Figment and OpenTrade have launched the "OpenTrade Stablecoin Staking Yield," a new stablecoin yield product that aims for a 15% yield by leveraging Solana staking rewards, with custody services provided by Crypto.com for the underlying assets.
According to a Monday announcement, institutions can deposit and withdraw stablecoins, while the yield is generated from Solana (SOL) staking rewards and the hedge perpetual futures operated by OpenTrade. Deposits and withdrawals are processed through Figment's platform, and the strategy is executed in a treasury managed by OpenTrade.
Figment stated that the historical return of this strategy has exceeded the typical staking rate of 6.5% to 7.5% for Solana.
Jeff Handler, co-founder and Chief Business Officer of OpenTrade, mentioned that this new product offers enterprises a unique yield opportunity that cannot be obtained through traditional real-world assets (RWA) or decentralized finance (DeFi) avenues.
Figment is a major institutional staking service provider with staked assets reaching $18 billion, while OpenTrade operates a platform for on-chain and RWA-backed lending and stablecoin yield products.
With the passage of the U.S. GENIUS Act in July, stablecoin issuers received a clear federal regulatory framework, which helps drive the growth of this asset class, but the law also prohibits stablecoin issuers from offering interest or yields to token holders.
As a result, some institutions are turning to staking-based returns, with Solana attracting significant attention through its newly launched staking exchange-traded fund (ETF).
The first Solana staking ETF was launched in July when the REX-Osprey SSK fund began trading, and by July 22, its assets under management had exceeded $100 million.
On October 28, Bitwise launched a new Solana ETF, with assets exceeding $220 million on its first day. The next day, Grayscale's Solana Trust ETF (GSOL) began trading on the NYSE Arca platform.
Through these products, the SOL held by the funds is staked to help secure the network in exchange for rewards. Grayscale returns about 77% of the rewards to shareholders, while Bitwise allocates about 72% and retains the remainder as part of the fund structure.
Despite the increased compliant channels for obtaining Solana staking rewards, the price of SOL has recently performed poorly. According to CoinGecko, as of the time of writing, SOL is trading at approximately $135, having dropped about 19% over the past two weeks.
Related: Bitwise CEO: Despite the market crash, the long-term fundamentals of cryptocurrency have "never been stronger."
Original article: “Figment and OpenTrade Launch Solana-Based Stablecoin Product Targeting 15% Annual Yield”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
