According to Cointelegraph, Solayer and OpenEden have announced the launch of a yield-bearing stablecoin on Solana (SOL) backed by United States Treasury bills. The announcement, made on October 28, introduces the stablecoin named sUSD, which is the first of several tokenized real-world assets (RWAs) that Solayer plans to launch on the Solana blockchain.
Solayer, a Solana-based restaking protocol, and OpenEden, a specialist in RWA tokenization, have collaborated to create sUSD. The stablecoin allows anyone with as little as $5 to access tokenized real-world assets, starting with US Treasury bills. The sUSD protocol operates as a request for quote (RFQ) marketplace, where users deposit USD Coin (USDC) and are matched with tokenized RWAs to receive sUSD, which Solayer refers to as a liquid RWA token (LRT).
Solayer has facilitated nearly $300 million in restaked total value locked (TVL) to date, according to its website. Restaking involves using a token that has already been staked as collateral with a validator 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 is predicted to see a 50-fold increase by 2030, based on predictions from major financial institutions and business consulting firms compiled in a Tren Finance research report. RWAs, including tokenized claims on financial assets, commodities, or art, represent a $30-trillion market opportunity globally, as stated by Colin Butler, Polygon’s global head of institutional capital, in August.
Stablecoins are currently the most popular tokenized RWAs, but there is growing demand for products that tokenize highly liquid, yield-bearing assets such as US Treasury bills. The largest stablecoins 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.