In a significant development within the cryptocurrency sector, Figment and OpenTrade have announced the launch of a stablecoin yield product that promises an enticing 15% annual percentage rate (APR). In this innovative offering, Crypto.com is designated as the custodian, bringing added security and credibility to the venture.
The new product, known as OpenTrade Stablecoin Staking Yield Powered by Figment, seeks to leverage the lucrative potential of Solana (SOL) staking while employing hedging strategies through perpetual SOL futures. This approach enables the yield potential to exceed traditional SOL staking returns, promising rates over double those currently available.
According to the announcement, the seamless integration of Figment’s robust staking infrastructure with OpenTrade’s lending and yield solutions—backed by notable investors like a16z Crypto and Circle—allows for both institutional custody and flexible deposit and withdrawal options. Andy Cronk, co-founder of Figment, emphasized the emphasis on security and reliability, stating, “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.”
For added security, SOL tokens will be held in a segregated account managed by Crypto.com, distinguishing customer assets from the exchange’s own assets. This arrangement ensures that investors maintain a clear security interest in their holdings.
Jeff Handler, co-founder of OpenTrade, commented on the rationale behind the collaboration, noting the increasing demand for yield solutions in the growing stablecoin market. “Rising stablecoin adoption and demand for yield solutions across exchanges, wallets, and fintechs have driven us to collaborate with Figment on this new product,” he explained. Handler further articulated the unique value of the offering, highlighting that it provides market-leading returns while incorporating robust protections that aren’t typically accessible through traditional real-world asset (RWA) or decentralized finance (DeFi) strategies.
Karl Turner, Director at Crypto.com, added to the conversation, expressing pride in supporting Figment’s initiative. He remarked, “We have purpose-built our platform to serve the needs of all traders today and tomorrow. We are proud to support Figment, a true leader in staking capabilities, in enabling a staking stablecoin offering that clients are increasingly looking for in the digital asset investment landscape.”
Customers interested in participating in the yield program can deposit stablecoins via Figment’s app into the OpenTrade vault to begin earning interest immediately. The structure also allows for any amount of stablecoin to be withdrawn at any time, offering flexibility alongside the attractive yield opportunity. As the cryptocurrency market continues to evolve, this new product could significantly attract institutional and retail investors alike, seeking stability and higher returns in a changing economic landscape.
