Sky-Backed Obex Raises $37M to Build 'Y Combinator' for Stablecoins

Obex, a new crypto incubator, has successfully raised $37 million with the aim of developing yield-generating stablecoins. This initiative is backed by prominent firms including Framework Ventures, LayerZero, and the Sky ecosystem. The incubator intends to focus on bringing real-world asset-backed strategies onto blockchain, emphasizing institutional risk controls to mitigate the failures seen in existing synthetic stablecoins. Obex plans to support stablecoins backed by high-quality collateral, including compute credits, energy assets, and loans to significant fintechs. The program, likened to a 'Y Combinator for stablecoins', will offer early-stage teams a 12-week acceleration program that provides capital, technical resources, and access to Sky’s infrastructure. Projects that successfully pass risk and governance reviews may receive further funding from Sky, which has committed up to $2.5 billion to support this initiative. The founding team believes the future of stablecoins could reach a trillion-dollar market cap, highlighting the urgent need for safety and infrastructure to prevent instability in this sector.

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