Figment, a $18 billion staking heavyweight, unlocks new opportunities for predictable yield generation on stablecoins. With Crypto.com custody services, new OpenTrade Stablecoin Staking Yield offers up to 15% in APY for stablecoin deposits.
Figment launches new product on OpenTrade backed by Crypto.com, APY reaches 15%
The world’s largest independent staking provider, Figment, with $18 billion in assets under stake, is expanding into stablecoin yield products with OpenTrade and with leading custodial support from Crypto.com. The first product, OpenTrade Stablecoin Staking Yield Powered by Figment, delivers an average 15% APR on stablecoins.
It is a first-of-its-kind combination of staking rewards and hedging against the underlying price volatility of staked tokens. The product is powered by a dedicated Figment-run validator combined with OpenTrade’s institution-grade stablecoin yield infrastructure. Crypto.com will serve as the custodian of the staked assets and exchange for transactions.
Andy Cronk, Cofounder and Chief Product Officer of Figment, invites all staking entrepreneurs and stablecoin holders to try out the new development:
We’re bringing our battle-tested infrastructure and security mindset to stablecoins to offer customers exceptional yield opportunities with the peace of mind of an institutional service.
While investors deposit and withdraw stablecoins, the product’s earnings are derived from Solana (SOL) staking returns generated by Figment and offsetting perpetual SOL futures managed by OpenTrade, together delivering historical returns more than double Solana’s usual ~6.5-7.5% staking reward rate.
The product is straightforward, accessible via the Figment platform and APIs. Deposit stablecoins via Figment, begin earning interest immediately and withdraw any stablecoin amount at any time.
Advanced opportunities for stablecoin holders
Jeff Handler, Cofounder and CCO of OpenTrade, is sure that the new offering is aligned with the hottest trend in crypto wealth management for institutional and private clients:
As stablecoin usage and demand for stablecoin yield solutions amongst exchanges, wallet providers, and other fintechs has continued to surge, we have been working closely with Figment to build and deliver a new stablecoin yield offering that improves on existing options in the market today. Stablecoin Staking Yield is the result of these efforts, and through our partnership, any company with stablecoins can access a new category of yield options which offer a combination of market leading returns and strong protections, which together cannot be accessed across either solely RWA or DeFi investment strategies.
Institutional customers want higher yields on stablecoins while mitigating risks inherent to lending and DeFi. Figment is bringing its “safety over liveness” approach to deliver higher returns, with lower risk – charting a unique path avoiding the exposure typically associated with DeFi marketplaces. The product’s infrastructure has legal protections for institutions not otherwise available in DeFi lending.
Crypto.com and OpenTrade have an industry-leading agreement that enables SOL tokens to be custodied in a segregated account, over which investors are granted a security interest. Assets are also entirely segregated from assets of the exchange and any other entities.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team