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FLUX FINANCE ENABLES BORROWING AGAINST TOKENIZED TREASURY BONDS

Den9ROo2HQstLogCFi Lending Protocol Attracts Over $10M In Stablecoins In Five
Days Since Launch

BycGFbgtwUj1lseRk: Owen Fernau    Fet3pG9lUYJ1RuDt65bruary 13, 2023

CryEEAOEcxB9VKeated with Fabric.js 1.7.22


Deid5XbHY513lXA4eFi News


TozHsiFBS5WOcRgsl9Qkkenized 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. 

ThnlzATDUhMAMLqe 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.

ThnV5uQLrLKaza9l4tLae 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. 

OnsCqQhL9ctvIW631Ydo also developed Flux, though the lending protocol is
technically decentralized and governed by holders of ONDO tokens. 

LES7MBQZNX5ZRPQKVSHGVERAGED TREASURY TRADE

FlxivFQXxLO51ux’s launch opens up a major trading opportunity. 

OUgsUmXimScewSG 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.

ThkCanS9VDE19Gis 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.

FotPDh8tKvPLGUMamSTr holders of DAI and USDC, Flux opens up a new lending
opportunity which is tied to the demand for OUSG leverage. 

ItmXsxUNj8BHy’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. 

OnhB1MTYOZe0PQeXre 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-QYPQMNEHU2UP2JY3OPBILL YIELDS

Sehk7KjZ8Foj94RxdPWraphim 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.

IfjCXw5ZNOlnpfoE8 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. 

Jai8e3t8o3ldV1Xw3Hjguxi 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. 

“TiRM3cbPtMcp9xHbg0okenized 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.”

LIAP1Q5HXQDAZZHAASQUID TOKENS

Inj0EC5Hl3Anc7ZaXe2terestingly, 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. 

FlkBRAPYueHQbaLMFux 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.”

ThlStU2fPnYN2rere’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. 

Inlq4ZrC11tCefmwaZjU 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

CZdJlSxR6d8fkcK Says Paxos Will Service BUSD to Manage Redemptions

ByhqQdEEdS11B: Samuel Haig    Fet3pG9lUYJ1RuDt65bruary 13, 2023

ReqoR3nAGSb6hWkEg News


ThsezfWWF3v5ke 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.

Pad2PgcPqi2zEmkoxos 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. 

FUCMMS1BZEVEN6LLY 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

PalHCpB4EuJy5EnXV3JoykNxos 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.
“PdSR5JoAZLHcBtDCL4ftYraxos also assured us the funds are SAFU, and fully
covered by reserves in their banks,” Zhou tweeted.

ThysrlDJewRXoe 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.
OnzccCQMQjpex 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. 

ASQ1QHFIXLJNDL9IEVGSET OR SECURITY

Thlfwc5sktMSpe firm has 30 days to respond to the SEC notice.

Thy4sn4Bop36q6dSpnVdlze 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.

“HiFNmVZW5Go2QdyvUNow 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.”



AdayC3uEhf0zs0djROmYam 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.
“HmWdOyxbSUvrwonestly, 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.”
ZhzY2xgnN4VpgG9gz6aYNBao 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.

ZhgDCPJGqhxTMZ0vou added that a legal ruling classifying BUSD as a security
would significantly impact the development of the web3 industry in the U.S.

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NesB9zp2ESRdKQPItkdRTwsletter

JothtbOBgeLY6qNVxuRin 80k+ crypto innovators
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TRTS56C99TJTH1ENDING POSTS

1
DeFi News


ETMO0CGXSWFDNKHEREUM USERS MAY SOON BE ABLE TO RETRIEVE LOST PRIVATE KEYS

Samuel Haig• mC5IFHaaGnsMarch 02, 2023

2
DeFi News


SOQ6WFT0TBQECLSQPLANA TO FOCUS ON STABILITY IN 2023 AFTER REPEATED OUTAGES

Aleksandar Gilbert• mC5IFHaaGnsMarch 02, 2023

3
DeFi Videos


GAJUNNWIB6LQZMEFI IS JUST GETTING STARTED

Jack Dunham• mC5IFHaaGnsMarch 02, 2023

4
DeFi News


POD1HN1W5WTAZ2L8QXVWQL3LYGON LAUNCHES DECENTRALIZED ID SERVICE POWERED BY ZK
PROOFS

Samuel Haig• mVZKrniWqV05ThJMarch 01, 2023

5
DeFi News


ETMO0CGXSWFDNKHEREUM USERS MAY SOON BE ABLE TO RETRIEVE LOST PRIVATE KEYS

Samuel Haig• mC5IFHaaGnsMarch 02, 2023



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Flux Finance Enables Borrowing Against Tokenized Treasury Bonds - The Defiant