Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
11:05Decentralized finance lender TrueFi unveiled plans Monday to start a real-world-asset-based lending platform called Trinity to boost utility for its tokenized U.S. Treasury offering.
Trinity will let users take out crypto loans using tokenized RWAs as collateral. TrueFi's Treasury bill token will be the first, with plans to add other yield-generating tokenized products in the future, according to a Investors will be able to borrow the platform's TRI token by pledging the tfBILL tokens, using the borrowed crypto to createstrategies to earn up to 15% annualized yield, the proposal said. Investors will also be able to buy TRI tokens on secondary markets such asTrinity will let investors take out loans against TrueFi's tokenized Treasury bill.
The proposed new platform follows a resurgence in DeFi activity in recent months, with crypto-native yields and demand for leverage rapidly increasing amid the roaring digital asset bull market. The CoinDesk 20 Index, a measure of the most liquid crypto tokens, has TrueFi was a key lender during the previous crypto bull cycle, originating over $1.5 billion of undercollateralized loans mainly to trading firms and market makers. As crypto prices cratered in 2022 with multiple firms imploding,failed to repay their loans and depositors fled. The protocol's total value locked dropped to $20 million by the end of 2022 from a peak of over $900 million in 2021.
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