OpenEden Stablecoin Crosses $100 Million Valuation

Real-world asset (RWA) tokenization platform OpenEden’s stablecoin continues to grow, recently crossing the $100 million mark.

The platform’s USDO stablecoin launched on March 6 with a $32 million market capitalization and is up 235% to a $107 million valuation as of April 14. The stablecoin has grown by 110% in April alone.

USDO’s recent growth may be partially attributed to its integration with popular DeFi protocols. The token’s circulating supply jumped significantly on April 9 when added to the yield trading platform, Pendle, and the token has grown by almost 53% since its inclusion.

OpenEden is the largest non-US-based RWA platform and touts a total value locked (TVL) of $179 million backed by tokenized Treasuries. The protocol is the sixth-largest holder of tokenized Treasuries by market capitalization, surpassing Centrifuge and Wisdom Tree, according to RWA.xyz.

The protocol has partnered with industry giants such as Ripple and is funded by Binance’s investment arm, YZi Labs.