Crypto exchange Woo X allows daily interest withdrawals from T-Bill-backed earn vaults
|-
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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.