The Good Tech Companies - How Figment and OpenTrade Created a 15% Stablecoin Yield Product Without DeFi Risk

Episode Date: November 19, 2025

This story was originally published on HackerNoon at: https://hackernoon.com/how-figment-and-opentrade-created-a-15percent-stablecoin-yield-product-without-defi-risk. Figment and OpenTrade launch 15% APR stablecoin yield through hedged Solana staking, targeting institutions seeking returns without DeFi risk. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #blockchain, #dlt, #cryptocurrency, #crypto.com, #figment, #opentrade, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Figment and OpenTrade launched a stablecoin yield product targeting 15% APR through Solana staking combined with perpetual futures hedging. Institutional clients deposit stablecoins, which are converted to SOL, staked via Figment, and hedged through short positions on Crypto.com. The structure aims to provide higher yields than Treasury-backed alternatives while avoiding DeFi protocol risks. Returns depend on funding rates and Solana network performance, with multiple counterparty dependencies including Figment, OpenTrade, and Crypto.com. The product represents infrastructure providers expanding into structured financial products and may validate similar offerings across other proof-of-stake networks.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. How Figment and Open Trade created a 15% stable coin yield product without defy risk, by Ashan Pondi. Greater than can stable coins generate double-digit returns without exposing investors to greater than lending protocols or decentralized finance risks? Figment, the world's largest independent staking provider with over $18 billion in assets understate, believes it has cracked the code. On November 17, 2025, Figmund announced a partnership with open trade and crypto. Com to launch what they're calling a new category of stable coin yield. The product promises approximately 15% annual percentage rate on stable coins through a combination

of Solana staking rewards and derivative hedging, a structure that sidesteps the credit risk inherent in traditional defy lending markets. The announcement arrives as institutional appetite for stable coin yield products continues to accelerate, with total stable coin market capitalization exceeding $180 billion globally. But most existing yield products expose investors to either defy protocol vulnerabilities or counterparty credit risk from centralized lenders. This product attempts to chart a different path. The mechanics behind price-neutral staking, the product's structure relies on a relatively

straightforward arbitrage between staking yields and futures markets. When institutional clients deposits table coins, USDC, U.S.D.C. or other approved tokens through Figment's platform, Open Trade converts these deposits into Sol Sol tokens. These Sol tokens are Ethan staked through a dedicated figment-operated validator node. Here's where the innovation comes in. Staking Sol typically generates returns between 6% and 7.5% annually, according to historical Solana network data, to reach the advertised 15% APR target, open trade simultaneously opens short positions in Sol perpetual futures contracts. These derivatives positions are designed to neutralize the price exposure of the underlying

state tokens. The mechanism works because perpetual futures contracts on Solana typically trade at a premium to spot prices in bull markets, meaning short sellers collect funding rate payments from long position holders. When combined with staking rewards, this dual income stream has historically generated returns that Morethan double the base staking rate, according to to the press materials. Crypto.com serves as both the custodian for the state's all assets and the exchange venue where the hedging transactions execute. The assets are held in segregated accounts with security interests granted to investors, a legal structure that open trade emphasizes provides protections not typically available in defy protocols. Why institutions are paying attention,

the product targets a specific pain point for institutional treasury managers. Companies holding large stable coin balances face opportunity costs, since idle stable coins generate zero return. Traditional banking yields on dollar deposits remain low, while defy lending protocols expose institutions to smart contract vulnerabilities and opaque counterparty risks. Andy Kronk, co-founder and chief product officer of Figment, framed the offering as bringing battle-tested infrastructure and security mindset to stablecoins. Figment operates validators across more than 80 blockchain networks and maintains institutional-grade security protocols, including slashing protection and audited infrastructure.

The institutional focus is deliberate. Unlike retail defy products that often lick clear legal frameworks, this product establishes identified counterparties available around the clock. Jeff Handler, co-founder and chief commercial officer of open trade, emphasized that the platform was purpose-built to allop companies to power stable coin yield products with enterprise-grade technology systems and time-tested legal protections. Open trade has backing from notable crypto venture firms including Andrew Senhorwitz's A 16 Z Crypto Fund and Circle, the issuer of USDC Stablecoin. This institutional pedigree matters in a market where regulatory scrutiny of crypto-yield

products has intensified following high-profile failures like Celsius Network and BlockFi. The risk profile and market context, the 15% APR figure deserves scrutiny. The product materials include a disclaimer noting that the rate is based on historical data and subject to change at any time. Figment explicitly states it does not set, control, or guarantee yield rates or returns. Several variables affect the actual returns. Solana staking rewards fluctuate based on network inflation rates and total state supply. Perpetual futures funding rates can turn negative during bearish market conditions, meaning short position holders would pay rather than receive funding payments. During periods of extreme volatility or low liquidity, the

cost of maintaining hedges, cold road returns significantly. The reliance on Solana as the underlying staking asset also concentrates risk. While Solana has established itself as one of the largest proof of stake networks with hundreds of billions in cumulative transaction volume, the network has experienced outages historically. Because clients delegate rather than transfer control of tokens, staking providers like Figment do not exercise discretionary authority, but network downtime can still affect staking rewards in the operational timing of the hedging strategy. Counterparty risk, while reduced compared to unsecured defy lending, still exists. The product depends on crypto. Com maintaining operational stability as with custodian and

execution venue. If the exchange faces liquidity constraints or regulatory actions, investor access to assets could be impaired. The segregated account structure provides some legal protection, but unwinding these positions during a crisis scenario would likely take time. Carl Turner, director at Crypto.com, noted the exchange has purpose-built its platform to serve trader needs, but institutional clients will need to conduct their own due diligence on the exchange's operational resilience and regulatory compliance. Competitive landscape and market implications. The stable coin yield market has evolved rapidly. Protocols like Athena offer synthetic dollar products backed by Delta Neutral Perpetual Future Strategies, generating yields that

have ranged from 8% to over 30% depending on market conditions. Real world asset RWA protocols like Ondo Finance and Mountain Protocol provide yields backed by U.S. Treasury bills, typically in the 4% to 5% range. This figment open trade product sits between those alternatives. It offers higher yields than RWA products but with additional smart contract and market risk. It provides more institutional infrastructure than pure defy alternatives but with potentially lower yields during unfavorable funding rate environments. The partnership's significance extends beyond a single product launch. Figment's expansion into stablecoin yield represents the maturation of crypto infrastructure providers moving beyond peer validator operations into more

complex financial products. OpenTrade's ability to secure partnerships with both Figment and crypto. Com demonstrates growing institutional acceptance of structured crypto yield strategies. For the broader market, success of this product could validate the staking plus hedging model and prompt competitors to launch similar offerings. The entrance of established players with institutional relationships may also pressure defy protocols to improve their own risk management and transparency standards. Final thoughts. The Figment Open Trade Partnership bets that institutions prioritize clearly defined counterparties and legal structures over maximum yields. This reads the institutional market correctly, where risk committees value operational

resilience over percentage points. The 15% APR target appears realistic during favorable conditions but optimistic long term. Perpetual futures funding rates are cyclical, and bare markets would compress returns. The model scalability across other proof of stake networks like Ethereum or Avalanche is intriguing, though funding rate dynamics will compress as more capital adopts similar strategies. Most significant is what this signals. Crypto infrastructure providers are evolving from pure validator operations into orchestrators of complex financial strategies. This vertical integration between staking, custody, and structured products may become the institutional crypto template. Whether this complexity accelerates or hinders adoption remains

the open question. Don't forget to like and share the story. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims here and belong to the author. Hashtag DiO thank you for listening to this Hackernoon story, read by artificial intelligence. Visit hackernoon.com to read, write, learn and publish.