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Bitwise tokenized fund approved on Aave

Created at 1 Jun · 3:42 PM4 sources↑ Market-relevant3 events
IN SHORT

Bitwise Asset Management's tokenized Crypto Carry Fund (USCC) has been approved as an asset issuer on Aave Horizon. The fund, which targets a 4% annual yield using a market-neutral basis-trade strategy, can now be used as collateral on the Aave DeFi lending protocol.

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Key Numbers

$259 millioninitial assets under management
4%target annual yield

Who's Involved

Bitwise Asset Management
Investment manager for the tokenized fund
Aave
DeFi lending protocol approving Bitwise as an asset issuer
Stani Kulechov
Founder of Aave, announced the approval
Superstate
Original creator of the fund and continues on-chain infrastructure

↳ Why This Matters

The approval of Bitwise's tokenized fund on Aave enhances the utility and accessibility of crypto-based yield products within the DeFi ecosystem, potentially increasing capital efficiency for investors and signaling growing institutional adoption of on-chain financial instruments.

Key facts

  • Bitwise Asset Management's tokenized Crypto Carry Fund (USCC) has been approved as an asset issuer on Aave Horizon.
  • Aave maintains high standards for asset issuers.
  • The USCC fund uses a market-neutral basis-trade strategy.
  • The fund targets a 4% annual yield.
  • USCC tokens can be used as collateral on DeFi lending protocols like Aave.

Bitwise Asset Management's tokenized Crypto Carry Fund (USCC) has received approval as an asset issuer on Aave Horizon, a platform associated with the prominent DeFi lending protocol Aave. This approval allows the USCC fund, which employs a market-neutral basis-trade strategy to target a 4% annual yield and holds assets like Bitcoin and Ethereum, to be integrated into Aave's ecosystem. The fund's initial assets under management stand at $259 million. The integration signifies a step towards greater composability between traditional finance-like yield products and decentralized finance protocols.

Frequently asked questions

It is a tokenized fund managed by Bitwise Asset Management that uses a market-neutral basis-trade strategy to generate yield from the spread between spot and futures prices of major cryptocurrencies.

The fund holds spot positions in Bitcoin, Ethereum, Solana, and XRP.

It generates yield by simultaneously holding spot positions in cryptocurrencies and selling futures contracts on those same assets, capturing the spread between the two.

The approval allows USCC tokens to be used as collateral on the Aave DeFi lending protocol, increasing capital efficiency and integrating traditional finance-like yield products into DeFi.

What Happens Next

01Qualified purchasers can access the fund through Bitwise's official channels.
02Bitwise will continue to manage the investment strategy for the fund.
03USCC tokens can now be utilized as collateral on Aave.

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Cadence

How It Developed

2 Jun · 1:03 PM
RT @StaniKulechov: Bitwise has now been approved as a asset issuer on AAVE Horizon with USCC tokenized carry fund. Aave sets high standard…
@HHorsley via PiQSuite
1 Jun · 5:51 PM
Bitwise has officially launched the Bitwise Crypto Carry Fund (USCC), a $259 million tokenized fund employing a market-neutral strategy for yield generation.
@RasterlyRock via PiQSuite
1 Jun · 3:27 PM
Bitwise launches its first tokenized fund, USCC, managing $259M with a 4% annual yield from a crypto basis trade strategy.
The Merkle via PiQSuite

Sources

T1
Bitwise Launches Its First Tokenized Fund With $259M in Assets and 4% Annual Yieldm.piqsuite.com
T1
RT @Bitwise: Introducing the Bitwise Crypto Carry Fund (USCC)—a $259 million tokenized fund* built to provide yield through a market-neutra…@RasterlyRock via PiQSuite
T1
RT @HHorsley: Bitwise's first tokenized fund is now live: USCC, the Bitwise Crypto Carry Fund. ~4% 30-day yield. >$250M AUM. Can be used o…@HHorsley via PiQSuite
T1
RT @StaniKulechov: Bitwise has now been approved as a asset issuer on AAVE Horizon with USCC tokenized carry fund. Aave sets high standard…@HHorsley via PiQSuite

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