Solayer and OpenEden Debut Treasury-Backed sUSD Stablecoin on Solana

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New Era for Yield-Bearing Real-World Assets on Solana

Solayer and OpenEden are taking the tokenized real-world asset (RWA) market to a new level with the launch of a Treasury-backed stablecoin on Solana. Announced on Oct. 28, the stablecoin, dubbed sUSD, opens doors for small-scale investors by offering access to U.S. Treasury bills with investments starting as low as $5. 

The token is part of Solayer’s plan to broaden access to real-world financial instruments on the Solana blockchain, positioning sUSD as the first in a series of tokenized assets set to debut on the network.

sUSD operates as a request-for-quote (RFQ) marketplace, allowing users to invest in U.S. Treasury bills and earn around 4% in interest, payable in USDC. Unlike other yield-bearing digital assets, sUSD eliminates the need for staking or manual processes, making the process straightforward. 

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Investors deposit USDC, which Solayer’s protocol then uses to purchase Treasury bills, and in return, users receive sUSD, a token classified by Solayer as a liquid RWA token (LRT). This structure keeps sUSD pegged 1:1 with the U.S. dollar, backed by the reliability of short-term government debt.

The yield mechanism behind sUSD is unique to Solana’s account model, using a balance multiplier that adjusts holdings to reflect interest accumulation. This feature allows balances to grow autonomously at an estimated annual rate of 4-5%, comparable to traditional bank accounts. 

Solayer, with its specialization in restaking for the Solana (SOL) token, leverages the stability of Treasury bills to provide a secure option for decentralized finance (DeFi) investors seeking yield-bearing assets backed by tangible financial instruments.

Solayer’s partnership with OpenEden strengthens sUSD’s appeal, utilizing OpenEden’s platform, which has been rated by Moody’s, as a security framework. OpenEden, which currently holds $150 million in liquidity, enhances sUSD’s security and appeal by offering institutional-grade oversight and allowing decentralized deposits to earn additional incentives. As the first Moody’s-rated tokenized RWA platform, OpenEden provides credibility that could appeal to both retail and institutional investors.

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Beyond providing yield, sUSD functions as a collateral asset for various Solana-based decentralized applications, including layer-two networks, bridges, and oracles, reinforcing Solana’s PoS ecosystem. 

Looking ahead, Solayer plans to back sUSD with a diversified mix of low-risk real-world assets such as oil and gold, offering a future hedge against volatility while ensuring liquidity.

The market for tokenized real-world assets is forecasted to grow exponentially, with financial institutions projecting a 50-fold increase by 2030, according to Tren Finance. Industry experts estimate that RWAs — encompassing tokenized assets like financial claims, commodities, and artwork — could present a $30 trillion market opportunity globally. 

For further insights from other experts on the future of RWA, check out our detailed blog post on how asset tokenization unlocks trillions by 2030.

This article has been refined and enhanced by ChatGPT.