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There are roughly $350 billion worth of\u00a0stablecoins<\/a> circulating in crypto right now, and nearly all of them earn nothing for the people holding them.<\/p>\n The interest goes to the issuers. Jeremy Ng, co-founder of OpenEden, thinks that’s a problem with a clear fix.<\/p>\n “Tether<\/a> and Circle<\/a> keep all the interest<\/strong>,” Ng told TheStreet Roundtable<\/a> in a recent interview. “By allowing (stablecoin holders) to move into a free-flowing, risk-free yield in a very composable and high utility manner, I think that makes a lot of sense<\/strong>.”<\/p>\n<\/blockquote>\n Related: JPMorgan identifies the lone buyer saving crypto flows<\/a><\/strong><\/p>\n OpenEden’s answer is a tokenized<\/a> money market fund, one of the most straightforward products in traditional finance brought on-chain.<\/p>\n Ng’s case for why money market funds<\/a> specifically are the right starting point comes down to fundamentals.<\/p>\n “It is the most liquid<\/a> instrument in the whole world, and by default it is risk-free<\/strong>,” he said. “And you don’t have that on-chain<\/a><\/strong>.”<\/p>\n<\/blockquote>\n The yield isn’t some DeFi<\/a>-native rate propped up by token incentives, either. OpenEden is tokenizing the actual underlying product, managed by Bank of New York as both fund manager and custodian.<\/p>\n “They’re managing the portfolio just like how they’re managing their own money market funds<\/strong>,” Ng said. “The yield is actually the same. It’s just that we tokenize it and allow it to be used on the crypto ecosystem, either as collateral or as simply a store of value<\/strong>.”<\/p>\n<\/blockquote>\n But money market funds are just the starting point. OpenEden has built a tokenization platform called OpenEden Atlas, designed to let asset managers, stablecoin issuers, and asset owners bring their products on-chain.<\/p>\n The protocol has already expanded into high-yield credit<\/a> and multi-strategy yield products.<\/p>\n The next frontier, according to Ng, is public credit: investment grade bonds<\/a> and emerging market debt.<\/p>\n “If you look at the traditional<\/a> world, a portfolio construction of an average institution or high net worth investor is about 40, 50% fixed income<\/strong>,” he said. “The biggest component is investment grade bonds. You don’t see that being tokenized yet.<\/strong>“<\/p>\n<\/blockquote>\n OpenEden is working with several large asset managers to change that.<\/p>\n If traditional portfolio construction eventually migrates on-chain, the fixed income layer will need to come with it.<\/p>\n This story was originally published by TheStreet<\/a> on Apr 9, 2026, where it first appeared in the Innovation<\/a> section. Add TheStreet as a Preferred Source by clicking here.<\/a><\/i><\/p>\n<\/p><\/div>\n\n
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