Ethena and Securitize are participating in Spark's $1 billion tokenization competition for the upcoming stablecoin USDtb. The initial USDtb reserves will be backed by over 90% of BlackRock's BUIDL fund, which is tokenized by Securitize. Spark is a platform owned by Sky Ecosystem (formerly MakerDAO), and the competition results will be voted on by Sky token holders. Ethena claims to contribute about $120 million to Sky Ecosystem annually, accounting for nearly 30% of total revenue.