Franklin

Solana

United

sUSD

Solayer and OpenEden are launching a yield-bearing stablecoin on Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>) backed by United States Treasury bills, according to an Oct. 28 announcement.
Dubbed sUSD, the stablecoin is the first of numerous tokenized real-world assets (RWAs) Solayer plans to launch on Solana, the company <a data-ct-non-breakable="null" href="https://x.com/solayer_labs/status/1851263187288756337" rel="null" target="null" text="null" title="null">said</a> in a post on the X platform.
“[A]nyone with $5 can access tokenized real-world assets, starting with US Treasury Bill[s],” Solayer said.&nbsp;
Solayer is a Solana-based restaking protocol and OpenEden specializes in RWA tokenization.&nbsp;
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 <img alt="Solayer, OpenEden launch Treasury-backed stablecoin on Solana" src="https://s3.cointelegraph.com/uploads/2024-10/0192d993-5c51-7ac8-8e18-23f618cc0f32" title="">
 <figcaption style="text-align: center;">
 Solayer’s sUSD minting diagram. Source: <a data-ct-non-breakable="null" href="https://x.com/solayer_labs/status/1851263193555022137/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/solayer_labs/status/1851263193555022137/photo/1">X</a>
 </figcaption>
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wisdomtree-cardholders-spend-onchain-money-fund" rel="" target="_self" text="null" title="https://cointelegraph.com/news/wisdomtree-cardholders-spend-onchain-money-fund">Wisdomtree debuts debit card spending for onchain money fund</a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wisdomtree-cardholders-spend-onchain-money-fund" rel="" target="_self" text="null" title="https://cointelegraph.com/news/wisdomtree-cardholders-spend-onchain-money-fund">&nbsp;</a><advertisement>
 The sUSD protocol is designed as a request for quote (RFQ) marketplace, according to Solayer. 
 Users deposit USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/usdc-price-index">USDC</a>), a stablecoin, and are then matched with one of several RWA tokenized to receive sUSD, which Solayer dubs a liquid RWA token (LRT).
 Solayer specializes in restaking for the SOL token, facilitating nearly $300 million in restaked total value locked (TVL), to date, according to Solayer’s website.
 Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously.&nbsp;
 EigenLayer, the largest restaking protocol, secures dozens of third-party protocols with approximately $11 billion of restaked collateral on Ethereum, <a data-ct-non-breakable="null" href="https://defillama.com/protocol/eigenlayer#information" rel="null" target="null" text="null" title="https://defillama.com/protocol/eigenlayer#information">according</a>&nbsp;to DefiLlama.&nbsp;
 The market for tokenized RWAs might see a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/rwa-tokenization-sector-50x-growth-2030-report" rel="null" target="null" text="null" title="null">50-fold increase by 2030</a>, according to predictions from some of the largest financial institutions and business consulting firms compiled in a Tren Finance research report.
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Together, RWAs — including tokenized claims on financial assets, commodities, or art —represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital,&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/institutional-grade-stablecoins-may-killer-app-crypto" rel="null" target="null" text="null" title="https://cointelegraph.com/news/institutional-grade-stablecoins-may-killer-app-crypto">told Cointelegraph in August</a>.
Stablecoins are by far the most popular tokenized RWAs, according to the report, but demand is surging for product tokenizing highly liquid, yield-bearing assets, including US Treasury bills.
The largest by assets under management (AUM) are&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrocks-buidl-becomes-worlds-largest-tokenized-treasury-fund" rel="null" target="null" text="null" title="https://cointelegraph.com/news/blackrocks-buidl-becomes-worlds-largest-tokenized-treasury-fund">BlackRock USD Institutional Digital Liquidity Fund</a>&nbsp;(BUIDL) and Franklin OnChain US Government Money Fund (FOBXX), with AUM of approximately $520 million and $440 million, respectively.
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/">10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’</a><advertisement></advertisement>

Solayer, OpenEden launch Treasury-backed stablecoin on Solana

Cointelegraph

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