DOVER, Del.--(BUSINESS WIRE)--Noble and Hashnote today announced a partnership to bring Hashnote products to the Cosmos ecosystem, using Noble as an on-chain asset issuance platform.
The first Hashnote product to be issued on Noble is USYC, a Hashnote Short Duration Yield Fund product. USYC is an innovative financial vehicle that invests in short duration assets held in overnight funds, including short-term U.S. Treasury Bills.
The on-chain asset, represented as USYC, is designed to offer tokenized returns backed by short term U.S. government debt, leveraging the benefits of rapid on-chain transaction speed, transparency, and the ability to tokenize for easy composability. This approach eliminates the majority of protocol, custody, regulatory, and credit risks typically associated with other token projects in the evolving “real world asset” (RWA) ecosystem. Importantly, USYC guarantees T+1 redemptions.
Noble is a purpose-built Cosmos blockchain that facilitates interoperability protocols for the seamless integration and transfer of native assets. Noble is the native asset issuer of USDC for the Cosmos ecosystem, with over $97 million of native USDC currently outstanding following launch in September 2023. Native USDC on Noble has a 30 day IBC transfer volume of $335 million.
Leveraging the Noble chain, assets are able to be seamlessly integrated with all major Cosmos chains including: Osmosis, dYdX, Sei, Injective, Kujira, and more. With this integration, USYC can be used in a myriad of ways, including as collateral in DeFi, a trading pair, a savings vehicle, in loans and more. This makes USYC the first cross chain RWA in Cosmos that is highly liquid, compliant, interoperable and seamless to use.
The Cosmos ecosystem represents over $45 billion in market capitalization, comprising bluechip projects, like dYdX and Osmosis, and over 80 blockchains in total. The Cosmos appchain ecosystem prioritizes flexibility and sovereignty and continues to see explosive growth as application users and developers recognize the benefits of the unique technology stack. In the last 30 days, transfer volume between Cosmos chains has been over $4 billion with over 8 million unique transfers.
Funded by the partners of DRW Holdings and Cumberland, two prominent names in the trading and crypto OTC markets, Hashnote is an asset manager offering investors both passive and active management strategies in crypto and real world assets. Hashnote prioritizes regulation, transparency and security when it comes to investing in the digital asset ecosystem. Hashnote's USYC product launched in May, 2023, and to-date has grown to over $50 million currently outstanding.
Quotes
“Bringing USYC onto Cosmos via Noble is the first step in having a consistent fully compliant yield bearing token usable across protocols in a multi-chain future.” – Hashnote CEO, Leo Mizuhara
“We are so excited to partner with Hashnote to bring reliable and liquid tokenized treasury bills on the blockchain and for the wider Cosmos ecosystem. This initiative will demonstrate the power of the IBC protocol in making real world assets natively interoperable.” – Noble Founder, Jelena Djuric
About Noble
Noble is a digital asset issuance platform that leverages core blockchain primitives and interoperability protocols such as the inter-blockchain communication (“IBC”) protocol and the Cosmos SDK. Noble is an issuance platform for USDC, the fully-backed digital US dollar issued by Circle Internet Financial Limited, providing access to over 80 blockchains leveraging an interoperable technology stack, including dYdX, Celestia, and Osmosis. Noble is purpose built for asset issuers to broaden the breadth and depth of usage of their assets within the blockchain ecosystem.
About Hashnote
Hashnote is a financial technology firm making transparent, secure, and simple blockchain available to institutions. Hashnote's principals are professionals with a combined 50+ years in traditional finance/banking, options trading, software engineering, and blockchain technology at global trading and investment companies. Hashnote’s team has been an active participant and pioneer in the institutional digital asset markets. Our mission is to build what finance will look like in ten years.