BlackRock, the world’s largest asset manager, is looking to participate in decentralized stablecoin issuer MakerDAO’s “Grand Prix,” a competition aimed at bringing in $1 billion of tokenized assets onto the platform, CoinDesk first reported.

According to a governance forum post for the Spark SubDAO, an independent unit building on MakerDAO, the effort will be focused on investing its reserves in short-duration U.S. Treasury bills and “similar tokenized products.”

Top players in the “real-world asset” space, including BlackRock's BUIDL, Superstate and Ondo Finance, are looking to participate in the effort, according to the CoinDesk report. Spark will reinvest up to $500 million of reserve assets to back the DAI stablecoin into the winners. That capital is currently managed by Andromeda …