VICTORIA, Seychelles, April 22, 2024 (GLOBE NEWSWIRE) -- WOO X, in collaboration with OpenTrade, has launched RWA-backed Earn Vaults, enabling users to earn yield from real-world, high-quality financial assets like U.S. Treasury Bills, aligning with the industry’s shift towards digital finance amidst blockchain’s transformative impact on traditional markets.
“Digital assets are projected to be a trillion-dollar market by 2030, and we see this trend as more TradFi players come into the crypto market, starting with the introduction of the BTC ETFs. Aligning with this digital finance shift, WOO X’s introduction of RWA-backed Earn Vaults is providing investment opportunities backed by real-world assets (RWA), such as tokenized Treasury Bills (T-Bills), as an extension to the existing USDC (digital dollar) offerings. This launch is especially timely as RWAs gain momentum amidst the growing optimism surrounding ETF approvals,” said Willy Chuang, COO of WOO X.
“This strategic move caters to the evolving needs of investors and is at the center of the transformation of traditional financial markets through blockchain technology. We aim to provide sustainable institutional investment products, leveraging USDC due to its fully reserved structure and strong track record of trust and transparency, ensuring a more institution-friendly approach,” Chuang said.
WOO X and OpenTrade’s RWA Earn Vaults allow all WOO X users to earn stable, predictable yields and exchange them for treasury bill products that generate yield that is not subject to high volatility and risk. Moreover, WOO X users can access these RWA Earn Vaults within the existing exchange platform with no additional onboarding requirements, making it a truly seamless experience.
OpenTrade’s platform, purposefully designed for exchanges such as WOO X, enables the seamless addition of RWA-backed yield to their existing suite of financial products. The platform’s bank-grade off-chain operations and well-established legal structure play a pivotal role in empowering WOO X to successfully attain its objectives.
“The WOO X RWA Earn Vault product is a truly innovative product that now represents the absolute easiest way for users to access digital dollars and predictable low-risk yields from dollar-denominated financial assets like U.S. Treasury Bills. We’re incredibly proud to support WOO X in the development and roll-out of this product, which we see as a case study of how RWA solutions like OpenTrade can power a new wave of digital asset applications that unlock real utility value for users,” said Jeff Handler, Co-founder of OpenTrade.
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