Figment and OpenTrade have launched OpenTrade Stablecoin Staking Yield, a novel yield product aiming for a remarkable 15% yield by harnessing Solana staking returns, with Crypto.com providing custody for the assets involved.

According to an announcement made on Monday, institutions can both deposit and withdraw stablecoins, generating yields through rewards from Solana (SOL) staking and offsetting perpetual-futures hedges managed by OpenTrade. The deposits and withdrawals are processed via Figment’s platform, and the investment strategy is executed in a vault overseen by OpenTrade.

Figment noted that their approach has historically yielded returns exceeding the typical 6.5% to 7.5% staking rates offered by Solana.

The new product presents companies with a distinctive yield opportunity that’s currently unavailable through traditional real-world assets (RWA) or decentralized finance (DeFi) methods.
Translation: Este nuevo producto proporciona a las empresas una oportunidad de rendimiento única que actualmente no está disponible a través de activos del mundo real (RWA) o métodos de finanzas descentralizadas (DeFi).

Figment is recognized as a significant institutional staking provider with $18 billion in assets under management, while OpenTrade offers a platform for on-chain and RWA-backed lending along with stablecoin yield products.

The Rise of Solana Staking ETFs

Following the approval of the US GENIUS Act in July, a regulatory framework was established for stablecoin issuers that has facilitated expansion in this asset class, although it prevents them from offering yields to token holders.

Consequently, several institutions are pivoting towards staking-related returns, and Solana is increasingly attracting attention through the introduction of new staking exchange-traded funds (ETFs).

The first Solana staking ETF was launched in July, when REX-Osprey’s SSK fund began trading, subsequently amassing over $100 million in assets under management.

On October 28, Bitwise debuted a new Solana ETF with over $220 million in initial assets. The next day, Grayscale’s Solana Trust ETF (GSOL) commenced trading on the NYSE Arca.

These products stake the SOL held by the funds to help secure the network in return for rewards, with Grayscale returning around 77% of those rewards to shareholders, while Bitwise distributes approximately 72% and retains the remainder.

Despite the increased regulated access to Solana staking rewards, SOL prices have encountered difficulties, trading around $135 per token, down about 19% over the previous two weeks, based on data from CoinGecko.