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

Obex, a new crypto incubator, has successfully raised $37 million to develop yield-generating stablecoins. Led by Framework Ventures, LayerZero, and the Sky ecosystem, the project aims to merge real-world assets with blockchain technology by implementing institutional-grade risk controls. The initiative focuses on stablecoins backed by high-quality collateral, including compute credits, energy assets, and large fintech loans. Obex will offer a 12-week program for early-stage teams, providing them with capital and technical resources. The incubator will help projects scale using the Sky infrastructure, which has a $2.5 billion commitment to support Obex initiatives. Co-founder Vance Spencer emphasized the need for rigorous oversight to prevent the kind of failures experienced by other synthetic stablecoins, asserting that the infrastructure is essential for safe scaling.

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