Figment and OpenTrade have launched “OpenTrade Stablecoin Staking Yield,” a brand new stablecoin yield product that targets a yield of 15% by using Solana staking returns, with Crypto.com offering custody for the underlying property.
In keeping with Monday’s announcement, establishments deposit and withdraw stablecoins, whereas the yield is produced by Solana (SOL) staking rewards and an offsetting perpetual-futures hedge run by OpenTrade. Deposits and withdrawals are dealt with via Figment’s platform, with the technique executed in an OpenTrade-managed vault.
Figment stated the technique has traditionally delivered returns above Solana’s typical 6.5% to 7.5% staking price.
Jeff Handler, OpenTrade’s co-founder and chief industrial officer, stated the brand new product supplies firms with entry to a singular sort of yield alternative not out there via conventional real-world property (RWA) or decentralized finance (DeFi) routes.
Figment is a serious institutional staking supplier with $18 billion in property below stake, whereas OpenTrade operates a platform for onchain and RWA–backed lending and stablecoin yield merchandise.
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The rise of Solana staking ETFs
With the passage of the US GENIUS Act in July, stablecoin issuers gained a transparent, federally mandated regulatory framework that has helped spark progress within the asset class, however the regulation additionally prohibits stablecoin issuers from providing curiosity or yield to tokenholders.
Consequently, some establishments have shifted towards staking-based returns, with Solana drawing robust curiosity via newly launched staking exchange-traded funds (ETFs).
The primary Solana staking ETF launched in July, when REX-Osprey’s SSK fund started buying and selling, and by July 22 it had surpassed $100 million in property below administration.
On Oct. 28, Bitwise launched a brand new Solana ETF that debuted with greater than $220 million in property. The next day, Grayscale’s Solana Belief ETF (GSOL) started buying and selling on the NYSE Arca platform.
With these merchandise, the SOL held by the fund is staked to assist safe the community in trade for rewards. Grayscale returns about 77% of these rewards to shareholders, whereas Bitwise distributes roughly 72% and retains the rest as a part of the fund construction.
Regardless of elevated regulated entry to Solana staking rewards, the value of SOL has struggled lately. On the time of writing, SOL was buying and selling round $135 per token, down about 19% over the previous two weeks, in line with information from CoinGecko.
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