Woo X Exchange will launch the first stocked T-bills for retail
Woo X cryptocurrency exchange has launched the tokenization of United States Treasury bills (T-Bills), the first protocol to offer tokenized T-Bills to retail investors.
Woo X has launched RWA Earn Vaults, real-world-asset (RWA) token vaults that allow users to earn revenue by holding Circle's USD Coin (USDC), according to X's April 22 post:
“With RWA Earn Vaults, all @WOO_X users can get a stable and predictable yield on their USDC holdings backed by US Treasury Bills without the need to jump any further.”
Funded exclusively by US T-Bills, RWA Earn Vaults offers USDC holders an annual percentage rate (APR) of 4.5% and 4.7%. According to the announcement:
“User subscriptions collect real products backed entirely by US Treasury Bills, with current APRs for 7-day and 28-day terms of ~4.5% and ~4.75%, respectively.”
Related: Hashing It Out: Are RWA the future of crypto?
The yield-generating product was launched in partnership with OpenTrade, a London-headquartered startup backed by Circle.
With a market capitalization of more than $109 billion, Circle is the world's second largest stablecoin issuer, USDC, with a market capitalization of $34 billion, behind Tether (USDT), according to CoinMarketCap data.
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RWAs were the second most profitable crypto asset in Q1 2024.
According to a recent report by CoinGecko, RWAs were the second most profitable asset in the crypto space during the first quarter of 2024. CoinGecko analyst Lim Yu Kian said:
“The memecoin narrative was 4.6 times more profitable than the next best performing crypto narrative by tokenized real-world values (RWA) and 33.3 times more profitable than the lowest-earning Tier 2 narratives in Q1 this year.”
Reflecting the growing institutional interest in the RWA sector, BlackRock, the world's largest asset manager, launched a USD Institutional Digital Liquidity Fund on March 20, 2008, with over $298 million worth of tokens at the time of writing, according to Eterscan. He reported.
More than $1 billion worth of U.S. Treasuries traded in 17 cryptocurrencies on March 28, rising to $1.15 billion on April 22, according to Dunn data.
Franklin Templeton's Franklin Onchain U.S. Government Fund ( FOBXX ) is the largest Treasury fund at the time of writing, worth more than $390 million, according to Dunn.
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