Woo X launches tokenized US Treasury bills for retail investors

Cryptocurrency exchange Woo X has launched a product that allows retail customers to invest in tokenized U.S. Treasury bills, marking a first in the sector.

The new offering, RWA (Real-World Assets) Earn Vaults, was developed in collaboration with the London-based OpenTrade. It is designed to combine the stability of traditional financial instruments with the innovative features of the cryptocurrency market.

“For the first time, retail users on a centralized exchange can instantly access an interest-bearing account backed by U.S. Treasury Bills,” said Willy Chuang, Woo X’s Chief Operating Officer, in an email.

The move comes as the tokenization of high-quality assets like U.S. Treasuries gains popularity, driven by recent hikes in interest rates and a concurrent crypto bull run.

Chuang emphasized that the initiative “Bridges a crucial gap between traditional financial securities and the dynamic world of cryptocurrency, offering our users an unprecedented opportunity to engage with low-risk, high-quality financial assets in a seamless, secure, and efficient manner.”

Additionally, Woo X continues to expand its offerings, having recently rolled out index-linked perpetuals that track crypto meme coins and layer 2 tokens, working alongside the market maker Wintermute.

Last year, another crypto platform, Finblox, announced plans to introduce similar tokenized Treasury products to retail investors.

WOO, Woo X’s token on the Ethereum network, is up 7.5% for the week, an increase of 3.6% for the day, and currently sits at $0.32, according to CoinMarketCap.