Spark Commits Additional $1 Billion to Lead Tokenized Treasuries Sector
Spark has committed an additional $1 billion to tokenized real-world assets (RWAs) backed by U.S. Treasury securities, increasing its total value locked (TVL) to $2.4 billion, making it the leading on-chain allocator. This allocation follows the "Tokenization Grand Prix," which awarded capital to three RWA protocols: BlackRock/Securitize’s BUIDL, Superstate’s USTB, and Centrifuge-Anemoy’s JTRSY. The initial $1 billion allocation was finalized on April 3, distributing $500 million to BUIDL, $300 million to USTB, and $200 million to JTRSY. The new funds will be distributed similarly. Spark's Liquidity Layer automates liquidity provision for stablecoins and aims to integrate low-volatility, yield-generating assets into DeFi. BlackRock’s BUIDL fund is the largest, holding approximately $2.81 billion in tokenized U.S. Treasuries. Spark has reported around $40 million in revenue for Q1 2025 and launched a USDC Savings Vault with over $41 million in deposits. Spark's deployment represents over two-thirds of the total tokenized U.S. Treasury assets across protocols, which exceed $3.5 billion.
