The cryptocurrency exchange Bitget is entering the expanding crypto investment product market with the launch of BGUSD, a yield-bearing stable asset backed by tokenized real-world assets.
The company announced that BGUSD offers a 4% annual yield, credited daily to users' spot accounts. Users can subscribe to BGUSD using USDC or Tether (USDT) and can redeem their assets for USDC at any time.
The company stated that the yield comes from a basket of tokenized instruments, including U.S. Treasury bonds and high-grade money market funds. "These assets are managed in collaboration with regulated tokenization providers like Superstate," Bitget CEO Gracy Chen told Cointelegraph.
The product structure is designed to mitigate the impact of cryptocurrency volatility while generating returns through traditional financial instruments.
Bitget to Launch Third-Party Verification
Regarding transparency issues, Chen stated that Bitget is preparing to launch third-party verification to provide visibility into the assets backing BGUSD.
"Transparency and accountability are core principles of the BGUSD framework," she said. "While independent verification is underway, our institutional partners are already subject to rigorous audit requirements and regulatory oversight."
Chen clarified how Bitget maintains liquidity for users wishing to redeem BGUSD. The executive stated that Bitget directly manages a reserve pool, which includes stable assets like USDC.
According to Chen, BGUSD does not fall under the definitions of stablecoins or securities and is not subject to specific licensing requirements.
Chen told Cointelegraph, "It is constructed as a yield-bearing stable asset certificate unique to the Bitget platform."
Chen added that Bitget will restrict access to BGUSD in jurisdictions with applicable digital asset limitations.
Yield-Bearing Stablecoins Surge to $11 Billion
As Bitget enters the yield-bearing stablecoin market, such assets have surged to $11 billion. According to a report by Pendle, yield-bearing stablecoins grew from $1.5 billion at the beginning of 2024 to $11 billion by May 21. This accounts for 4.5% of the entire stablecoin market.
The growth of yield-bearing stablecoins is attributed to the increasing clarity of U.S. regulations under President Donald Trump.
According to documents from February 18, the U.S. Securities and Exchange Commission (SEC) approved the interest-bearing stablecoin of exchange operator Figure Markets. This made the company the first to receive U.S. approval to issue a yield-bearing stablecoin.
In addition to the SEC's positive response, proposed legislation such as the Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act (STABLE Act) and the Guiding and Establishing U.S. Stablecoin National Innovation Act (GENIUS) also marks a positive direction for U.S. stablecoins.
Related: Blockchain.com Expands in Africa as Local Cryptocurrency Regulations Take Shape
Original article: “Bitget Enters Real-World Asset Race with Yield-Bearing BGUSD Stablecoin”
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