Blockchain undertaking Noble has partnered with asset supervisor Hashnote to introduce a tokenized real-world asset product on Cosmos.
The product of this collaboration is USYC, a short-duration yield fund product from Hashnote. USYC, a token that might be issued on the Noble blockchain, will present traders publicity to short-duration securities, together with U.S. treasury payments.
Noble is a blockchain broadly referred to as the native asset issuer of Circle’s USDC stablecoin for the Cosmos ecosystem. However, Hashnote — backed by traders like DRW Holdings and Cumberland — is an asset supervisor providing administration methods in crypto and real-world property.
Noble goals to faucet into the RWA area of interest on Cosmos with its USYC rollout. The marketplace for RWAs remains to be nascent however quickly rising. Specifically, tokenized securities have seen a swift enhance in worth during the last yr, with the market dimension estimated at over $500 million, in accordance with Dune information.
Cosmos is an ecosystem of over 80 application-specific blockchains — corresponding to Cosmos Hub, Osmosis, Injective, Noble and several other others — which have a mixed market capitalization exceeding $45 billion. These blockchains can work together with one another utilizing the Inter-Blockchain Communication Protocol.
USYC’s potential purposes
As the primary cross-chain RWA on Cosmos, USYC is anticipated for use throughout a various vary of purposes, together with as collateral in DeFi apps throughout the Cosmos ecosystem — in accordance with a press release. “This initiative will show the ability of the IBC protocol in making real-world property natively interoperable,” mentioned Noble CEO and co-founder Jelena Djuric.
In accordance with Noble, USYC could have a “T+1 redemption” assure. This refers back to the promise that an funding may be redeemed (bought again to the issuing entity) one enterprise day after the commerce date.
