Golden Finance reports that Ethena and Securitize are participating in Spark’s $1 billion tokenization competition for the upcoming stablecoin USDtb. USDtb’s initial reserves will be over 90% backed by BlackRock’s BUIDL fund, which is tokenized by Securitize. Spark is a platform under the Sky Ecosystem (formerly MakerDAO), and the results of the competition will be determined by voting by Sky token holders. Ethena claims that it contributes approximately US$120 million in revenue to the Sky ecosystem every year, accounting for nearly 30% of total revenue.