Crypto Exchange WOO X Partners with OpenTrade to Offer Tokenized U.S. Treasury Bills in Asia
Crypto exchange WOO X has announced a partnership with OpenTrade, a platform for tokenized real-world assets, to provide tokenized U.S. treasury bill products in Asia. This collaboration allows WOO X users to earn yield through access to tokenized T-Bills and borrow USDC-secured loans against liquid assets.
Increasing Demand for Tokenized T-Bills
According to Jack Tan, founder and CEO of WOO, there is a growing demand for tokenized T-Bills due to higher yields on US government bonds compared to decentralized finance options. The partnership with OpenTrade strengthens WOO’s position in Asia by offering users access to tokenized T-Bills without incurring high switching costs.
Expanding into Asia
WOO, registered in Seychelles, is prioritizing its expansion in Asia. It recently completed its integration with South Korea’s CODE compliance and sees the region as a key market for growth.
OpenTrade’s Services
OpenTrade, founded earlier this year, has launched a range of services including lending products for U.S. Treasury Bills, structured credit, and supply chain finance. The company’s tokenized government bond products are built using Perimeter Protocol, an open-source protocol developed by Circle Research.
Hot Take: Enhancing Accessibility and Yield Opportunities
The partnership between WOO X and OpenTrade is set to enhance accessibility to tokenized U.S. treasury bills in the Asian market. By offering users the ability to earn yield and secure loans against liquid assets, this collaboration caters to the increasing demand for higher yields on US government bonds. As WOO expands its presence in Asia, this strategic partnership strengthens its position and provides users with new opportunities for investment and financial growth.
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