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Crypto Exchange Woo X Allows Daily Interest Withdrawals From T-Bill-Backed Earn Vaults
The RWA Vaults built with the help of OpenTrade had previously operated over a seven or 28-day term.
Updated Jul 22, 2024, 7:45 a.m. Published Jul 22, 2024, 7:00 a.m.
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- The upgraded RWA Vaults allows users to withdraw Treasury Bill-backed interest on their USDC, on a daily basis.
- Woo X and partners OpenTrade claimed bragging rights for being the first exchange to offer T-Bill interest bearing products to retail customers.
Cryptocurrency exchange Woo X has upgraded its U.S. Treasury Bill-backed yield earning products such that customers can withdraw interest on a daily basis, rather than having to wait the customary seven or 28 days associated with T-Bills.
Tokenization – especially involving bank-grade assets like U.S. Treasuries – has become popular thanks to interest rate increases, with a groundswell of innovations from traditional finance firms and startups alike.
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The Woo X RWA Earn Vaults, built with the help of tokenized yield specialists OpenTrade, now allows retail and institutional users to withdraw daily interest accrued from depositing USDC stablecoin in the vaults with no term, the companies said on Monday.
“You can now earn the risk free rate of return on the Woo X exchange through the application you already use today to trade and get in and get out at any time,” said OpenTrade CEO Dave Sutter in an interview. “This is an even better experience than what you'd see from traditional finance products. It's basically giving you that ultimate flexibility to the user to get yield on USDC with maximum safety.”
Woo X’s innovation partner on the project OpenTrade has links to Center, the now-dissolved collaboration between USDC issuer Circle and Coinbase, and, going further back, the Marco Polo enterprise blockchain project.
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The U.S. banking license would allow Bridge to issue and manage stablecoins under direct federal oversight.
What to know:
- Bridge, the stablecoin infrastructure firm owned by Stripe, said it has received conditional approval from the OCC to form a national trust bank.
- The license would allow the company to issue and manage stablecoins under federal oversight.
- The move follows the agency granting similar initial approvals to stablecoin issuers Circle, BitGo, and Ripple in December.
