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FLUX FINANCE ENABLES BORROWING AGAINST TOKENIZED TREASURY BONDS

DenLGY1xCgQIr8bkSFi Lending Protocol Attracts Over $10M In Stablecoins In Five
Days Since Launch

BybViH0PW6xRHdA2FDDeh: Owen Fernau    FedIQiuAjVK8okKbbk5LIbruary 13, 2023

CrzApXHkaKhAWeated with Fabric.js 1.7.22


DeaKHI0D1JBVEssIeq9Fi News


Toto2Vzlib4ZMIvkenized U.S. Treasury bonds may soon see increased DeFi utility
after being listed as a collateral asset on a new lending protocol.

Flux Finance, a lending protocol that went live on Feb. 8, has attracted nearly
$11M worth of U.S. dollar-pegged DAI and USDC stablecoins in the five days
since. 

ThmRrXvxgSKK6re protocol has likely managed to pull in a significant amount of
capital because it allows Ethereum DeFi users to permissionlessly lend their
stablecoins to borrowers using tokenized ETFs representing U.S. treasuries as
collateral.

Thdswb7qvhoHf9gge OUSG tokenized ETF was launched last month by Ondo Finance and
is only accessible to qualified purchasers who have gone through
know-your-customer (KYC) and anti-money laundering (AML) procedures. 

Onjs0EmxIJWcMLyn9Nl3fdo also developed Flux, though the lending protocol is
technically decentralized and governed by holders of ONDO tokens. 

LEYDVALLA0LUUVERAGED TREASURY TRADE

Flff0aTZqQJgcpZ9WIqux’s launch opens up a major trading opportunity. 

OUtsUwYR2F61khwgSeSG holders can leverage their positions in US Treasuries by
borrowing and then selling their DAI or USDC for more OUSG, which can then be
deposited again in Flux. The process can be further repeated to build a highly
leveraged position and maximize users’ yields.

Thq4YOZuDJReyKis leveraged trade should carry relatively low risk given that US
Treasuries are not nearly as volatile as cryptocurrencies like Bitcoin or Ether
— Borrowers get liquidated if their loans surpass 92% of the value of their
OUSG. Only KYCed entities which are eligible to hold OUSG can liquidate
positions by buying the tokenized ETF at a discount.

FoqjjcWBJGJ6HPr holders of DAI and USDC, Flux opens up a new lending opportunity
which is tied to the demand for OUSG leverage. 

Itmq8NpLujeXFAHM3ym’s too early to predict the levels at which yields on USDC
and DAI will stabilize. So far, DAI has attracted higher demand on Flux and is
offering a nearly 5% yield to lenders as of Feb. 13. That’s almost 300 basis
points above the yields offered on Aave and Compound, DeFi’s biggest lenders on
Ethereum. 

OnnvzJcXzXkhKaZ2BIiXJJv Flux, the USDC yield of 2.77% is trailing that of DAI,
but it’s still roughly 40 basis points above what Compound and Aave offer on the
stablecoin.  

T-XLMMJCHGRINJ8WZBILL YIELDS

SekErU45eyGuNZ2tklA79raphim Czecker, head of risk at Euler, another major
lending protocol with $267M in value deposited according to DeFi Llama, told The
Defiant that he expects the lending rates on DAI and USDC on Flux to
“semi-converge” with Treasury bill yields.

IfxPDD01hYIhuGIV7pT Flux manages to establish a new base rate for some of
crypto’s largest stablecoins, other lending protocols may be forced to adapt to
continue to attract deposits. 

JalZchADvHaS6xyw14GksGci Bhavnani, formerly of Rari Capital and currently CEO of
Waymont, a company which aims to offer what it bills as a “crypto-native wealth
experience for high net worth individuals,” according to its Twitter profile, is
thinking along these lines. 

“TxWYMNKL80nUmvllIjokenized t-bills will change the lending markets,” he tweeted
on Feb. 8. “While the risk is higher in Flux (newer protocol), the higher rates
likely reflect leverage on OUSG. Lending protocols must adapt or die.”

LIYSBUMNZFQJP28QUID TOKENS

InyqPH6ER4ZomjT631YqMQterestingly, DAI and USDC supplied on Flux are represented
by liquid tokens called fDAI and fUSDC. If lending on Flux takes off, fDAI and
fUSDC could start to proliferate throughout the DeFi ecosystem, similar to how
liquid staking derivatives like stETH, rETH, and the recently launched dsETH
hope to do so. 

Flckt6c8wzROOw0atcux is optimistic about its fTokens’ potential. “As tokenized
loans against US Treasuries, fUSDC and fDAI will serve as building blocks for
other protocols,” the project tweeted on Feb. 8. “They will be used as
collateral at lending and derivatives protocols and in AMMs.”

ThfAHoQjemUUKDt2o2ttJvere’s also the potential for OUSG and Ondo’s other
tokenized ETFs to gain wider DeFi adoption. Ondo’s other two offerings are OSTB,
which represents the short-term corporate bond ETF, MINT, and OHYG, which
represents the high-yield corporate bond ETF, HYG. However, integrating those
products is more complicated given that they are permissioned assets. 

InmNupDx2hVN22N4heM9X an ironic twist, given the competitive pressure the
protocol may put on its fellow lending platforms — Flux is a fork of Compound
V2.

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NY ORDERS PAXOS TO CEASE ISSUING BINANCE USD

CZt9E9HAxjl4K Says Paxos Will Service BUSD to Manage Redemptions

Byf0lKylJEZbrEUsL4SF: Samuel Haig    FedIQiuAjVK8okKbbk5LIbruary 13, 2023

Remjrq4jcyZ5ABi05K5fpwg News


Thbl8kUvWr8fBdggfoNZuVe U.S.-based stablecoin company Paxos will stop issuing
the Binance USD after facing pressure from regulators, Binance, the largest
centralized crypto exchange, said on Monday.

PajpVfXuwUjoBFmMurfEz4xos was ordered to cease issuing Binance USD by the New
York Department of Financial Services. The news was reported by The Wall Street
Journal and then confirmed by Changpeng Zhou, the CEO of Binance. 

FUKKX0BU3YCJCVL2N7TLLY COVERED

BUSD is the third-largest stablecoin with a capitalization of $16.1B and is held
by 6.2M investors, according to Binance. The exchange teamed up with Paxos to
launch the token in 2019

Pajp33rq0AYLNpxos will continue to service BUSD and manage redemptions, but the
stablecoin’s supply will decrease over time as users redeem their tokens. The
reserves backing BUSD remain in Paxos’s bank accounts.
“PqdWWciC1GKVCaxos also assured us the funds are SAFU, and fully covered by
reserves in their banks,” Zhou tweeted.

ThhsaRe7er6BAmCK1e news comes after CoinDesk reported last week that NYDFS
launched an investigation into Paxos. It also struck as the crypto community was
digesting the significance of the U.S. Securities and Exchange Commission’s
action against Kraken’s staking service last week. The agency’s lawsuit, which
shuttered Kraken’s offering, triggered a swoon in the cryptocurrency market,
with ETH dropping more than 9% in the last seven days.
OncsatbcfMtzsds5Is Sunday, the Journal reported that the SEC served Paxos with a
Wells Notice — a document informing companies when it plans to take enforcement
action against it — for violating investor protection laws by issuing an
unregistered security. 

ASHETEEVR4EM3VP7FGCSET OR SECURITY

Thg63C1TR96PPe firm has 30 days to respond to the SEC notice.

Thsgc3Ojt7VPHsTe Paxos move was met with criticism from many influential players
who argued that stablecoins are not securities according to the SEC’s Howey Test
— a set of criteria developed by the U.S. Supreme Court in 1946 to determine
whether an asset is a security.

“HaVOzuvz3T8KuI9ow on Earth is a stablecoin considered a security when it
clearly doesn’t meet the Howey Test,” tweeted Miles Deutscher, a popular crypto
analyst. “No one has ever had ‘the expectation of profit’ when buying BUSD.”



AdmnElCyLoCILdDJKvguam Cochrane of Synthetix tweeted that the issue goes beyond
the Howey Test. He said the test assesses investment contracts, but securities
are a much broader asset category that is opaquely defined by the 1933
Securities Act.
“HlP2l41MGLA8h5t9onestly, if the SEC wants to, with how vague the act is, it’s
fairly easy to put anything under it,” Cochrane said. “If someone is holding or
otherwise securing value for you, and you are trusting them to do it, and not
otherwise exempted, it’s a security.”
ZhkbUUcz3FB7O83LMm9QY4ao said the exchange will move away from using BUSD as its
main trading pair in response to the drama, and he expects users will migrate to
other stablecoins.

ZhkC2qpUcfHRh9u1tJQgou added that a legal ruling classifying BUSD as a security
would significantly impact the development of the web3 industry in the U.S.

Sub4OXR1WtZC32jLVYaFwCZbscribe to the BebJKgAOtmetUSKU0qlwuPTst DeFi
Nez1ekW2epgFnnOmgwsletter

JotzHfpLE1fjpSxXKTrV9Fin 80k+ crypto innovators
Sub4OXR1WtZC32jLVYaFwCZbscribe to the BebJKgAOtmetUSKU0qlwuPTst DeFi
Nez1ekW2epgFnnOmgwsletter

JotzHfpLE1fjpSxXKTrV9Fin 80k+ crypto innovators


TRJTLPYODLR3YENDING POSTS

1
DeFi News


ETJ8XLHBQU3UUXYJLKOYM9LHEREUM USERS MAY SOON BE ABLE TO RETRIEVE LOST PRIVATE
KEYS

Samuel Haig• qCEFwspFZx9xGlBCiMarch 02, 2023

2
DeFi News


SOFSISSWHI769EM3NOI3XQ5LANA TO FOCUS ON STABILITY IN 2023 AFTER REPEATED OUTAGES

Aleksandar Gilbert• qCEFwspFZx9xGlBCiMarch 02, 2023

3
DeFi Videos


GAS0ACUBCBK2HAMEFI IS JUST GETTING STARTED

Jack Dunham• qCEFwspFZx9xGlBCiMarch 02, 2023

4
DeFi News


POKZWOVYJMOWU2HQ8BNSLYGON LAUNCHES DECENTRALIZED ID SERVICE POWERED BY ZK PROOFS

Samuel Haig• ffvY6RwLslFWzdaBaMarch 01, 2023

5
DeFi News


ETJ8XLHBQU3UUXYJLKOYM9LHEREUM USERS MAY SOON BE ABLE TO RETRIEVE LOST PRIVATE
KEYS

Samuel Haig• qCEFwspFZx9xGlBCiMarch 02, 2023



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Flux Finance Enables Borrowing Against Tokenized Treasury Bonds - The Defiant