2 days ago
Circle (CRCL), the crypto institution known for its USDC stablecoin, introduced connected Wednesday its tokenized U.S. Treasury money offering to Solana, expanding its footprint to the blockchain known for low-cost transactions and accelerated colony times.
The determination expands the USYC token beyond Ethereum, Near, Base and Canton networks and the planned summation of BNB Chain.
USYC is simply a tokenized mentation of a short-duration U.S. authorities wealth marketplace fund. The money is redeemable successful existent clip into USDC, Circle’s dollar-backed stablecoin, and is disposable lone to non-U.S. organization investors who walk know-your-customer (KYC) checks. That makes USYC permissioned by design, successful opposition to different tokens commonly utilized successful decentralized concern (DeFi).
The broader tokenized treasury marketplace has seen explosive maturation recently, swelling to astir $8 cardinal contiguous from $2.4 cardinal successful a year, RWA.xyz information shows. That summation reflects the increasing organization appetite for real-world assets (RWAs) connected blockchain rails, peculiarly yield-bearing authorities securities. They are progressively utilized arsenic collateral for lending and borderline trading, oregon arsenic a gathering artifact for different yield-generating strategies.
With a marketplace headdress of $635 million, USYC is the fifth-largest tokenized treasury fund, according to information from RWA.xyz.
Solana’s integration adds caller imaginable usage cases, including utilizing USYC arsenic borderline collateral for derivatives trading oregon arsenic a yield-bearing plus successful Solana-based decentralized concern (DeFi) platforms. However, USYC requires protocols to integrate eligibility checks and wallet allow-listing, a hurdle that galore applications volition request further improvement to enactment it.
Read more: Republic to Tokenize Animoca Brands Equity connected Solana to Broaden Investor Access
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