Woo X, a cryptocurrency exchange that offers tokenized United States Treasury Bills to retail investors claims to be the world’s first protocol offering tokenized T Bills.
Woo X has launched RWA Earn vaults for real-world assets (RWA). This allows users to receive a yield on Circle’s USD Coin. USDCUSDAccording to a post on April 22, X:
The RWA Earn vaults allow all users of @WOO_X to earn a stable and predictable return on USDC held in U.S. Treasury Bills. This is done without any additional work.
RWA Earn vaults are backed by U.S. Treasury bills and offer a 4.5% to 4.7% APR (annual percentage rate) for USDC holders. The announcement states:
User subscriptions are backed up by U.S. Treasury Bills and currently offer APRs of 4.5% for terms lasting 7 days and 4.75% for 28 day.
Related: Hashing it out: Is RWA the future of cryptocurrency?
OpenTrade is a London-based tokenization platform that Circle supports.
Circle has issued the second largest stablecoin in the world, USDC. Its market capitalization is $34 billion, just behind Tether. USDTUSD According to CoinMarketCap, the market cap is over $109 Billion.
RWAs were the second-most profitable crypto story in Q1 of 2024
According to CoinGecko, RWAs ranked second in terms of profitability for the crypto industry during the first quarter 2024. CoinGecko’s analyst Lim Yu Qian stated:
The memecoin story was 33.3x more profitable in Q1 than any other layer 2 stories.
BlackRock’s USD Institutional Digital Liquidity Fund, tickered as “BUIDL”, was worth more than $298 millions at the time this article was written, according to Etherscan.
Dune Data shows that by the end of April, Dune had tokenized $1.15bn worth U.S. Treasurys.
According to Dune, Franklin Templeton’s Franklin OnChain U.S. Government Money Fund is the biggest treasury-tokenization fund. It was worth more than $390 millions at the time this article was written.Interview with FTX US president Brett Harrison. Source: Cointelegraph
Related: EigenLayer at the edge of a potential yield crisis