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Figment has partnered with OpenTrade and Crypto.com to launch a first-of-its-kind stablecoin yield product offering institutional-grade security and historically strong returns.
New York – The world’s largest independent staking provider Figment with $18 billion in assets under stake is expanding into stablecoin yield products with OpenTrade, with leading custodial support from Crypto.com. The first product, OpenTrade Stablecoin Staking Yield Powered by Figment, delivers an average 15% APR on stablecoins (based on historical data and subject to market conditions). It is a first-of-its-kind combination of staking rewards and hedging against the underlying price volatility of staked tokens. The product is powered by a dedicated Figment-run validator combined with OpenTrade’s institution-grade stablecoin yield infrastructure. Crypto.com will serve as the custodian of the staked assets and exchange for transactions.
Institutional customers want higher yields on stablecoins while mitigating risks inherent to lending and DeFi. Figment is bringing its “safety over liveness” approach to deliver higher returns, with lower risk, charting a unique path avoiding the exposure typically associated with DeFi marketplaces.
- The product’s infrastructure has legal protections for institutions not otherwise available in DeFi lending.
- Crypto.com and OpenTrade have an industry-leading agreement that enables SOL tokens to be custodied in a segregated account, over which investors are granted a security interest. Assets are also entirely segregated from assets of the exchange and any other entities.
- Customers work with identified counterparties who are available 24/7.
While investors deposit and withdraw stablecoins, the product’s earnings are derived from Solana (SOL) staking returns generated by Figment and offsetting perpetual SOL futures managed by OpenTrade, together delivering historical returns more than double Solana’s usual ~6.5-7.5% staking reward rate. The product is straightforward, all accessible via the Figment platform and APIs. Deposit stablecoins via Figment, begin earning interest immediately, and withdraw any stablecoin amount at any time.
“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,” said Andy Cronk, Co-founder and Chief Product Officer of Figment.
“As stablecoin usage and demand for stablecoin yield solutions amongst exchanges, wallet providers, and other fintechs has continued to surge, we have been working closely with Figment to build and deliver a new stablecoin yield offering that improves on existing options in the market today,” said Jeff Handler, Co-Founder and CCO of OpenTrade. “Stablecoin Staking Yield is the result of these efforts, and through our partnership, any company with stablecoins can access a new category of yield options which offer a combination of market leading returns and strong protections, which together cannot be accessed across either solely RWA or DeFi investment strategies.”
“We have purpose built our platform in order to serve the needs of all traders today and tomorrow,” said Karl Turner, Director at Crypto.com. “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.”
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