DUBAI, UAE, Oct. 9, 2024 /PRNewswire/ -- Deribit, the leading digital assets derivatives exchange, today announced the introduction of the US Yield Coin (USYC) from Hashnote, the world's premier on-chain asset manager, as a new yield-bearing cross-margin collateral option. Available to all Deribit users starting October 8, 2024, this collateral option offers flexibility and delivers another risk management tool for traders.
USYC is an ERC-20 token backed by reverse repurchase agreements on U.S. Government Securities, providing both stability and daily yield to holders. Hashnote prioritizes the security and transparency of USYC by securing assets in a segregated account at Bank of New York Mellon, operating under CFTC and CIMA regulations, and providing holders with daily price and asset updates via Oracle. Other features of USYC include:
- The dual benefit of low volatility and daily yield disbursement.
- Assets are secured by U.S. Government-backed securities.
- Instant redemption into yield-bearing tokens for 20% of aum
- T+0 redemption for fiat
Deribit CEO Luuk Strijers commented, "By offering USYC as yield-bearing cross-margin collateral, Deribit is providing users with the ability to choose collateral that generates passive returns for traders leveraging the Deribit exchange. Adding USYC to the list of Deribit's cross-margin collateral is another step in our efforts to enable traders to efficiently manage risk while trading derivatives."
With the addition of these capabilities, traders can use USYC as collateral for trading BTC, ETH, USDC, and USDT on Deribit. This new listing increases capital efficiency in the derivatives market and enables Deribit users to passively earn through the use of yield-bearing collateral. Those looking to withdraw USYC from the Deribit platform can only do so to a wallet that has been verified and whitelisted by Hashnote and undergone its rigorous know-your-customer (KYC) process.
Hashnote founder and CEO Leo Mizuhara stated, "Adding USYC to Deribit sets a new standard for capital efficiency in the market, combining the stability of U.S. Government-backed assets with the yield generation that traders demand on-chain. This latest offering from Deribit represents a significant step forward in providing secure, yield-generating, and fast-moving on-chain collateral for derivatives trading."
About Deribit
Deribit is a centralized, institutional-grade crypto derivatives exchange for options and futures trading based in Dubai, United Arab Emirates. Deribit's state-of-the-art infrastructure offers instantaneous price discovery, low latency trading, advanced risk mitigation services, and deep liquidity via its network of top-tier market makers. Led by a team with decades of experience in options trading across all markets, Deribit facilitates a significant majority of all crypto options trading and has robust proof of assets and liabilities procedures to ensure the exchange is held to the highest of standards. Deribit has been consistently acknowledged as a leader in space as one of few exchanges to secure the ISO 27001 certificate and was named Best Exchange for Innovation by Hedgeweek.
For additional information, visit: https://www.deribit.com
About Hashnote:
Hashnote is the world's premier on-chain asset manager, employing the best parts of blockchain technology with the most trusted parts of traditional finance. Hashnote delivers transparent, secure, and simple on-chain investments to institutional and high-net-worth investors. 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 builds what finance will look like in ten years.
Hashnote is built with the support of DRW Holdings, one of the largest and most respected trading firms in the world, and Cumberland, the first and biggest institutional crypto OTC liquidity provider.
Please review the Legal Disclosures on Hashnote's website for additional information.
This material does not constitute a solicitation, offer or recommendation to enter into any transaction. The products, services, information and/or materials referenced within this Material may not be available for all individuals or residents of certain jurisdictions.
Investments may lose value and past performance is not a reliable indicator of future results. Any views, strategies or products discussed in this Material may not be appropriate for all individuals or institutions and are subject to risks. Carefully consider whether the services, products, asset classes or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision.
HASHNOTE MANAGEMENT LLC IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.
Media Contact
M Group Strategic Communications (On behalf of Deribit)
deribitpr@mgroupsc.com
Hashnote:
peter@ergonia.io
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