PANews reported on November 18th that, according to CoinDesk, the team behind the new crypto incubator Obex announced in an interview that it has raised $37 million to support the development of a next-generation yield-generating stablecoin led by Framework Ventures, LayerZero, and the Sky ecosystem. The initiative aims to invest in and fund projects that bring real-world asset-backed strategies to on-chain, introducing institutional-grade risk control and underwriting practices to this rapidly evolving field. Obex will become Sky's latest fund allocator, providing financial support to help the project scale from the protocol's large reserves and generate yields through strategies.

The program will focus on stablecoins backed by high-quality real-world assets, with a focus on three core areas: computational credit (such as tokenized GPU infrastructure), energy assets (such as municipal-grade solar and battery deployments), and lending to large fintech companies. The incubator will provide early-stage teams with funding, technical resources, and access to Sky's infrastructure for 12-week projects. Teams that pass risk and governance reviews may be eligible for additional funding from Sky. Sky recently authorized the deployment of up to $2.5 billion in USDS to the Obex project in a governance vote.