OBEX (@obexincubator) Investment Research Quick Fact The "stablecoin YC" that was launched just two days ago - Obex $37M financing + $2.5B deployment authorization in the Sky ecosystem directly rolls the track of "stablecoin incubator" to the ceiling To put it simply: this is Sky's (formerly MakerDAO) super accelerator for all in RWA/real yield stablecoins with real money Come on, dry the goods 👇 directly

What is Obex? Obex = "On-chain Balance-sheet EXpansion"? The name isn't important. Core: An incubator specializing in institutional-grade yield-bearing stablecoins. 💎 12-week batch system 💎 Provides seed funding + full support in technology/risk control/compliance 💎 Outstanding projects that graduate can directly access Sky's 9-figure or even 10-figure USDS deployment (total authorization $2.5B). Essentially, Sky is outsourcing its treasury to a professional team to run RWA/real yield strategies.

Financing & Endorsement $37M round led by three major players: • Framework Ventures • LayerZero • Sky Ecosystem Vance Spencer from Framework is personally involved, which is basically like a16z crypto opening a separate fund for the stablecoin sector. The specific valuation hasn't been disclosed yet, but this round feels more like a strategic partnership rather than traditional VC.

Why Sky? Sky (USDS/DAI total market cap ~$9 billion) At the heart of this year's Endgame plan is: Shift the agreement treasury from U.S. Treasuries to "real-world high-yield assets" But running too slowly and risky → Directly grant $2.5B to Obex to incubate a number of sub-protocol/subDAO-level independent stablecoin projects The proceeds earned by these projects eventually flow back into the Sky Savings Rate (SSR), where USDS holders eat meat directly

What projects does Obex hatch? Official focus direction (original Vance interview): Compute-backed (GPU/Hashrate Tokenized Credit) Energy assets (municipal solar, battery energy storage projects) Fintech credit (lending to medium to large fintech companies) Commonalities: → require huge stablecoin financing → have off-chain real cash flow → traditional financial institutions are difficult/unwilling to touch Obex directly solves the biggest pain point of stablecoins such as "initiating liquidity"

What is the difference from traditional YC? Traditional YC: Give you $500,000 for 7% equity, good luck Obex: Give you seed money + 12 weeks of full-stack support You may receive $100M–$500M+ USDS deployment directly after graduation, which is equivalent to institutional size AUM as soon as you graduate In the past, the biggest way for teams that wanted to make RWA stablecoins was to "can't get up" Obex directly smoothed out this death line

Team & Governance Daily Operations: Framework Ventures (early backers of Chainlink, Aave, Jito, etc.) Risk Control/Compliance: Sky governance ultimately decides deployment Location: San Francisco (offline batches) This combination is basically the top "institutional DeFi" lineup currently in crypto.

How high is the track ceiling? Current yield stablecoin track leader: • USDe (Ethena) $8 billion • sUSDe / USDS (Sky itself) $30-4 billion • mUSD/sDAI and a bunch of others But almost all of them are delta-neutral or U.S. Treasuries The real RWA direction is still a blue ocean (Mountain, Centrifuge, Maple, etc. add up to less than $2 billion) Obex came up with $2.5B of ammo, which is equivalent to directly raising the track ceiling to the trillion level

Risk points (must be mentioned) Highly dependent on Sky governance (decisions made by Rune) RWA (Real World Assets) always carries legal/custodial/bankruptcy remote risks The first batch of projects has not yet been released, execution capability remains to be verified Currently no token, short-term lack of narrative hype space However, precisely because there is no token, it appears more "institutional".