Crypto exchange WOO X partners with OpenTrade to offer tokenized Treasury Bills in Asia

Crypto exchange WOO +0.44% X has partnered with OpenTrade, a platform for tokenized real-world assets, to offer tokenized U.S. treasury bill products in Asia, the company said today.

In a statement shared with The Block, WOO X (also known as WOO Network) said the partnership allows its users to earn yield via access to tokenized T-Bills and borrow USDC-secured loans against liquid assets.

“We are seeing an increasing demand for tokenized T-Bills, fueled by higher yields on US government bonds compared to those in decentralized finance,” Jack Tan, founder and CEO of WOO, said in the statement. “The partnership with OpenTrade will further help strengthen our position in Asia as we give our users access to tokenized T-bills without incurring high switching costs.” 

WOO, registered in Seychelles, said that Asia remains its priority of expansion as it recently completed its integration with South Korea’s CODE compliance.

Founded earlier this year, OpenTrade launched on Friday a series of services including lending products for U.S. Treasury Bills, structured credit and supply chain finance, according to the statement. OpenTrade added that its tokenized government bond products are built with Perimeter Protocol, an open-source protocol developed by Circle Research.