Solayer and OpenEden are launching a yield-bearing stablecoin on Solana (SOL) backed by United States Treasury bills, according to an Oct. 28 announcement.
Dubbed sUSD, the stablecoin is the first of numerous tokenized real-world assets (RWAs) Solayer plans to launch on Solana, the company said in a post on the X platform.
“[A]nyone with $5 can access tokenized real world assets, starting with US Treasury Bill[s],” Solayer said.
Solayer is a Solana-based restaking protocol and OpenEden specializes in RWA tokenization.
Solayer’s sUSD minting diagram. Source: X
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The sUSD protocol is designed as a request for quote (RFQ) marketplace, according to Solayer.
Users deposit USD Coin (USDC), a stablecoin, and are then matched with one of several RWA tokenized to receive sUSD, which Solayer dubs a liquid RWA token (LRT).
Solayer specializes in restaking for the SOL token, facilitating nearly $300 million in restaked total value locked (TVL), date, according to Solayer’s website.
Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously.
EigenLayer, the largest restaking protocol, secures dozens of third-party protocols with approximately $11 billion of restaked collateral on Ethereum, according to DefiLlama.
The market for tokenized RWAs might see a 50-fold increase by 2030, according to predictions from some of the largest financial institutions and business consulting firms compiled in a Tren Finance research report.
Together, RWAs — including tokenized claims on financial assets, commodities, or art —represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in August.
Stablecoins are by far the most popular tokenized RWAs, according to the report, but demand is surging for product tokenizing highly liquid, yield-bearing assets, including US Treasury bills.
The largest by assets under management (AUM) are BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX), with AUM of approximately $520 million and $440 million, respectively.
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