Former Gemini Officials Offer About 5% on Treasury-Backed Tokens
- Tokens will derive returns from short-term US treasury bills
- Product comes amid shaken confidence in cryptocurrencies
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Former senior officials at digital-asset exchange Gemini are rolling out a token backed by US Treasury Bills with around 5% yield in response to a gulf in returns between traditional finance and decentralized crypto lending.
OpenEden, a decentralized finance platform, is offering the token known as TBILL against stablecoins, which will in turn be invested in short-term US Treasury Bills, according to a statement by the company.