"Even if you hold it, interest accrues." Solana's first risk-free asset.
OpenEden cUSDO, 100% collateralized by U.S. Treasuries and automatically accruing interest
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According to OpenEden, the upcoming "cUSDO" token wraps the company's regulatory-compliant stablecoin, USDO, and is 100% collateralized by tokenized U.S. Treasury bonds. This marks the first on-chain risk-free yield asset to be launched within the Solana ecosystem.
Unlike existing stablecoins, cUSDO's token price gradually increases, reflecting the yield generated from U.S. Treasury bonds. Holders can directly access Treasury yields on-chain without the need for separate asset management. It can also be used as a base asset for various decentralized finance (DeFi) protocols, including lending markets, derivatives, and structured products.
Collateral assets consist of tokenized U.S. Treasury securities verifiable on-chain and held in qualified custodians such as BitGo and Coinbase Prime. The issuance and management of Treasury securities are handled by global financial institutions such as the Bank of New York (BNY), State Street Bank, VanEck, and BlackRock, ensuring separate asset management and custody.
In particular, OpenEden designed its issuer as a Segregated Account Company (SAC) with a bankruptcy isolation structure. This ensures that even if the issuer experiences problems, users can still receive their USDO and cUSDO at face value, protecting them from issuer risk.
OpenEden plans to initially integrate cUSDO into stable swap pools and lending markets. This will allow capital within the Solana ecosystem to simultaneously access DeFi yields and stable yields from US Treasury bonds.
The industry anticipates cUSDO, the first Solana-based risk-free rate asset pegged to regulated U.S. Treasury yields, will serve as a key infrastructure for attracting institutional investors and expanding on-chain financial products.
Joohoon Choi joohoon@blockstreet.co.kr
