Figment, OpenTrade debut Solana-based stablecoin product targeting 15% APR

New stablecoin yield product introduced by Figment and OpenTrade

In a significant move for the cryptocurrency market, Figment and OpenTrade have launched a new yield product called OpenTrade Stablecoin Staking Yield. This innovative offering targets a yield of 15% by utilizing returns from staking Solana (SOL). The announcement made recently highlights that Crypto.com will provide custody for the underlying assets, ensuring a secure environment for institutional investors.

Institutional demand for regulated access to Solana is rising

As institutions increasingly seek regulated avenues to access crypto networks, Figment's new product comes at a crucial time. The stablecoin yield product allows institutions to deposit and withdraw stablecoins, generating yield from Solana staking rewards. OpenTrade plays a key role by managing a perpetual-futures hedge to offset risks, making this product an attractive option for those looking to diversify their portfolios with crypto assets.

The impact of Solana staking ETFs on the market dynamics

The launch of the OpenTrade Stablecoin Staking Yield coincides with a growing interest in Solana-based staking exchange-traded funds (ETFs). Following the passage of the US GENIUS Act, which established a federal framework for stablecoin issuers, institutions have turned to staking-based returns. Notably, the first Solana staking ETF was introduced in July, quickly amassing over $100 million in assets under management. This trend reflects a broader acceptance and institutional interest in staking as a viable investment strategy.

Current challenges for Solana price despite growth in staking interest

Despite the positive developments in staking and the introduction of new financial products, Solana's price has faced challenges. Recently, SOL traded around $135, experiencing a decline of approximately 19% over the past two weeks. This price fluctuation highlights the volatility that can accompany emerging markets, even as interest in Solana staking continues to grow.