Obex is directing $1 billion toward real-world assets through the stablecoin USDS, setting up a strategy centered on tokenized products that bring traditional sectors onto blockchain rails. In the first phase, the firm is prioritizing offerings from Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better, with exposure tied to areas such as credit, home financing, energy, and AI infrastructure.
Initial focus falls on tokenized credit and infrastructure products
The model described in the source is straightforward: assets like loans and infrastructure projects are represented on-chain so they can be traded directly through blockchain-based systems. Obex and its partners expect to widen these partnerships over time, speed up the creation of new tokenized products, and expand the use of USDS as a yield-generating instrument. The broader aim is to make asset-backed investment opportunities more accessible through blockchain infrastructure.
Sky protocol remains a major part of that setup. The DeFi platform, known for its long-running lending business, currently has $10 billion in USDS circulation. The protocol reported $435 million in annual revenue for 2025 and has set a target of pushing USDS supply above $20 billion in the following year.
Obex had already been managing up to $2.5 billion from Sky reserves
Last year, Obex had already taken on management of up to $2.5 billion from the Sky ecosystem’s USDS reserves, channeling that capital into real-world asset projects designed to produce more predictable returns. Its approach does not rely only on blockchain-native instruments. It also looks outside the crypto sector, using external industries to build a broader base for yield generation.
Framework Ventures partner Parker Edwards said the market is moving beyond repeated DeFi yield cycles and toward higher-quality returns from structured credit markets, fintech, energy infrastructure, AI investments, real estate, and other productive sectors. That comment lines up with a wider tokenization push, where traditional assets such as loans, funds, and infrastructure ventures are turned into blockchain-based tokens that can improve transparency, make ownership easier to track, and open access to a wider pool of investors.
Tokenized RWA market cap has tripled to $26 billion
Over the past year, the combined market capitalization of tokenized real-world assets has reached $26 billion, tripling from its earlier level. According to the source material, the jump has been driven in large part by demand for steadier and more predictable returns, especially compared with the volatility associated with crypto lending markets.