Solayer, a restaking protocol on Solana, and OpenEden, a real-world asset (RWA) issuer, have partnered to launch a yield-bearing stablecoin backed by US Treasury bills (T-bills).
An October 28 announcement from Solayer relayed the launch of the sUSD stablecoin. “today, we unveil the Solayer USD (#sUSD) protocol,” Solayer’s X post read. “Anyone with $5 can access tokenized real world assets, starting with U.S. Treasury Bill, now live on @Solana.”
OpenEden will facilitate Solayer in backing its stablecoins with T-bills—the platform offers a tokenized T-bill-based product rated ‘A’ by Moody’s, showcasing the high quality of the product.
Users can deposit USD Coin (USDC) to redeem an equivalent amount of sUSD tokens. While that seems straightforward, the sUSD provision to users will occur after Solayer matches their USDC deposits to one of multiple RWAs. The matched tokens, according to Solayer, are called Liquid RWA Tokens, meaning they have been staked for other purposes but are still being used to advance capital efficiency.
Restaking is a novel step in staking evolution that came after the massively popular liquid staking use case. It rehypothecates assets staked with blockchain validators—for network security purposes—to secure other protocols often referred to as Actively Validates Services (AVSs). These protocols comprise middleware, bridges, oracles, and more.
ETH, for instance, locked through a restaking layer, works to secure the Ethereum blockchain—as it is intended to—while securing other protocols that bootstrap security via the restaking protocols. That lets users earn more returns compared to regular staking. Solayer, based on Solana, utilizes this mechanism through the SOL token, harnessing restaking rewards to bring its latest stablecoin that can bear yields to its users.
The restaking concept was brought and revolutionized by EigenLayer, an Ethereum-based restaking protocol. In fact, it is the biggest application of its kind based on market share and total value locked (TVL). DefiLlama data reveals that it boasts more than $11 billion in TVL.
RWAs Can Become All the Rage
While those numbers show that restaking is booming, one cannot discount the potential held by RWAs. While stablecoins are the most popular of the lot, other RWAs, like TradFi instruments, real estate, collectibles, and private credit, among others, are also set to expand soon to hit unbelievable numbers soon. A Tren Finance report highlighted that the RWA market cap could go up to $30 trillion by 2030.
