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Binance now supports USYC and cUSDO as off-exchange, yield-bearing collateral for institutions, with no service fees until 2026.
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Tokenized real-world assets are gaining traction, with market size hitting $24B and projected to grow 100x by 2034.
Binance, the world’s largest cryptocurrency exchange by trading volume and user base, has announced the integration of tokenized real-world assets (RWAs) USYC and cUSDO into its off-exchange settlement offerings. Institutional users can now hold yield-generating assets off-exchange, with all fees waived until 2026
With this, USYC and cUSDO will now be supported on Binance Banking Triparty and through Ceffu, Binance’s institutional custody partner.
This integration enables institutional clients to hold these yield-bearing assets securely off-exchange, while maintaining seamless trading access on the Binance platform. Notably, Binance will waive all Banking Triparty and Ceffu MirrorX/MirrorRSV service fees until 2026. This will help in accelerating institutional adoption.
Expansion of Institutional Collateral Options
The inclusion of USYC and cUSDO expands Binance’s supported collateral types beyond fiat currencies, U.S. Treasury bills, and native crypto assets like Bitcoin. It also reflects Binance’s strategy to offer capital-efficient solutions to institutional users.
According to Catherine Chen, Head of Binance VIP & Institutional:
“Our integration of tokenized real-world assets demonstrates our continued focus to enhance user experience. By supporting USYC and cUSDO, we’re giving institutions more choice to optimize capital efficiency while balancing risk controls.”
Why It Matters
According to a press release shared with Crypto News Flash, market for RWAs (excluding stablecoins) has risen from $15.2 billion in December 2024 to $24 billion by June 2025. Industry analysts project that up to 30% of the world’s $400 trillion in traditional assets could be tokenized by 2034. This has the potential to boost crypto’s overall market size 100-fold from its current $3 trillion valuation.
Speaking on the integration, Kash Razzaghi, Chief Business Officer at Circle, the issuer of USYC said:
“This collaboration marks a meaningful advancement in how institutions engage with tokenized assets,”
Adding,
“USYC enables capital efficiency and risk-managed optionality for institutional investors—bridging traditional finance with blockchain-powered markets.”
Jeremy Ng, Founder and CEO of OpenEden, echoed the sentiment saying “where compliance-focused, yield-bearing assets” such as cUSDO are important to on-chain capital deployment.
What Are USYC and cUSDO?
- USYC is a tokenized representation of interests in the Hashnote International Short Duration Yield Fund Ltd., a Cayman-registered money market fund. It invests in reverse repos backed by U.S. government securities and allows near-instant redemptions into USDC. It will also be natively issued on BNB Chain, expanding its accessibility.
- cUSDO is a wrapped version of OpenEden’s USDO, a rebasing stablecoin backed by U.S. Treasury reserves and reverse repos. Issued by OpenEden Digital, a licensed entity in Bermuda, it offers yield on-chain while meeting regulatory standards.
Binance’s Triparty Custody Model
Binance introduced the triparty banking model in 2023, allowing institutional clients to hold trading collateral in regulated banking institutions under their own names. This structure provides full capital control, regulatory compliance, and direct access to Binance’s liquidity and trading infrastructure.
Binance’s triparty model is designed to meet the risk and operational standards of major institutions. Through this integration, clients can scale activity directly in line with their capital while improving exchange liquidity for all users.
Until 2026, Binance will absorb all triparty fees as well as fees associated with Ceffu’s MirrorX and MirrorRSV solutions, reinforcing its commitment to institutional growth.
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