# Sky Deploys $1B to RWAs: Institutional DeFi Shift

**Podcast:** The Milk Road Show
**Published:** 2026-03-25

## Transcript

DeFi for a long time has been picking from the bottom of the barrel as far as assets are concerned.
We have we've had an adverse selection issue across DeFi for you know as long as it's been around, and I actually see that changing in real time.
What's up, everybody?
It's LGD Set here, and welcome to the Milk Road Show, daily crypto show that isn't ready to tokenize that $20 check that we get from grandma every year on our birthday.
Okay.
Today is March 25th, 2026.
Amid all the noise lately, you might have missed a pretty big call from one of finance's heavyweights.
This week, Larry Fink, CEO of BlackRock doubled down on tokenization, transforming the financial system, a drum he's been beating for years.
But for most of us, it's kind of hard to picture what that looks like outside of the headlines about RWAs.
Well, today, Sky, the third largest stablecoin issuer, announced eight new agents and a $1 billion capital deployment through OBEX, its RWA incubator.
On the show today, we've got Parker Edwards, the lead at OBEX, to break down just how big this really is, what those companies are that are getting a piece of that billion dollars, and just how this all works together and brings RWAs to life finally.
Today's episode is brought to you by Sharland, Trade Real Estate Like Stocks, and Nexo, Earn Interest Borrow and Trade Crypto.
All right, Parker is joining us live from the digital asset summit.
We've never, I don't think I've ever done an interview with somebody who is live on location.
So this is exciting.
Uh, I feel like there's a lot of action going on right now there, Parker.
You guys just announced this on stage, like within the last hour, so it's fresh.
But tell us for our audience who is not there and maybe hasn't seen the press release or hasn't seen anything.
What exactly this announcement is uh with Sky and Obex and all these all these wonderful companies that are bringing RWAs to the world.
Yeah, super excited to be here.
We we just announced on main stage that we're deploying a billion dollars into our first cohort of companies through OBEX, which is an institutional you know incubator, let's call it.
Um, alongside the Sky ecosystem, we actually administer this at Framework.
And yeah, we're we're super excited.
Just announced this today.
I I think it is possibly the largest deployment of capital into a single cohort of companies ever in DeFi.
And we've been working with Sky on this for for a while.
So excited to finally be able to share the news.
So you guys are deploying.
So explain this to me, because this is something where it's like I feel I feel a lot of stuff we know that Sky is doing a lot of exciting things, but I think we're still trying to wrap our heads around it.
And you guys, you're in the early stages of making that happening happen.
Um, you guys are helping Sky, you're helping deploy a billion dollars into these eight companies.
What is the money that's being deployed into them and what are they doing with it?
Yeah, so this isn't a traditional you know, venture check um that we would typically look at, you know, at framework.
This is a really specific mandate.
You know, a couple months ago, we released that we had, you know, it's a two and a half billion dollar mandate to go incubate institutional grade, you know, stable coin products alongside Sky.
You know, as we were evaluating different types of teams, uh, we landed on these eight that we're obviously super excited about.
We have a really good mix of kind of you know diversified asset pool.
And the ways that we're actually going to go support these these projects is um by actually like bootstrapping liquidity within net new um and also existing um assets that they're originating.
Some of the some of the companies that we're working with are already working with Sky, you know, in some way, you know, Centrifuge and Securities are two examples there.
Same with uh Maple Finance.
And, and you know, we're gonna go build upon those relationships.
I think you're gonna start seeing things like USDS denominated products, you're gonna see just a whole new suite of assets.
Uh then we also kind of have, I would say, on the other end of the spectrum, these like net new players, call it like a USDAI, a daylight, a river, a TVL capital.
And these are people that have been building, you know, in their industries for years, if not decades, in some cases.
And we really wanted to find the teams that could originate, you know, unique assets for the ecosystem that that we haven't quite seen, even in DeFi today.
And so uh, you know, this this billion dollar allocation for the initial cohort is it's really meant to bring everybody into the ecosystem and also go bootstrap new and interesting ideas um and new products for USDS holders.
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Right.
So they so they so these companies are getting a billion dollars of USDS, correct?
Which is sky's across across the eight.
Across yes, yeah, not each.
Yeah, yeah, yeah.
Correct.
It's still it's still a massive amount.
It's still a massive amount, but yeah, yeah.
It's still across the eight.
Um, and they are using this as capital, correct?
Like that's they're gonna use this as capital to allocate to building out the different things that they're doing, correct?
Correct.
Okay, so this is so this is what I wanted to understand.
So, can you walk us through?
You gave us kind of a preview of what those companies are.
Um can you tell us a little bit more about each of those and and what they're building?
And I'll I will preview as well that we have had uh Jason from Jason Badeau from Daylight on the show before uh to kind of walk us through how their company is intended to function, but we'd love to hear from you about them and also all the other the other seven.
Yeah, so the eight companies, you know, Maple Finance, Securities, Centerfuge, Daylight, who you just mentioned, uh, USDAI, which is focused on you know infra in AI infrastructure lending, Better Home and Finance Holding Company, they uh they're a mortgage originator, they're actually traded today.
You know, River, which is you know, focused more on structured credit and TBL capital, which um up until today I actually believe has been in stealth.
But yeah, I mean we we have this kind of initial eight that that we're super excited about.
You know, as we were evaluating which companies to to bring in, one thing that we thought a lot about is is how we can actually scale these assets.
We'll use you know energy as an example.
So just for some context, before joining framework, I was running an energy company for for a couple years, and um it was a space that we've been very familiar with.
And you know, we've known Jason for for a long time.
And that is a product that you know is gonna scale quite quickly.
There's already existing demand there.
Um that's the same for things like you know, structured credit to fintechs, which like River is focusing on today.
Maple has proven out over you know the last five or six years, just you know how how uh on-chain lending can scale.
I think today they have multi-billion dollars in deposits and almost a billion dollars in outstanding loans so you know we we wanted to really be able to scale from day one and I think that's kind of one of the the advantage that Sky gives these founders is being able to to go compete with banks and credit funds at scale and how did you go about like choosing selecting eight Parker?
Like how does it what is the selection process like what kind of requirements are you looking for obviously you're looking for leaders in the in the RWA space but there's a lot of companies out there man that that they uh would be would be worthy of this so how do you kind of refine it down to eight yeah so I think not only were we looking at the assets that are being originated I mean we're also looking at the teams that are that are building one thing that you know I particularly focus on is like can the teams that are originating the asset also underwrite the asset as well um I think that's increasingly as we've seen over the past couple of weeks extremely important uh that you know the teams that are working on these projects are super deep in in their domains you know we we've worked really closely with both Sky and Layer Zero, who are both partners um with us for this program on you know originating and selecting teams.
It was definitely kind of a a joint effort there.
But yeah, I mean the selection process, you know, we we we launched this with the idea that we'd have a very large range of of companies from early stage to more mature, and I think that that's that's exactly where we ended up.
Can you tell me?
Let's I want to dig into a few of these because there's some of them I know.
We've covered maple on the show, and like I said, we've had Daylight.
Can you tell me what is Centrifuge do?
Like I I I want to know more about these companies.
So what what is let's pick Centrifuge for example?
What do what do they do?
Yeah.
So Centrifuge is a you know tokenization platform.
They're uh it's on chain asset management management.
You know, they're currently working with people like Apollo, uh Janice Henderson.
Um, you know, actually today, Sky has deployed, you know, over a billion dollars into in a centrifuge through things like you know JAA and JTRSY.
And what we see is you know, we will continue to expand the relationship.
You know, we also see a whole new wave of companies, you know, looking to go build tokenized assets and like Centrifuge, for example, is a really good example.
Even with Daylight, they're working with Daylight on tokenization today.
Um and so I think it just opens up a completely new batch of asset classes when we have kind of a tokenization partner.
And I would also, you know, center securitize also in the batch.
Um also, you know, a tokenization platform working with very high quality assets and also high quality asset managers working with people like like BlackRock, um, KKR, uh, Van Eck, and others.
They they're an SEC registered broker dealer.
Um, and I think right now they're sitting at just over four billion dollars in assets under management.
So, you know, both those kind of play, I would say, uh similar but but different roles.
And what about can you explain to me what USDAI is?
So USDAI is financing AI infrastructure today.
You know, I I think they people might have you know seen them on the X timeline.
Um kind of to I guess put it put it plainly, they're doing over-collateralized linking against you know GPUs, uses this dual token system.
They basically enable depositors to earn returns that are backed by these like real income, you know, generating compute hardware assets that are they're actually you know held in data centers today.
They have a pipeline of loans that I know that they have announced um publicly that we're super excited to integrate into Sky.
One thing one thing that I will point out, by the way, is this isn't uh you know, billion dollars is being deployed today.
This is you know, over the next call it three to six months, you're gonna see a lot of these assets being onboarded, and they're uh they're kind of at the top of the list.
Got it.
Okay, yeah, I do know a little bit about them, and it's good to hear from you.
I feel like one that's pretty obvious, and we've actually talked about this on our AI show as well, is uh Better Home.
So what so they what exactly are they?
Are they on-chain mortgages?
I feel like it's a little bit more complex than that.
It is a little bit more complex than that.
Um I would I would say that they're really the first like AI native uh home finance company today.
You know, they're sitting on like $110 billion dollars of loans um originated.
And uh I think Vichal has been you know pretty public that he'd like to scale this up.
They're publicly traded today.
Yeah, I I know that um we are finally at a stage in DeFi where I think we can actually support these types of assets.
Um, you know, mortgages, I one thing I would point out is people think of mortgages as like 30-year duration assets.
One thing that I think we're unlocking here is kind of this on-chain capital markets that allows us to go bring these types of assets on chain and also increase the liquidity with these within these assets with secondary markets.
Um I think we're looking at a lot of you know very interesting things that will be released here in the next couple months with better specifically.
Do you feel like do you get do you feel like what you're doing at Obex here with basically creating this cohort um and and giving them access to basically this on-chain uh credit and financing, is this is this like you're saying this is the largest on-chain deployment.
Is this kind of like a unique thing?
Like nobody else has really done this in this in this approach, right?
No one's I don't think anyone's ever tried something like this before.
And you know, I would I would argue that Sky has actually done a pretty phenomenal job over the last decade of kind of building this up.
I mean, even today you have Spark and Grove, who are both deployed, you know, multi billions of dollars into these types of assets already.
And the goal isn't to go reinvent the wheel.
I something that I will point out is like traditional finance has been doing this forever, right?
Like the idea that these assets can be funded is nothing new.
The structures are already existing.
We're not trying to reinvent the wheel on you know how how these assets um are structured.
It's more like where are they actually drawing the capital from?
One thing I'd also say is kind of unique is you know, if you are holding USDS today, uh you are getting access to asset classes that I don't think you know, retail has ever had access to before.
I mean, quite literally, some of these people in these cohorts, they are competing with some of the largest private credit funds in the world, going after things like structured credit, energy finance, you know, AI infrastructure financing.
Um, you're seeing banks now come and start starting to compete on things like overcollateralized lending against on-chain assets, which Maple, I would argue has has dominated over uh over the past like five or six years.
And the goal here is to be able to give access to those to those types of assets to you know USDS and skyholders today.
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Right.
Yeah, that makes sense.
So what's what is like since this is a first cohort for Obex, right?
Correct.
Okay, okay, the first cohort.
So what?
So how do you how do you define success?
This is a massive undertaking.
It's I feel like it's one of those things that's like we're in the bear market, and a lot of people aren't really gonna understand this.
There's no like popping of prices all over the place with the announcement, you know, nothing like it's it's it's very exciting, but at the same time, we're in a we're in a calm time in the market.
So it's kind of like you know, it kind of goes, it feels like it's a little bit under the radar.
What what is like success for you guys?
Like, how do we how do we see this manifest down the road?
Like, what do you expect to happen with these companies?
Like kind of walk me through what the what the intent is.
You know, if you go look at when the best time to launch things, you know, in this space have been it.
I would argue, I would say it's pretty consensus to launching things in a bear market is probably not advised.
But um, I think it's different when it's like I mean, these are real world cash flowing assets, you know.
Um we're not we're not looking at these in like a four-year cycle time frame.
Um, these are assets that have performed for a very long time that we're finally now integrating, you know, across DeFi.
To answer, I guess, kind of like the second part of your question of what success looks like.
I mean, I I would argue that uh, you know, success is once we have fully integrated these these eight companies um into the ecosystem.
I mean, we we just announced today every single one of these companies will be a new agent within Sky.
Um I would view that as as success.
I would also view it as successful once other primes, so other allocators within the ecosystem, once they start deploying into these products, I think that that is also viewed as a success as a success.
We sit in a very unique position today.
So, you know, Spark focused on DeFi lending, you know, Grove has come out and they're looking at things like you know, on-chain credit, they've deployed a bunch into things like the JAA CLOs, and we really just sit in the middle.
Uh, you know, like our primary goal for you know, Obex is to drive sky growth.
And the best way to do that is to go incubate and bootstrap new products that every star can go deploy into.
And so, you know, my uh my measuring stick would be, you know, how available are these products for for other people to deploy into as well?
Okay, that makes sense.
Can you explain for me?
And we we when we had Rune on the show, he explained it, but I feel like it's it's complex, and we want to know again.
First of all, when you say agents in Sky, he doesn't mean AI agents.
Okay, so I get it.
It's not they're not AI.
Uh it's just it's just an agent is a popular word, and it was before uh AI came along.
Um can you explain to me what the agents are within Sky?
And all these companies are being added as agents.
I think we really want to know how that's gonna work.
Yeah.
So you you've probably, you know, for anybody that's uh been following Sky or following Rune, you'll you'll see that there's you know the stars, which are which is pretty broad.
Um those are today, that's like OBEX, Spark, and Grove.
And today we announced kind of this new subsection of stars, which are called halos today.
And these are basically originators that primes can actually go and and uh you know deploy into.
So easiest way to do it, you know, Spark grow Obex, those are primes.
These are people that are in real time borrowing and lending, you know, from Sky's balance sheet.
And then uh the halos are quite literally originating the yield that the primes, you know, deploy into.
And those those halos are people like um everybody that we announced today, kind of you know, diversified yield across the ecosystem, which has been top priority for us.
So, wait, so how do they generate the yield?
How does that work?
Yeah, so Daylight, you know, we'll use them as an example, going and financing uh, you know, virtual power plants.
Those are like real cash-flowing, you know, power purchase agreements that they are you know bringing on chain.
Uh River, which um there'll be a lot more information on, but the sneak peek is being able to lend to people like you know, tier one fintech companies through structured credit.
You know, those are contracted cash-flowing assets as well.
And then, you know, we have this other bucket that's more on like the you know, centerfuge securitized model.
These are people that are working with the Apollo's and the Black Rocks of the world to go bring you know their funds and products on chain.
Um we've already seen a lot of that in the ecosystem, but I would expect kind of an expansion there as well.
Um, you know, and and better in TBL.
We are currently you know working on net new products that will be announced here in the next in the next couple months.
Oh, okay, okay.
Wow, a little preview.
Maybe we'll have you back.
A little preview.
Uh maybe when you're in a you're you're not at a uh crazy busy conference, too.
Um so let's uh I I want to kind of keep zooming out a little bit just to kind of keep understanding a little bit more as we do.
USDS is very unlike the other stable coins, I think that people know, right?
We think about Tether, we think USDC, and we're like these are payment tools, right?
And they they have they have yield, but it's based on something very different than what USDS is versus kind of what you're describing as like the yield on USDS is going to be based on all how what all these different kind of agents do.
Do you see do you see this?
Um are you guys becoming trend trend starters here?
Is is is Sky becoming a trend starter by creating a stablecoin that does that uh versus the traditional ones that we've known uh you know that most people know.
Yeah, I mean, today Sky is the third largest stable coin.
Um just in the past couple weeks, we've seen billions of inflows come into the ecosystem.
You know, Sky put out the uh the 2026 Outlook, the Sky Frontier Foundation did that, I think in in January of this year.
And since then we've seen very significant inflows.
And if you actually look at the assets that are coming into the ecosystem, you know, we're actually starting to see tether be involved.
And you know, USDC and Circle, we have you know billions already um within the ecosystem.
And I just think these ecosystems play different roles.
You know, you have tether and circle that I would say are more payments focused um today.
And then yeah, Sky is in a totally different category where it's you know this this yield-bearing token.
You know, something that uh that is important to point out, you know, USDS um, I think last year grew over 80 percent uh compared to the 50 percent growth amongst kind of the other the other players uh or stablecoin issuers, I would say.
And you know, based off of the assets that we're onboarding uh in this first cohort, like I would hope uh and expect that that continues to go up.
They also you know guided to 20 billion dollars in USDS supply by the end of the year, and we uh at this point are are on track.
Um and I think that's just because look, like people want a place where you know the risk frameworks, like the infrastructure, it has been battle tested for for a decade plus.
And yeah, today, you know, if you hold SUSDS, um you're yielding 375 pips, so three 3.75%.
And you know, as we go and onboard more of these like institutional grade RWAs that yield higher, I would uh I would hope that we can you know translate that back to Sky and uh pass more yield back to to the ecosystem partners.
How does how does OBEX fit into this?
Because you also run OBEX, and I think that that's kind of like what we're trying to understand.
It's it's it's it's the incubator.
Um what is it?
What is it, what role do you actually play besides selecting them?
Like what do you do from here?
I mean, selecting them uh I would say is the easiest part.
Um the uh the the more challenging part here is you know, actually building alongside these teams and and building net new products.
You know, the role that we get to play is we also get to bootstrap them with this mandate.
So, you know, two and a half billion dollars announced um a couple months ago, a billion dollars now flowing into this first batch of eight.
We'll be able to programmatically uh deploy capital across different assets, all happening on chain, which I think it just unlocks completely uh different classes.
What one thing that you know I pointed out here at DAS that I think is important to repeat is you know, DeFi for a long time has been picking from the bottom of the barrel as far as assets are concerned.
Um we have we've had an adverse selection issue um across DeFi for you know as long as it's been around, and I actually see that changing in real time.
The the role that we play is we finally give like real people who are building real companies, um, people have been built building in finance for you know decades now, now have this scale available to go and compete with institutional players like you know, credit funds and banks that have dominated this space for a very long time.
Um we see this in real time with uh a lot of the you know asset managers that you know we speak to on a daily or weekly basis.
We finally see kind of this adoption happening, and you know, our role is that we literally get to bootstrap uh and kind of be like the catalyst for for all of this.
Yeah, so you you and and and I'm assuming that the the shepherd as well from this point forward.
What um I guess like what from here maybe you can walk us through like maybe some of the biggest challenges that there are to developing something like this, right?
Because it definitely sounds like you guys are doing something that that has not been done before.
Um what what what unexpected challenges that there have there been leading up to this point, right?
Because doing this, like you're saying, bucking the traditional model is not easy.
And the story of crypto has been about that as well.
Uh, but I'm sure you guys are still breaking ground.
So, like what what has what have the hurdles been like?
I mean, first of all, I think that you have to find people that uh that have the track record um and distribution to be able to go, you know, um deploy this this amount of capital.
We we have seen you know capital coming in, but I don't know if we've ever really seen the assets to match it um up until recently.
You know, back in October before 1010, we had kind of this like 90 10, you know, retail institutional uh split, I would say.
And post 1010, I think that that is completely flip-flopped.
Um now people are building for an institutional crowd.
And I just think it's attracting a completely different type of founder and also just a completely different type of like participant across DeFi in kind of across the space.
It it allows us to get in the door with people that I don't think we've ever been able to um before.
I don't think that's just like a capital thing, by the way.
I think this also is you know a product of we have more clarity from a regulatory perspective.
We have existing systems that are being adopted.
Um, you know, it no longer are we trying to completely reinvent the wheel on how to bring assets uh into this space.
I think we're finally kind of waking up to the fact that hey, we could actually use a lot of what's already been built and just integrate it into kind of like this on-chain capital markets ecosystem.
And Sky is really best positioned, I think, to capture that.
Okay, I like that.
That's a good answer.
I like I like kind of what you're saying there.
That makes sense.
What um what I guess I guess what I want to understand is is do you expect to do a lot of these?
Because obviously it's very new.
We're gonna watch, we're gonna watch you guys.
I think a lot of people are gonna be curious to see like how that capital is deployed.
Is it kind of go according to plan?
Like what the what the hurdles are from here.
Is this something where the you know the phone's gonna ring off the hook now with demand for other not just other potential candidates for the incubator, um, but also uh I don't know, demand for USDS.
Like how do you how do you expect this to manifest, I guess, in the market and the reaction to Obex, what OBEX is doing.
I mean, look, I I hope that I hope people are excited about it.
We certainly are.
Uh I I would say that you know, after we did the announcement that like we were even doing OBEX in the first place, the amount of impound that we had was um pretty remarkable to say the least.
I mean, we had hundreds of teams messaging in um wanting to be a part of the cohort.
I think you know, this cohort, we really wanted to focus on, you know, from day one being able to go and build and deploy at scale.
And that influenced a lot kind of the teams that we wanted to work with.
People that are existing that already you know manage billions of dollars across you know different asset pools.
Um, we have you know a very kind of broad mandate, I would say.
And I think that's that's reflected in this batch.
Um, you know, I mean we have on-chain lending, we have you know off-chain lending, um, both represented here.
And to answer the question on, you know, are we gonna see a bunch of these?
I think yes, uh, over time, but this this scales slowly.
Right.
You expect people to copy you?
I hope so.
Yeah.
I honestly, I honestly do.
I uh I I mean, look, like that is exactly what we're built for.
Like, please, if uh if you want to come build and you have an interesting asset that you want to be um that you want to bootstrap yourself, like please please reach out to us and we can definitely help.
Is there an area, Parker, of RWAs that you wish you had been able to address in this cohort?
That's a really good question.
You know, something something that uh I don't know if it's like specifically like an RWA asset, but something that I think I'd like to see is kind of you know, secondary markets to increase liquidity across RWAs.
Um I think that you know we're gonna be working very closely with Grove, who just announced Basin, you know, a couple couple weeks ago.
I think products like that that are more infrastructure focused for RWAs, I think is uh extremely important.
Um, I think we've also seen just a bunch of people like adopting this figure model, right?
For being able to do off-chain lending.
And I'd like to be able to see more people focus on the infrastructure required to um, you know, go deploy that that type of model.
Right.
That makes sense.
Uh, you did mention one thing I'm just gonna pick on something that you said, and I kind of thrown your way that the bear bear market is a bad time to launch.
I actually kind of disagree.
I feel like this is this is you know, you're planting the seeds of the bull market in the bear market.
And I feel like this is this is the kind of thing to me, this is the kind of thing that's like people paying attention are gonna get it.
You know, and it's like it's a good time to launch this because the people that are gonna care are people that actually understand versus being part of a bigger hype cycle where there's all these different things, and it's kind of hard, it might be hard to stand out from things that are fluff, right?
So I would I would throw back at you that you guys are launching at just the right time.
Uh, and I think it I think it's a well-timed thing.
But I'm still gonna trap you on that.
Why now then?
You said that yourself that the bear market is not a good time, so why do this now?
Look, I think the bear market is normally a bad time to go launch a token.
I think I think uh I think I think that's that's traditionally what we've seen.
I I think we are launching something that is completely different than what anyone has really tried before.
And I think there's a difference between, you know, launching a real cash flowing, you know, asset that can be deployed into that is, you know, backing, backing, I guess, you know, USDS supply today.
But uh there's a very big difference between kind of let's go finance, you know, RWAs versus like let's go launch a token, which I I totally agree with you, by the way.
I think like right now was was for sure the best time for us to launch.
Everybody's paying attention and uh, you know, we're excited, we're super excited about it.
I think this is a great I think a lot of people talk about RWAs and we talk about that all the time on the show.
And we go to our the RWA side and we look and we're like, okay, something's happening.
But I think what you guys are doing is also it's actually making it real.
You know what I mean?
Like it's actually like here's actual companies that are actually doing something that's actually going on chain versus everyone just saying this will happen now.
It's actually happening.
Uh so I think that's really cool.
Parker, I want to wrap this up, but maybe where can people follow this?
Because there's so many entities involved, there's so many different companies.
There's Sky involved, there's framework, which is which is OBEX is kind of within framework.
Just maybe explain to us how that works and how we can keep following the projects that you guys are are working on and helping incubate.
Yeah.
So uh people can go track live deployments actually on info.sky.money.
Um, you can in real time see USDS supply where the stars are allocating, including Obex.
Um you can also you know go follow us on Twitter.
It's you know at Obex Incubator, um, also at Pi Framework.
You know, we obviously administer this this program, which we're super excited about, alongside you know, layer zero and sky.
And then obviously, you know, Sky, Sky has their socials and they push out great content.
So we definitely recommend people checking those out.
Okay, a lot of different places to follow.
Awesome.
Totally.
Well, Parker, thanks for making time uh on a very busy day for you guys, and and best of luck to you guys at Framework and Obex and everybody involved in the ecosystem.
A very exciting day.
Maybe hopefully not too under the radar.
I think people are gonna get excited about it, but uh there'll definitely be some FOMO later, I think.
I think when when all the retail people come back and all people went to touch grass for a year, when they come back, I think they're gonna be sad they missed out on uh on some of this news.
I mean, hopefully, uh hopefully when uh when they come back, we'll have you know even bigger and uh better news to share regarding kind of the success of of cohort one.
Oh, that's true.
Yeah, that's definitely a good way to frame it.
All right, good to see you, Parker.
Thanks for making time, man.
Also, th thank you.
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