San Francisco — At Devconnect this week, Obex unveiled one of the most significant stablecoin announcements of the year: a $37 million raise led by Framework Ventures, LayerZero, and the rapidly expanding Sky ecosystem—now the world’s third-largest stablecoin network.
In a parallel move that underscores the scale of the initiative, Sky governance has also approved up to $2.5 billion in USDS to fund Obex-incubated projects.
Taken together, these commitments signal a major shift: one of the largest decentralized stablecoin ecosystems is doubling down on a yield-driven growth strategy, allocating billions to back teams building the next era of on- and off-chain yield products.
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A New Stablecoin Incubator With Institutional Ambition
Obex was created to fast-track the development of institutional-grade stablecoins—projects that don’t merely hold value, but generate it. The incubator’s mandate is clear: find exceptional founders and fund stablecoin designs that deliver diversified, risk-adjusted yield back to the Sky ecosystem.
Initially, Obex will focus on compute-backed and energy-backed stablecoins, two categories increasingly viewed as the next major sources of real-world yield that can be tokenized and brought onchain.
Based in San Francisco and administered by Framework Ventures, the Obex program runs a 12-week incubation cycle. Selected teams receive capital, guidance, onchain education, and access to a curated network of operators and investors.
Each graduating project becomes an independent protocol built on Sky—contributing new yield streams back into USDS.
And for teams that succeed? Sky can deploy up to nine-figure checks from its newly authorized $2.5B pool, giving founders access to one of the largest capital bases in decentralized finance.
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Why This Matters: Sky’s Yield Engine Is Scaling Fast
Sky’s momentum has been impossible to ignore. In 2025, the ecosystem surged to become the #3 stablecoin globally, propelled by the breakout success of yield-generating products like Keel, Grove and Spark—all designed to feed yield back into USDS holders.
Obex is now the formal mechanism to scale that approach.
“If you’re building something capital-intensive in crypto that needs to be financed through stablecoins or tokenized assets, this is the program for you. With Obex, we’re supercharging Sky so it can compete with the Apollos and Blackstones of the world—using real DeFi infrastructure at global scale.”
Sky’s Bet on Yield and Stability
With billions authorized for deployment, Sky’s objective is to expand USDS into a true “saving standard”—a stablecoin backed not just by reserves, but by sustainable, diversified yield.
“We believe smart money looks to USDS because it offers compelling risk-adjusted returns with unmatched security and performance. By training and funding the next generation of institutional DeFi stablecoins, Obex is laying the rails for a more transparent, efficient financial system—and scaling Sky in the process.”
Obex isn’t merely an accelerator; it’s an economic engine designed to supply USDS with new streams of yield across compute markets, real-world assets, energy infrastructure, and other emerging sectors.
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A Cross-Ecosystem Push Backed by Leading Infrastructure
LayerZero, which powers cross-chain interoperability for many of the world’s largest crypto applications, views Obex as a step toward stablecoins becoming the backbone of global settlements.
“Stablecoins are becoming the foundation of a new global financial system. Sky and USDS have proven they can operate safely at multi-billion-dollar scale. Obex will help carry that stability and utility into new ecosystems, funding the teams building the future of global finance.”
What Happens Next
Over the next 12 weeks, Obex’s first cohort will begin building. Each team will move through structured on-chain education, mentorship programming, and product development, culminating in a demo day where participants present to Sky governance and external investors.
Graduates that receive approval will immediately be eligible for massive capital injections—potentially reaching hundreds of millions—to scale their stablecoin products into global markets.
As the third-largest stablecoin ecosystem, Sky is now deploying billions to grow the next generation of yield-driven stablecoins. In a market where stablecoins are increasingly expected to do more than hold parity, Obex represents a new model: a well-funded, institutional-grade incubator designed to turn yield into network expansion.
