Fun

Woo X exchange launches world’s first tokenized T-bills for retail

News Feed - 2024-04-22 08:04:24

Zoltan Vardai12 hours agoWoo X exchange launches world’s first tokenized T-bills for retailThe real-world assets sector continues generating interest as the second most profitable crypto narrative in the first quarter of 2024.2399 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksWoo X cryptocurrency exchange has launched tokenized United States Treasury Bills (T-Bills), claiming to be the first protocol to offer tokenized T-Bills for retail investors.


Woo X launched its real-world–asset (RWA) tokenization vaults, RWA Earn Vaults, enabling users to earn yield by holding Circle’s USD Coin (USDC), according to an April 22 X post:“With the RWA Earn Vaults, all @WOO_X users can now earn stable, predictable yield on their USDC holdings backed by U.S. Treasury Bills without having to jump through any extra hoops.”


Backed solely by U.S. T-bills, RWA Earn Vaults offer between 4.5% and 4.7% annual percentage rate (APR) to USDC holders. According to the announcement:“User subscriptions accumulate real yields, fully backed by U.S. Treasury Bills, with current APRs for 7-day and 28-day terms at ~4.5% and ~4.75% respectively.”


Related:Hashing It Out: Are RWAs the future of crypto?


The yield-earning product was launched in partnership with OpenTrade, a London-headquartered tokenization platform backed by Circle.


Circle is the issuer of the world’s second-largest stablecoin, USDC, which has a $34 billion market cap, behind Tether’s (USDT) with an over $109 billion market capitalization, according to CoinMarketCap data.


Related:USDT aims to offer a lifeline to inflation-stricken nations: Tether CEORWAs were the second most profitable crypto narrative in Q1 2024


RWAs were the second most profitable narrative in the crypto space during the first quarter of 2024, according to a recent report by CoinGecko.  CoinGecko analyst Lim Yu Qian said:“The memecoin narrative was 4.6 times more profitable than the next best-performing crypto narrative of tokenized real-world assets (RWA) and 33.3 times more profitable than the layer 2 narratives with the lowest returns in Q1 this year.”


Showcasing the growing institutional interest in the RWA sector, the world’s largest asset manager, BlackRock, launched a USD Institutional Digital Liquidity Fund on March 20, tickered “BUIDL,” worth over $298 million at the time of writing, according to Etherscan.


Over $1 billion worth of U.S. Treasurys have been tokenized through 17 tokenization products by March 28, which rose to $1.15 billion by April 22, according to Dune data.Tokenized government securities. Source:Dune


Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX) remains the largest treasury tokenization fund, worth over $390 million at the time of writing, according to Dune.How tokenization will transform traditional finance | Interview with FTX US president Brett Harrison. Source: Cointelegraph


Related:EigenLayer on the brink of potential yield crisis# Blockchain# Circle# Ethereum# Cryptocurrency Exchange# DeFiAdd reaction

News Feed

Jesse Coghlan1 hour agoSEC use of Terraform ruling hints Coinbase dismissal motion attack planThe SEC claims a court ruling gives it authority over crypto, setting up a possible counter-argument in dismissal motions brou
With $2․4M Fundraising in Seed Round, KNN3 Network Races to Provide a Multi-Chain Relationship Aggregating Protocol for d/App and Smart Contract
With $2․4M Fundraising in Seed Round, KNN3 Network Races to Provide a Multi-Chain Relationship Aggregating Protocol for d/App and Smart Contract press release PRESS RELEASE.Web3 r
Blockchain Startup Triall Introduces a Tokenized Ecosystem to Speed Up and Improve Medical Research
Blockchain Startup Triall Introduces a Tokenized Ecosystem to Speed Up and Improve Medical Research press release PRESS RELEASE. Triall launches its main utility token TRL on Uniswa
Tom Mitchelhill3 hours agoSpot ETF-induced Bitcoin rally isn’t guaranteed to stick: AnalystsInvestors will likely see Bitcoin surge even more when a spot Bitcoin ETF is approved, but other factors are needed for the ra
FBI Profiles Top 10 Most Wanted Fugitive ‘Crypto Queen’ Ruja Ignatova of Onecoin Scam
FBI Profiles Top 10 Most Wanted Fugitive "Crypto Queen" Ruja Ignatova of Onecoin Scam The Federal Bureau of Investigation (FBI) profiled the Onecoin cryptocurrency scam and its co-
Foreign crypto miners could be spying on US bases: Elizabeth Warren
Martin Young3 hours agoForeign crypto miners could be spying on US bases: Elizabeth WarrenSenator Warren has lambasted foreign-owned crypto miners in the country, saying they’re loud, hot, and “suck up a ton of elect
VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform
VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform press release PRESS RELEASE.Miami, FL – VAST, the multimedia NFT marketpla
William Suberg13 hours agoBitcoin ETF hype returns as ‘aggressive bid’ sends BTC price near $38KBitcoin ETF talk is accompanied by a snap return to the top of the recent BTC price trading range.3742 Total views18 Tot
Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges
Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two co
Martin Young2 hours agoEtherHiding: Why hackers may prefer Binance’s BNB Smart ChainAccording to cybersecurity analysts at 0xScope and CertiK, threat actors may prefer using BNB Smart Chain contracts because it’s che
Independent Russian News Site Meduza Raises Over $200,000 in Crypto
Independent Russian News Site Meduza Raises Over $200,000 in Crypto Pressure from the Kremlin and sanctions from the West have forced Russian news outlet Meduza to increasingly rel
Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum
Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum It’s fair to say that the first ten days of November have been nothing short of historic in cryptocu