WOO X Brings RWA-Backed Earn Vaults To Retail
Date
4/22/2024 3:30:11 PM
(MENAFN- eTrendy Stock) Woo X introduces RWA Earn Vaults, allowing retail customers to access tokenized U.S. Treasury bills. Developed in partnership with London-based Opentrade, this solution provides interest-bearing accounts backed by U.S. Treasuries.
T-Bills to Include RWA Earn Vaults via Woo X and Opentrade Partnership
In a significant move, the Woo X Cryptocurrency exchange has introduced tokenized United States Treasury Bills (T-Bills), marking a milestone in the crypto space. This initiative includes the unveiling of real-world asset (RWA) tokenization vaults known as RWA Earn Vaults, allowing users to earn yield using Circle's USD Coin (USDC).
Partnering with London-based tokenization platform OpenTrade, Woo X aims to give users a unique opportunity to earn yield while holding USDC. The introduction of RWAs comes as they ranked as the second most profitable narrative in the crypto space during Q1 2024.
The institutional interest in the RWA sector is further underscored by BlackRock's recent launch of the USD Institutional Digital Liquidity Fund. This signals a growing recognition of the potential within the RWA market.
Moreover, data from Dune reveals a substantial increase in the tokenization of U.S. Treasurys, with over $1 billion tokenized through 17 products by March 28, surging to $1.15 billion by April 22. This trend reflects the growing demand for tokenized assets in the crypto market.
MENAFN22042024007158015398ID1108124913
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.