USDY and deUSD: The Rise of Yield-Bearing Stablecoins
Aptos introduces USDY, a Treasury-backed stablecoin, as part of the growing trend of stablecoin issuers becoming significant buyers of US debt. USDY, unregistered under the Securities Act, aims to democratize finance.
Meanwhile, Elixir Labs launches deUSD to rival Ethena's USDe, planning a mainnet launch in September with $300 million in total value locked. With the tokenized US Treasury market set to hit $3B by 2024, driven by offerings from BlackRock and Securitize, the role of stablecoins in supporting the dollar's dominance is underscored, as highlighted by former US lawmaker Paul Ryan.
The press radar on this topic:
Aptos Foundation Launches Yield-Bearing Stablecoin USDY and $10 Million Fund for Web3 Growth
Elixir Unveils Yield-Bearing Stablecoin To Compete With Ethena
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