Bake, the all-in-one crypto super-app, and OpenEden, a leader in tokenized real-world assets, today announced a partnership to enable access to on-chain yields on the Bake platform, powered by OpenEden’s $TBILLs, a digital representation of US Treasury bills.
This collaboration combines the convenience of crypto trading with the stability and yield of traditional financial instruments.
Key Highlights:
- $TBILL now available on Bake
- 5.0% APY for $TBILL subscribers
- Eligibility for OpenEden's token airdrop for $TBILL on Bake
"We're thrilled to offer our users access to tokenized US Treasury bills, powered by OpenEden," said Julian Hosp, Bake CEO. "This aligns perfectly with our mission to be the go-to crypto super-app, providing a comprehensive range of digital assets and DeFi services. More importantly, it ties back to our core purpose of leveling the investment playing field for users,
giving them access to institutional-grade yields that were traditionally out of reach for many retail investors".
Building Bake’s offering on top of $TBILLs ensures a reliable, low-risk source of on-chain yield, capitalizing on rising T-bill yields in the current high-interest rate environment. It provides an attractive alternative to holding stablecoins, with no risk of depegging, and appreciation based on the underlying risk-free interest rate.
Through Bake’s offering, retail users have a unique opportunity to gain exposure to the yields from US Treasury Bill rates, further democratizing access to institutional-grade assets on-chain. Jeremy Ng, Co-Founder at OpenEden, added, "We're on a mission to bring real-world yields on-chain for DeFi platforms like Bake. It has been incredibly exciting to work with the team, to enable the Bake platform to access risk-free yields on crypto rails.”
With over $75 million in Total Value Locked and recent inflows of $15 million in just one week, OpenEden is already seeing significant market traction. OpenEden's $TBILL is backed by high-quality liquid assets, including US Treasury and Reverse Repurchase Agreements collateralized by US Treasury. The product has received an "A" investment-grade rating from Moody's, a first for tokenized US Treasury products.
Bake users can now access yields powered by $TBILLs by swapping USDC on the Bake platform. As an exclusive opportunity, Bake users may be eligible to participate in OpenEden community token airdrops through Bake, details to be announced