Blockchain challenge 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 will likely 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 often called the native asset issuer of Circle’s USDC stablecoin for the Cosmos ecosystem. Then again, Hashnote — backed by traders like DRW Holdings and Cumberland — is an asset supervisor providing administration methods in crypto and real-world belongings.
Noble goals to faucet into the RWA area of interest on Cosmos with its USYC rollout. The marketplace for RWAs continues to be nascent however quickly rising. Particularly, tokenized securities have seen a swift improve in worth during the last yr, with the market dimension estimated at over $500 million, in keeping with Dune information.
Cosmos is an ecosystem of over 80 application-specific blockchains — corresponding to Cosmos Hub, Osmosis, Injective, Noble and a number of 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 functions
As the primary cross-chain RWA on Cosmos, USYC is anticipated for use throughout a various vary of functions, together with as collateral in DeFi apps throughout the Cosmos ecosystem — in keeping with a press release. “This initiative will display the facility of the IBC protocol in making real-world belongings natively interoperable,” stated Noble CEO and co-founder Jelena Djuric.
Based on Noble, USYC may 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.