Originally published on: October 29, 2024
Solayer and OpenEden have joined forces to introduce a groundbreaking yield-bearing stablecoin on the Solana blockchain, backed by United States Treasury bills. In an exciting announcement on Oct. 28, the companies revealed their new stablecoin, known as sUSD, marking the beginning of a series of tokenized real-world assets (RWAs) that Solayer plans to bring to the Solana ecosystem.
With just $5, anyone can now access tokenized real-world assets, starting with US Treasury bills, thanks to Solayer’s innovative protocol. Solayer, a Solana-based restaking platform, is teaming up with OpenEden, a specialist in RWA tokenization, to make this revolutionary stablecoin a reality.
The sUSD protocol operates as a request for quote (RFQ) marketplace, offering users the opportunity to deposit USD Coin (USDC) stablecoin and receive sUSD in return, which Solayer refers to as a liquid RWA token (LRT). This unique system opens up a world of possibilities for users looking to invest in real-world assets in a simple and efficient manner.
Solayer has already made waves in the crypto space, facilitating nearly $300 million in restaked total value locked (TVL) for the SOL token. Through restaking, users can secure their assets with validators to earn rewards while simultaneously supporting other protocols.
The demand for tokenized RWAs is expected to skyrocket in the coming years, with predictions suggesting a 50-fold increase by 2030. This market, which includes tokenized claims on various assets like financial instruments, commodities, and art, represents a $30 trillion opportunity globally. Experts believe that stablecoins will continue to dominate this space, but there is a growing interest in tokenizing high liquidity, yield-bearing assets like US Treasury bills.
Leading financial institutions and consulting firms are recognizing the potential of tokenized RWAs, with products like the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX) already boasting impressive assets under management (AUM).
As the crypto industry continues to evolve, partnerships like the one between Solayer and OpenEden are paving the way for a new era of decentralized finance. Stay tuned for more exciting developments in the world of tokenized real-world assets on the Solana blockchain. Subscribe to our newsletter for the latest updates and insights on the future of decentralized finance.
