Solayer and OpenEden launch sUSD, a stablecoin backed by US Treasury bonds, on Solana
- Barbara StreisandOriginal
- 2024-10-30 16:06:14857browse
According to Cointelegraph, Solayer and OpenEden announced the launch of a yield stablecoin on Solana (SOL) backed by US Treasury bonds.
Solayer announced the launch of a new stablecoin based on Solana (SOL) and backed by US Treasury bonds, in partnership with OpenEden.
Solayer announced the launch of a new stablecoin based on Solana (SOL) and backed by US Treasury bonds, in partnership with OpenEden.
Launched on October 28, the stablecoin is called sUSD and is the first of several tokenized real-world assets (RWA) that Solayer plans to launch on the Solana blockchain.
Launched on October 28, the stablecoin is called sUSD and is the first of several tokenized real-world assets (RWAs) that Solayer plans to launch on the Solana blockchain.
Solayer, a retaking protocol running on Solana, has joined forces with OpenEden, a specialist in RWA tokenization, to create sUSD. This stablecoin allows anyone to access tokenized real-world assets, starting with US Treasury bills, even with as little as $5.
Solayer, a retaking protocol running on Solana, has joined forces with OpenEden, a specialist in RWA tokenization, to create sUSD. This stablecoin allows anyone to access tokenized real-world assets, starting with US Treasury bills, with as little as $5.
The sUSD protocol operates as a request for quotation (RFQ) marketplace where users deposit USD Coin (USDC) and are matched with tokenized RWAs to receive sUSD, which Solayer calls a liquid RWA token (LRT).
The sUSD protocol operates as a request-for-quote (RFQ) marketplace where users deposit USD Coin (USDC) and are matched with tokenized RWAs to receive sUSD, which Solayer calls a liquid RWA token ( LRT).
Solayer claims to have enabled almost $300 million in total value locked (TVL) retaking to date. Restaking involves using a token that has already been staked as collateral with a validator to secure other protocols simultaneously.
Solayer claims to have enabled almost $300 million in total value locked (TVL ) retaking to date. Restaking involves using a token that has already been staked as collateral with a validator to secure other protocols simultaneously.
EigenLayer, the largest retaking protocol, secures dozens of third-party protocols with approximately $11 billion of retaking collateral on Ethereum, according to DefiLlama.
EigenLayer, the largest retaking protocol, secures dozens of third-party protocols with approximately $11 billion of retaking collateral on Ethereum, according to DefiLlama.
The market for tokenized RWAs is expected to grow 50-fold by 2030, according to forecasts from major financial institutions and business consulting firms compiled in a Tren Finance research report.
The tokenized RWA market is expected to grow 50-fold by 2030, according to forecasts from major financial institutions and business consulting firms compiled in a Tren Finance research report.
RWAs, including tokenized claims on financial assets, commodities or works of art, represent a $30 trillion global market opportunity, Polygon's global head of institutional capital, Colin Butler, said in August.
RWAs, including tokenized claims on financial assets, commodities or works of art, represent a $30 trillion global market opportunity, Polygon's global head of institutional capital, Colin Butler, said in August.
Stablecoins are currently the most popular tokenized RWAs, but there is growing demand for products that tokenize income-producing and highly liquid assets, such as US Treasury bills.
Stablecoins are currently the most popular tokenized RWAs, but there is growing demand for products that tokenize income-producing and highly liquid assets, such as U.S. Treasury bills.
The largest stablecoins in terms of assets under management (AUM) are BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX), with AUM of approximately $520 million and $440 million, respectively.
The largest stablecoins in terms of assets under management (AUM) are BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX), which have AUM of approximately $520 million and $440 million, respectively.
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