Blockchain Press Releases
Velo Labs Selects OpenEden’s Tokenized U.S. Treasury Bills to Strengthen Its Reserves for its USDV
SINGAPORE, Sept. 26, 2024 /PRNewswire/ — Velo Labs, a leader in Web3-based financial solutions, is integrating OpenEden’s tokenized U.S. Treasury bills (TBILL) as a reserve collateral asset for USDV, the protocol pegged against stablecoins to process up to $150 million in daily transactions on Velo Finance.
This partnership with OpenEden marks an important milestone in Velo Labs’ mission to become a key aggregator of tokenized Real-World Assets (RWA). Until recently, USDV had been over-collateralized by a basket of assets like Velo’s native token (VELO) and USDT.
The inclusion of high-quality, liquid assets like OpenEden’s tokenized U.S. Treasury bills strengthens the collateral backing USDV. OpenEden is the first and only tokenized U.S. T-Bill product to receive an “A” rating from Moody’s.
Adding tokenized RWAs to the stablecoin’s reserves also unlocks new sources of yield for USDV holders. For instance, users could potentially stake USDV to earn yields from the returns generated by underlying collateral like OpenEden’s TBILLs.
This development is part of Velo’s “Real World Restaking” (RWR) initiative, which aims to allow users to “restake” their crypto assets, particularly the VELO token or other supported tokens, into vaults backed by tokenized RWAs like traditional financial assets or collateralized loans.
By incorporating institutional-grade assets into its ecosystem through USDV, Velo Labs offers investors and token holders access to stable, secure, and transparent sources of real-world yields. This contrasts with most decentralized finance (DeFi) platforms, which generate yields from highly volatile and speculative native tokens.
This strategic move aligns with Velo Labs’ broader goal to become the leading platform for aggregating tokenized RWAs and the Payfi ecosystem by using USDV as a potential payment method (where acceptable), with TBILL as the reserve asset. This ensures that USDV is more accessible, transparent, and efficient for users, not only across Southeast Asia but globally.
“Partnering with OpenEden marks a major step forward for Velo Labs as we expand our role as a key player in the RWA space,” said Korapat Arunanondchai, Velo Lab’s Chief Operating Officer.
“By bringing tokenized U.S. Treasury bills into our network, we’re giving users and token holders access to stable and secure financial products while also opening up new avenues for earning yield. Our focus is on blending traditional finance with blockchain in a way that genuinely benefits our users.”
About Velo Labs
Velo Labs is a global pioneer in Web3-based financial solutions, offering a cutting-edge liquidity and settlement network for secure, efficient value transfers. Backed by the Stellar Network, our reach has expanded beyond Southeast Asia and the Pacific, now serving partners worldwide. We connect and complement the gap between traditional banking infrastructure and Web3, leading the way in blockchain mass adoption. Our extensive Web3-based payment network positions us as a global heavyweight. Velo Labs offers a diverse range of Web3-based products tailored for individuals, merchants, corporations, and enterprises worldwide — dedicated to empowering global financial connectivity and expanding accessibility globally.
Follow us for more info: Twitter / Telegram
About OpenEden
OpenEden provides 24/7, on-chain access to tokenized U.S. Treasury securities through its TBILL Vault platform, catering to Web3 CFOs, DAO treasury managers, and institutional investors looking for low-risk, highly liquid crypto cash management solutions. As the first tokenized Real-World Asset (RWA) product to receive Moody’s “A” rating, OpenEden’s TBILL has rapidly grown to become the largest tokenized U.S. Treasuries-backed token across Asia and Europe since its launch in early 2023.
Photo – https://mma.prnewswire.com/media/2516324/photo_2024_09_26_14_11_06.jpg
View original content:https://www.prnewswire.co.uk/news-releases/velo-labs-selects-openedens-tokenized-us-treasury-bills-to-strengthen-its-reserves-for-its-usdv-302259914.html
A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
The post Binance warns of crypto market risks from overvaluation, centralization appeared first on HIPTHER Alerts.
The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
The post COPA, Unified Patents Partner to Fight Crypto Patent Trolls appeared first on HIPTHER Alerts.
-
Blockchain Press Releases7 days agoWSPN and Conflux Forge Strategic Partnership for a Brighter Path in Digital Finance
-
Blockchain6 days ago
Balancing AI Hype and Hope: Industry Leaders Unveil Growth Playbook at AI Apex Asia Capital Connect Forum
-
Blockchain6 days agoFintech Software Business Research Report 2024-2030: Opportunities in Emerging Markets, Expansion of Open Banking and API Integration
-
Blockchain Press Releases6 days agoPre-registration Open for Physical Bybit Card in Argentina
-
Blockchain Press Releases4 days ago
Matrixport Expands Footprint in Europe with Acquisition of Swiss-based Crypto Finance Asset Management
-
Blockchain6 days agoKCEX Expands Global Crypto Trading Platform with New Reward Center and Daily Futures Trading Competitions
-
Blockchain Press Releases3 days ago
Cyrus Watches and Patoro Partner with MetaMinds for Immersive Augmented Reality Experience at Luxury Innovation Summit
-
Blockchain Press Releases6 days agoCrypto Derivatives Market Rebounds Amid Positive Sentiment, Bybit x Block Scholes Report Finds
