# Redemption İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Redemption" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Tether To Terminate Offshore Yuan (CNH₮) Operations – Here’s Why

Tether has announced it will discontinue its offshore Chinese Yuan stablecoin (CNH₮) due to a lack of market demand and operational inefficiency. Effective immediately, new issuance of CNH₮ has been halted. Existing users have one year to redeem their tokens before the stablecoin is permanently phased out. The company stated it will reallocate resources to products with stronger adoption, such as its flagship USDT, which has a market cap of $183.7 billion. In related news, a survey highlighted Nigeria and South Africa as leading markets for stablecoin adoption, with 80% of respondents in these countries holding stablecoins.

bitcoinist02/22 19:02

Tether To Terminate Offshore Yuan (CNH₮) Operations – Here’s Why

bitcoinist02/22 19:02

Tether Shuts Down CNH₮ Stablecoin Due to Low Demand and Market Pressures

Tether, the largest stablecoin issuer, has announced it will discontinue its offshore Chinese yuan-pegged stablecoin, CNH₮, citing low demand and increased regulatory pressures. The company will immediately stop minting new tokens and will support redemptions for one year from the announcement date. Tether stated the token did not attract significant engagement, making it difficult to justify the operational resources required. The company will instead focus its efforts on its dominant USDT stablecoin, prioritizing markets with better growth prospects and higher adoption rates.

TheNewsCrypto02/21 11:42

Tether Shuts Down CNH₮ Stablecoin Due to Low Demand and Market Pressures

TheNewsCrypto02/21 11:42

Lorenzo Launches BNB+ OTF Product

Lorenzo has launched BNB+ OTF, an on-chain trading fund for the BNB ecosystem. Users subscribe with BNB and receive tokenized shares representing fund ownership and profit rights. Managed under Hash Global’s compliant custody and execution framework, the fund employs diversified strategies, with all returns accrued into the Net Asset Value (NAV). Share prices reflect performance, avoiding complexities from inflationary token issuance or frequent restaking. The product builds on the proven model of Lorenzo’s earlier sUSD1+ OTF. It responds to market demand for auditable, redeemable, and composable real-yield products post the October 11 market crash. BNB was chosen due to its large asset size, deep market liquidity, native ecosystem opportunities (e.g., validator staking, Launchpool incentives), and efficient settlement on BNB Chain. BNB+ OTF returns are derived from four layers: 1) base yield from BNB staking, 2) event-driven gains from ecosystem incentives, 3) execution enhancements through optimized participation, and 4) long-term value appreciation from Binance’s BNB buyback and burn mechanism. Users mint BNB+ tokens upon deposit, and returns are reflected in NAV growth, with bi-weekly disclosures and periodic redemptions. Lorenzo aims to become an on-chain investment bank, bridging large-scale capital with institutional-grade yield products across CeFi, RWA, and DeFi.

marsbit02/14 02:44

Lorenzo Launches BNB+ OTF Product

marsbit02/14 02:44

When Big Money Seriously Enters the Market, How Does the Liquidity Bottleneck of RWA Manifest?

When large capital enters the market, the liquidity bottlenecks of Real-World Asset (RWA) tokenization become evident. Tokenized assets, such as gold (e.g., PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx), suffer from significant slippage and shallow market depth compared to traditional markets like CME. For instance, a $4 million trade in tokenized gold can incur up to 150 basis points of slippage, while traditional markets show negligible impact even at $20 million. Decentralized exchanges (DEXs) exacerbate the issue, with trades sometimes facing premiums as high as 68% or persistent slippage of 25–50 basis points. Liquidity shortages also destabilize market structure, causing price volatility and cascading effects like cross-platform liquidations, as seen with PAXG on Binance triggering $9 million in liquidations on Hyperliquid. These problems stem from structural constraints: high minting/redemption fees, slow redemption cycles (T+1 to T+5), and capital inefficiencies for market makers. Without deep, reliable liquidity, tokenized assets struggle to scale, hindering their use as collateral or in DeFi. The solution requires a new market structure that integrates off-chain liquidity, eliminates redemption delays, and avoids fragmenting liquidity across platforms. Tokenization itself isn’t flawed, but the current market infrastructure fails to support it at scale.

比推01/16 15:07

When Big Money Seriously Enters the Market, How Does the Liquidity Bottleneck of RWA Manifest?

比推01/16 15:07

The Hidden Costs and Structural Dilemmas of Tokenized Assets

Tokenized assets face a critical structural challenge: a severe lack of deep, reliable on-chain liquidity. While tokenization promises to unlock trillions in traditional assets for DeFi, the reality is that markets for tokens like gold (PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx) are extremely shallow compared to their traditional counterparts (e.g., CME). This results in exponentially higher slippage—often exceeding 100 basis points for trades over $4M—and makes large transactions costly or impossible. Fragile liquidity also leads to market instability, such as flash crashes on exchanges that trigger cascading liquidations across connected DeFi protocols. The root cause is a misalignment with market makers' incentives: high minting/redemption fees, slow settlement times, and capital lock-ups make providing liquidity for tokenized assets inefficient and risky. Without a new market structure that bridges on-chain access with off-chain liquidity depth, tokenization will remain stuck in a low-liquidity equilibrium, limiting its scalability and utility in DeFi.

marsbit01/16 06:51

The Hidden Costs and Structural Dilemmas of Tokenized Assets

marsbit01/16 06:51

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

When large capital enters the RWA (Real World Asset) tokenization space, the underlying liquidity constraints become critically exposed. Tokenized assets like gold (e.g., PAXG, XAUT) and equities (e.g., TSLAx, NVDAx) suffer from severe liquidity shortages, leading to high slippage, fragile market structures, and amplified systemic risks. For instance, a $4 million trade in tokenized gold can incur ~150 bps slippage, while traditional CME gold futures show negligible impact even at $20 million. DEXs perform worse, with Uniswap recording average slippage of 25–35 bps and occasional extremes beyond 50 bps. This liquidity crisis is structural: minting/redemption fees (10–50 bps), slow redemption cycles (T+1 to T+5), and fragmented order books deter market makers. Capital remains underallocated due to high opportunity costs and inventory risks. Shallow liquidity triggers volatility spillovers—e.g., Binance’s PAXG anomalies caused cascading liquidations on Hyperliquid. For RWA scalability, the market structure must evolve: deeper integration with traditional liquidity, faster redemptions, and reduced frictions are essential. Tokenization’s promise hinges not on on-chain assets alone, but on building robust liquidity infrastructures.

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Liquidity is the foundation of asset confidence, but the reality for tokenized real-world assets (RWA) like gold and stocks reveals a critical structural flaw. While tokenization promises enhanced capital fluidity and DeFi integration, most tokenized assets suffer from dangerously thin liquidity, making them impractical for meaningful capital deployment. Analysis shows extreme slippage in major tokenized gold assets (PAXG, XAUT). A $4 million trade incurs nearly 150 basis points (bps) of slippage on perpetual exchanges, compared to just 3 bps for a $20 million trade in traditional CME gold futures. Spot markets for these assets offer less than $3 million in effective depth. In AMM DEXs like Uniswap, average slippage consistently ranges between 25–50 bps, with individual trades experiencing premiums as high as 68%. The problem extends to tokenized equities. A $1 million trade in tokenized Tesla (TSLAx) sees ~5% slippage, while NVIDIA (NVDAx) reaches an unworkable 80%. Traditional markets handle the same trades with ~15 bps impact. This liquidity scarcity isn't just about high transaction costs; it destabilizes the entire market structure. Thin order books are prone to manipulation and price anomalies. A 10% price swing on a centralized exchange (CEX) can trigger cascading liquidations across interconnected DeFi protocols, demonstrating how localized illiquidity amplifies systemic risk. The core issue is structural. Market makers face high friction: slow, costly minting/redemption processes (10-50 bps fees, T+1 to T+5 settlement), inability to hedge efficiently, and significant opportunity cost compared to deeper crypto markets. Current solutions (AMMs, order books) disperse rather than concentrate liquidity. For RWA to scale, a new market structure is needed—one that leverages off-chain liquidity for price discovery, eliminates redemption delays, and doesn't force market makers to hold illiquid inventory. Tokenization hasn't failed; the supporting market infrastructure has yet to be built.

Odaily星球日报01/16 04:25

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Odaily星球日报01/16 04:25

BlackRock dumps, Saylor buys: Holiday chaos erupts as crypto market ends 2025

BlackRock transferred $214 million in Bitcoin and Ethereum to Coinbase Prime in a series of year-end transactions, signaling a shift to active liquidity management for its crypto ETFs, IBIT and ETHA, which are facing steady outflows and cooling investor demand. This move is likely a response to institutional investors pulling back due to year-end tax strategies and profit-taking. In contrast, Michael Saylor’s MicroStrategy purchased an additional 1,229 BTC for $108.85 million, reinforcing its long-term holding strategy and bringing its total Bitcoin holdings to 672,497 BTC. Despite these significant opposing movements—with BlackRock providing liquidity for exiting investors and MicroStrategy acting as a liquidity sink—crypto prices remained relatively stable, suggesting the market anticipated these year-end shifts. As January begins, attention turns to new year sentiment, with the data indicating weak hands are exiting while major players reposition for 2026.

ambcrypto12/31 03:27

BlackRock dumps, Saylor buys: Holiday chaos erupts as crypto market ends 2025

ambcrypto12/31 03:27

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