Bake’s partnership to provide tokenised treasury bills gives their users an alternative to holding dollar-backed stablecoins.
Crypto app platform, Bake, has partnered with OpenEden to enable access of tokenised US Treasury Bills for their users with $TBIILL assets.
As a platform that tokenises real-world assets, OpenEden’s $TBILL is a digital representation of US Treasury bills. The partnership will allow Bake users to access yields of 5.0% APY powered by $TBILLs via swapping USDC on the platform. Additionally, Bake users may be eligible to participate in OpenEden community token airdrops through Bake, with further details to be announced in the near future.
Bake CEO, Julian Hosp, said “This aligns perfectly with our mission to be the go-to crypto
super-app, providing a comprehensive range of digital assets and DeFi services. More
importantly, it ties back to our core purpose of leveling the investment playing field for users,
giving them access to institutional-grade yields that were traditionally out of reach for many retail
investors”.
OpenEden’s $TBILL is supposedly backed by high-quality liquid assets, including US Treasury Bills and Reverse Repurchase Agreements collateralised by the US Treasury. Through Bake’s offering, retail users can gain exposure to the yields from US Treasury Bill rates, further democratising access to institutional-grade assets.
Jeremy Ng, Co-Founder at OpenEden, said, “We’re on a mission to bring real-world yields
on-chain for DeFi platforms like Bake. It has been incredibly exciting to work with the team, to
enable the Bake platform to access risk-free yields on crypto rails.”
The partnership comes shortly after the conclusion of the judicial case between the two founders of Cake Group, U-Zyn Chua and Julian Hosp, before the platform was renamed to Bake. U-Zyn Chua, then Chief Technology Officer, filed to wind up the company on 1 December 2023 after having internal disagreements with other shareholders about the company’s restructuring and layoffs in mid-November 2023.
The application was later dismissed in April this year, with the Judicial Commissioner ruling that there was insufficient grounds to justify liquidating the firm, despite Chua’s claims of being unable to sell his share of the company.
The case finally came to close when Chua agreed to Hosp’s offer of buying out his share of the company, leaving the latter the sole shareholder of the company. Regarding the potential impact of the court case on Bake’s partnership with OpenEden, a Bake spokesperson said that “the partnership remains unaffected”.
In its blog addressing the outcome of the judicial ruling, the company has also maintained that DefiChain, a specialised blockchain dedicated to decentralised finance (DeFi), will remain independent. While Hosp and Chua were the initial co-founders of the DeFiChain Foundation, the entity has since announced its independence from Bake and its related operations.
When asked if Bake’s rebranding will affect DeFiChain and its related token, $DFI, the Bake spokesperson said that DeFiChain is “an independent, decentralised project separate from Bake.io. Bake.io integrates DeFiChain as one of its many supported blockchains. Therefore, any changes as in the mentioned “renaming” do not impact the $DFI coin, as DeFiChain is community-driven and operates independently.”
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