.4 billion, accounting for 2/3 of the total value of $3.5 billion, according to RWA.xyz. This growth not only strengthens Sky's position but also paves the way for other DeFi protocols, especially as funds like BlackRock continue to tokenize bonds. With expansion potential in emerging markets, RWA promises to shape decentralized finance in the coming decade.
Conclusion: Is Spark Shaping the Future of DeFi with RWA?
Spark invests an additional $1 billion into tokenized Treasury bonds, raising TVL to $2.4 billion, leading the RWA market with funds from BlackRock, Superstate, and Centrifuge. This strategy not only strengthens on-chain finance but also opens up opportunities for DeFi, especially in the context of a vibrant crypto market. Investors should closely monitor to capitalize on the trend of real assets in the digital space.
Risk Warning: Crypto investment carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating.