Solayer, OpenEden launches Treasury-backed stablecoin on Solana
Solayer and OpenEden are launching Solana (SOL), a stablecoin backed by US Treasury bills, in an October 28 announcement.
Dubbed sUSD, the stablecoin plans to launch multiple tokenized real-world assets (RWAs) on Solana, the company said in a post on the X platform.
“[A]Anyone with $5 can't access real-world assets starting with a US Treasury Bill.[s]” said Solaire.
Solayer is a reset protocol based on Solana and OpenEden specializes in RWA tokenization.
Solaire SSD Minting Diagram Source: X
Related: Wisdomtree Launches Debit Card Spending for Onchain Funds
The sUSD protocol was developed as a Request for Quotation (RFQ) marketplace, according to Solayer.
Users deposit USD Coin (USDC), a stablecoin, and then match it with multiple RWA tokens, to receive an SSD, which Solayer calls a liquid RWA token (LRT).
Solayer is focused on repurchasing the SOL token, with approximately $300 million in repurchasing Total Value Locked (TVL) per day, according to Solayer's website.
Rescheduling involves taking a previously staked token – escrow with a validator in exchange for a reward – and using other protocols to secure it at the same time.
EigenLayer, the largest reprocessing protocol, hosts dozens of third-party protocols with an estimated $11 billion in repositories on Ethereum, Defillama said.
The market for tokenized RWAs will grow 50-fold by 2030, according to forecasts from some of the largest financial institutions and business advisory firms compiled by Train Financial Research.
Together, RWAs—including evidenced claims on financial assets, commodities or art—represent a $30-trillion market opportunity globally, Colin Butler, Polygon's global head of institutional capital, told Cointelegraph in August.
Stablecoins are by far the most popular tokenized RWAs, according to the report, but interest in tokenizing highly liquid and yielding assets, including U.S. Treasury bills, is increasing.
The largest by assets under management (AUM) are BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin Onchain US Government Money Fund (FOBXX), with AUM of approximately $520 million and $440 million, respectively.
Magazine: 10 Most Missed Crypto Theories Like ‘Peter Todd is Satoshi'
