Obex, the Framework Ventures-backed incubator, began deploying $1 billion on Wednesday to connect the Sky ecosystem’s USDS stablecoin to revenue from tangible assets such as AI data centers, housing and energy, strengthening real-world strategies beyond crypto-native sources of yield.
The first group of assets includes products from Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better. Each aims to connect crypto markets to parts of the real economy, including lending, housing finance, energy and AI infrastructure, often by transforming these assets into blockchain-based instruments via tokenization.
The companies will work with Obex to add new tokenized products designed to generate yield and increase the usage of USDS on their platforms. They will also work on the development and deployment of new yield-generating tokenized assets.
Sky, one of the oldest decentralized finance (DeFi) lending protocols and issuer of $10 billion USDS, is trying to move beyond the closed loops that have long defined crypto lending. The protocol generated $435 million in annualized revenue in 2025 and plans to push the dollar-pegged stablecoin supply above $20 billion next year.
Obex aims to help Sky achieve this by connecting new revenue streams to the system. Last year, she secured a mandate to allocate up to $2.5 billion of Sky’s USDS reserves into real-world assets to generate yield.
“We are moving beyond circular DeFi yield sources and toward high-quality yield from structured credit markets, fintech, energy infrastructure, AI CapEx, real estate and other productive sectors,” said Parker Edwards, Partner at Framework Ventures.
This push reflects a broader move toward tokenization, in which assets such as loans, funds or infrastructure projects are represented on blockchain networks. Supporters say it could make it easier to move capital, track ownership and open access to a broader pool of investors.
The market for real-world tokenized assets is growing rapidly and has tripled in value to $26 billion over the past year, according to data from RWA.xyz. This growth has been driven by demand for more stable and predictable returns than those typically found in crypto lending and other speculative strategies.
