Cryptocurrency incubator Obex raises $37 million.

 cryptocurrency incubator Obex has completed a $37 million funding round, with the specific investment team yet to be disclosed.

The new funds will be used to support the development of yield-bearing stablecoins led by Framework Ventures, LayerZero, and the Sky ecosystem. This plan aims to invest in and fund projects that bring real-world asset (RWA)-backed strategies on-chain, introducing institutional-grade risk control and underwriting practices to this rapidly evolving field.

Obex will become the latest fund allocator under Sky (formerly MakerDAO). Sky is the entity behind the DAI and USDS stablecoins, which together have a market value of $9 billion. Through Obex, Sky will leverage its large protocol reserves to provide expansion capital for projects and generate returns from these strategies.