Crypto Exchange Woo X Allows Daily Interest Withdrawals From T-Bill-Backed Earn Vaults

The RWA Vaults built with the help of OpenTrade had previously operated over a seven or 28-day term.

Cryptocurrency exchange Woo X has upgraded its U.S. Treasury Bill-backed yield earning products such that customers can withdraw interest on a daily basis, rather than having to wait the customary seven or 28 days associated with T-Bills.

The RWA vaults, built with the help of OpenTrade, had previously operated over a seven or 28-day term. Now, retail and institutional users can withdraw daily interest accrued from depositing USDC stablecoin in the vaults with no term, the companies said on Monday.

“You can now earn the risk free rate of return on the Woo X exchange through the application you already use today to trade and get in and get out at any time,” said OpenTrade CEO Dave Sutter in an interview. “This is an even better experience than what you'd see from traditional finance products. It's basically giving you that ultimate flexibility to the user to get yield on USDC with maximum safety.”

The move comes as the tokenization of bank-grade assets has increased amid interest rate rises, with traditional finance firms and startups making innovations in the space.

Woo X's innovation partner on the project OpenTrade has links to Center, the now-dissolved collaboration between USDC issuer Circle and Coinbase, and, going further back, the Marco Polo enterprise blockchain project.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which also owns OpenTrade.

Edited by Nikhil Kanekar

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