Standard Chartered’s Crypto Arm Unleashes $819B Staking Service for Tether (USDT), Circle’s USDC and TrueUSD (TUSD)

• Zodia Custody, part of Standard Chartered, partners with OpenEden for a new crypto service, enabling passive earnings for investors from digital assets.

• The program provides yield opportunities for stablecoin holders, aiming to tap into billions of idle dollars.

Zodia Custody, a subsidiary of a prominent British bank, Standard Chartered, has made waves in the financial sector by announcing a strategic collaboration with OpenEden, a Singapore-based blockchain technology provider. Additionally, it aims to offer a cutting-edge financial solution tailored for institutional clients. This partnership addresses the surging demand for digital asset products characterized by low-risk profiles, liquidity, and full transparency.

Zodia Custody is delighted to announce our latest partnership with @OpenEden_Labs, a leading Singapore-based digital asset platform developer, to provide yield opportunities for institutions.

Read more here: https://t.co/fiAs2Ix0G1#ZodiaCustody #StableCoins #OpenEden pic.twitter.com/0wftWEaghY

— Zodia (@ZodiaCustody) September 19, 2023

Zodia Custody’s recent foray into the cryptocurrency realm accompanies the introduction of its groundbreaking initiative, the Zodia Custody Yield program. This innovative endeavor empowers cryptocurrency investors to yield passive income from digital assets. With an astounding amount of stablecoins lying dormant, Zodia Custody and OpenEden are poised to provide promising yield opportunities for these assets.

This partnership chiefly revolves around granting institutional clients access to the untapped potential of real-world yields, particularly from US Treasury bills. OpenEden’s cutting-edge blockchain platform adds robust security and unmatched transparency to real-world assets meticulously managed by regulated fund managers. This approach instills confidence in institutions, encouraging them to explore opportunities within the digital asset market.

Stablecoins, a form of digital currency, have emerged as a favored means of preserving value in the ever-evolving cryptocurrency landscape. Yet, a significant portion of stablecoin holders have to explore the latent potential of their holdings in generating returns.

Zodia Custody and OpenEden have identified this dormant potential and are preparing to offer a solution enabling stablecoin holders to unlock passive income streams. Through tokenizing financial products, these visionary entities provide a secure and utterly transparent pathway for issuers and investors to delve into the digital asset market.

Historic Milestone in Singapore

Zodia Custody’s pioneering digital asset custody services for financial institutions in Singapore mark an unprecedented achievement. This solidifies its status as the first bank-affiliated entity to extend such services within the region. Additionally, this momentous accomplishment underscores Standard Chartered’s unwavering commitment to fostering innovation in the ever-evolving cryptocurrency landscape.

One of OpenEden’s co-founders, Jeremy Ng shared his insights on this remarkable collaboration, emphasizing the colossal opportunity ahead. Billions of dollars worth of stablecoins remain idle when they could generate returns for investors effortlessly. This represents an enormous opportunity that we, in conjunction with Zodia Custody, aspire to bring to institutional clients through our respective service platforms. These platforms will enable issuers and investors to navigate the digital asset market while adhering to the highest safety and transparency standards.

Zodia Custody’s strategic entry into the digital asset arena aligns seamlessly with the broader industry trend, where traditional financial institutions increasingly acknowledge the value and potential inherent in cryptocurrencies and blockchain technology. This partnership with OpenEden serves as a testament to their unwavering commitment to providing institutional clients with forward-looking solutions that cater to the evolving dynamics of the market.

Zodia Custody revealed the establishment of a branch in Singapore in response to strong client demand and the accelerating pace of worldwide expansion. In just a short span, they partnered with OpenEden, a well-known digital asset platform developer based in Singapore.

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