Key Takeaways:
DeFiance Capital and Galaxy Digital have settled a high seven-figure over-the-counter (OTC) trade using OpenEden's USDO, a yield-bearing stablecoin backed by U.S. Treasury bills, marking a significant step for institutional adoption of tokenized real-world assets.
"The transaction demonstrates a move towards more capital-efficient treasury management within the crypto ecosystem," OpenEden said in a statement on the deal, which was completed on April 2, 2024.
The use of USDO allowed both firms to utilize a stable settlement asset that also generates a passive yield, derived from the underlying short-term T-bills. Unlike non-yielding stablecoins like USDC or USDT, yield-bearing tokens such as OpenEden's USDO offer holders a share of the income from their reserves, providing a potential advantage for funds managing large cash positions.
This high-value settlement between two major crypto-native funds could accelerate the trend of using tokenized real-world assets (RWAs) for large-scale transactions. The event showcases a practical use case for yield-bearing stablecoins beyond simple holding, potentially increasing demand for protocols like OpenEden and influencing other institutional players to adopt similar capital-efficient strategies for their treasuries.
This article is for informational purposes only and does not constitute investment advice.
