Obex
Obex is a San Francisco-based crypto incubator with a $2.5 billion Sky-authorized mandate that funds institutional-grade stablecoin projects backed by real-world assets including credit, energy, AI data centers, and housing.
- Company typePrivate
- Founded2025
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Obex does
Obex (legal name: OBEX Stablecoin Incubator) is a San Francisco-based crypto incubator founded in 2025 that operates as a dedicated vehicle for institutional-grade stablecoin projects within the Sky Protocol ecosystem. The firm holds a $2.5 billion mandate authorized by the Sky community, denominated in USDS stablecoins, to fund and incubate projects that bring diversified, real-world-asset-backed yield to the Sky platform. Obex explicitly positions itself as a Y Combinator-style incubator focused exclusively on stablecoins and yield-bearing tokenized assets, integrating institutional risk management frameworks into incubated projects.
The core platform revolves around selecting, funding, and supporting incubated stablecoin projects that issue yield-bearing tokens collateralized by real-world assets spanning credit, AI data centers, energy, and housing. In March 2026, Obex announced deployment of $1 billion across eight first-wave partners: Maple (credit), USD.ai (AI data centers), Daylight (energy), Centrifuge (RWA tokenization), Securitize (tokenized securities), River, TVL Capital, and Better (mortgage credit via a $500 million partnership with Framework Ventures). Technology and capital partnerships with LayerZero Labs (omnichain interoperability) and Framework Ventures (crypto venture capital) extend the platform's capabilities across cross-chain deployment and deal sourcing.
Obex is privately held, venture-backed by Framework Ventures, LayerZero Labs, and Sky Ecosystem, and is identified as a subsidiary of the Sky Ecosystem. Its revenue model derives from returns and economics generated by incubated project allocations under the Sky mandate; the firm does not sell products to end customers and discloses no pricing. The company operates from 600 Montgomery Street in San Francisco and is actively deploying capital through its partner network as of March 2026.
Obex firmographics
Firmographics- Name
- Obex
- Legal name
- OBEX Stablecoin Incubator
- Website
- https://obex.xyz
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Obex is a San Francisco-based crypto incubator with a $2.5 billion Sky-authorized mandate that funds institutional-grade stablecoin projects backed by real-world assets including credit, energy, AI data centers, and housing.
- Ownership category
- akta.pro rank
Obex industry classification
Industry- Product category
- Stablecoin Incubation and Tokenized Real-World Asset Investment
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)
- SIC
- Finance Services (6199), Investment Advice (6282)
- akta.pro primary industry
- Accelerators & Incubators (Investor-Operated) (FSANAAAM)
Keywords
Where Obex is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Obex business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Incubator Management: Obex operates as a startup incubator within the crypto/stablecoin ecosystem. The company raises funding and deploys capital to support incubated projects. Revenue generation appears to come from returns on incubated projects and the overall growth of the stablecoin ecosystem under Sky's umbrella.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels3 records
Obex product offering
Product offeringCore offering
Obex runs a Y Combinator-style incubator that deploys a $2.5 billion mandate into institutional-grade stablecoin projects backed by real-world assets including AI data centers, housing, energy, and credit. The platform supplies incubated teams with capital, ecosystem integration with Sky's USDS stablecoin, and institutional risk management to develop yield-bearing stablecoins.
Product overview
Obex operates as a single unified incubator platform focused on developing institutional-grade stablecoin projects within the Sky Protocol ecosystem. The company has a $2.5 billion mandate to incubate projects that bring diversified yield, with a specific focus on yield-bearing stablecoins backed by real-world assets. The Obex Incubator is the core offering, structured to support startups similar to Y Combinator, with the Sky community authorizing up to $2.5 billion in USDS stablecoins to support incubated projects. First-wave deployed capital is being allocated across credit, energy, AI data centers, and housing assets through partner projects including Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better.
Differentiator
Problem solved
Functional benefit
Products and services
- Obex Stablecoin Incubator A Y Combinator-style incubator platform with a $2.5 billion mandate to support institutional-grade stablecoin projects that bring innovative and diversified yield to the Sky Ecosystem. It develops yield-bearing stablecoins backed by real-world assets (AI data centers, housing, energy, credit) and integrates institutional-level risk management into incubated projects. Customers are early-stage and existing stablecoin startups.
Quantifiable outcome
- $1 billion deployed across credit, energy, and AI assets in initial wave
- +2 more outcomes
Companies that use Obex
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles2 records
Obex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Obex partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and flagship.
- MaplecoreMaple is a first-wave partner in Obex's $1 billion deployment across tokenized real-world assets. Maple focuses on credit asset tokenization and represents one of the initial deployment channels for Obex's capital allocation.
- CentrifugecoreCentrifuge is a first-wave partner in Obex's tokenized real-world asset deployment. Centrifuge specializes in real-world asset tokenization and is part of the initial wave of partners deploying capital into diversified yield-bearing assets.
- SecuritizecoreSecuritize is a first-wave partner in Obex's deployment network, specializing in tokenized securities. Securitize's compliance-focused tokenization platform enables institutional-grade securities tokenization within the stablecoin ecosystem.
- USD.aicoreUSD.ai is a first-wave partner in Obex's $1 billion deployment, focused on AI data center investments. USD.ai represents Obex's expansion into AI infrastructure as a yield-bearing real-world asset category.
- DaylightcoreDaylight is a first-wave partner in Obex's tokenized asset deployment network, focusing on energy sector investments. Daylight represents Obex's diversification into energy assets as part of the broader $1 billion allocation.
- RivercoreRiver is a first-wave partner in Obex's capital deployment initiative, participating in the $1 billion allocation across tokenized real-world assets.
- TVL CapitalcoreTVL Capital is a first-wave partner in Obex's deployment network, contributing to the $1 billion allocation across credit, energy, and AI assets in the stablecoin ecosystem.
- Better Home & Finance Holding CompanycoreBetter Home & Finance announced a strategic partnership with Framework Ventures to deploy $500 million in credit through the Sky stablecoin ecosystem, with Better integrating as a 'Star' to deploy capital into originated mortgage and home equity assets. The partnership aims to diversify Better's capital base, improve funding efficiency, and potentially lower consumer borrowing costs by over 100 basis points annually, while helping the company scale from $500 million to more than $1 billion per month in originations by 2026.
- LayerZero LabscoreLayerZero co-led the $37 million funding round for Obex, providing blockchain interoperability technology and expertise. LayerZero's omnichain interoperability protocol supports cross-chain communication essential for stablecoin and tokenized asset operations within the ecosystem.
- Sky EcosystemflagshipSky Ecosystem co-led the $37 million funding round and is the parent organization backing Obex. The Sky community has authorized up to $2.5 billion in USDS stablecoins to support incubated projects. Sky issues the $10 billion USDS token and provides the broader ecosystem for stablecoin development and deployment.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
Obex competitors and assessment
Company assessmentEmerging players
- LayerZero Labs: Co-lead investor in Obex's $37M round and the dominant omnichain interoperability protocol. LayerZero provides cross-chain infrastructure that Obex's incubated stablecoin projects rely on, making it both a strategic partner and adjacent ecosystem player.
Direct peers
- Centrifuge: First-wave Obex partner and a leading independent RWA tokenization platform. Centrifuge builds infrastructure for on-chain credit/assets, overlapping directly with Obex's incubated-project focus area. It is both a deployment channel and a potential competitor for institutional RWA deals.
- Ondo Finance: Leading RWA-focused protocol offering tokenized yield products (e.g., OUSG, USDY) backed by traditional assets. Ondo pursues a similar institutional-grade, yield-bearing stablecoin strategy that competes for the same RWA capital pool Obex is deploying.
- Maple Finance: First-wave Obex partner focused on institutional on-chain credit. Maple operates its own lending pool infrastructure and capital formation, overlapping with Obex's credit-backed stablecoin incubation thesis.
- Securitize: First-wave Obex partner specializing in compliant tokenized securities issuance. Securitize competes in the same RWA tokenization market Obex is helping to fund, with overlapping institutional customer base.
- Framework Ventures: Crypto-native venture capital firm that co-led Obex's $37M round and is acquiring ~10% of Better Home & Finance. Framework operates a similar DeFi/crypto investment and incubation thesis with comparable deal flow in stablecoins and RWAs.
Broad incumbents
- Circle (USDC issuer): Issuer of USDC, the most prominent regulated stablecoin. Circle competes with Sky/USDS for institutional stablecoin adoption and offers its own yield/distribution products, creating a structural alternative to Obex's incubated ecosystem.
- Sky Ecosystem (formerly MakerDAO): Parent ecosystem of Obex and issuer of the $10B USDS stablecoin. Sky operates the broader protocol that Obex plugs into, making it the most directly comparable entity for mandate structure and ecosystem-level stablecoin strategy, though it is far larger and more established.
- Tether (USDT issuer): The largest stablecoin issuer globally. While not an incubator, Tether sets the competitive benchmark for stablecoin scale, distribution, and reserve management that Obex-incubated projects must differentiate against.
- Y Combinator: Explicitly cited as the model Obex is emulating for its stablecoin incubator. YC operates a comparable startup-incubation structure (application-based cohort, capital deployment, partner network) but at much larger scale and across all tech verticals.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Obex social profiles
Digital presenceObex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Obex leadership team
Management profileNumber of profiles
Obex funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Obex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Obex
What does Obex do?
Obex runs a Y Combinator-style incubator that deploys a $2.5 billion mandate into institutional-grade stablecoin projects backed by real-world assets including AI data centers, housing, energy, and credit. The platform supplies incubated teams with capital, ecosystem integration with Sky's USDS stablecoin, and institutional risk management to develop yield-bearing stablecoins.
Is Obex a public or private company?
Obex is a private company. It is classified as venture growth investor backed and is currently operating.
When was Obex founded?
Obex was founded in 2025. It employs 11 to 50 people.
Where is Obex based?
Obex is headquartered in San Francisco, United States, in the North America region.
How does Obex make money?
One revenue line is on record: incubator Management.
Who are Obex's main competitors?
LayerZero Labs is listed as an emerging player. Direct peers are Centrifuge, Ondo Finance, Maple Finance, Securitize and Framework Ventures. Broad incumbents are Circle (USDC issuer), Sky Ecosystem (formerly MakerDAO), Tether (USDT issuer) and Y Combinator.
Does Obex have an API?
No public API is recorded for Obex.
What industry is Obex in?
Obex's product category is Stablecoin Incubation and Tokenized Real-World Asset Investment. Its primary akta.pro industry code is FSANAAAM, Accelerators & Incubators (Investor-Operated). Its NAICS code is 525 and its SIC code is 6199.