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Why Focus on RWA?
* The first half of 2026 could be a development window for the RWA sector, potentially due to ample macro liquidity and the approval of crypto ETFs.
* As a financial product merging Web3 and Web2, RWA possesses long-term narrative value.
Why Focus on OpenEden?
* Compliance & Financial Recognition: Launched the world's first regulated yield-bearing stablecoin, $USDO. Its TBILL fund received near-top-tier ratings from S&P, Moody's, and Fitch.
* Traditional Finance Collaboration: Deep cooperation with BNY Mellon, which provides custodial services for the fund.
* Web3 Background: Received investment from Binance-linked institutions. Its product cUSDO can be used as collateral on Binance and is deployed on 7 major public chains.
* Founder Experience: Founder Jeremy Ng has a background spanning Goldman Sachs, Morgan Stanley, and crypto exchanges.
How Can Retail Investors Participate in OpenEden's RWAFi?
* Participate through low-barrier activities (like the concluded Bills points airdrop) and the newly launched OpenSeason campaign.
* Currently, one can participate in Curve's cUSDO liquidity mining or purchase YT cUSDO on Pendle.
* The project's TVL exceeds $289 million, spanning a multi-chain ecosystem. The $EDEN token will have its TGE in late September.
Summary
Why Focus on RWA
The First Half of 2026 Might Not Be a Bear Market
This market cycle differs significantly because the halving cycle (4-year cycle) and the macroeconomic cycle are substantially misaligned.
In previous cycles, the halving and macro cycles were roughly synchronized. However, this year, as the halving cycle concludes, the interest rate cut cycle is just beginning.
This could lead to a phase in 2026 where liquidity is relatively abundant, but expectations for the crypto market are weakening.
Therefore, the first half of 2026 might not necessarily be a bear market.
On one hand, because the first halves of 2018 and 2022 involved rate hikes, while the first half of 2026 is likely to be within a rate-cutting cycle.
On the other hand, the first half of this fourth year in the cycle often features new narratives.
The key point, emphasized multiple times, bears repeating: don't forget:
* In H1 2018, the EOS and Tron mainnets launched, sparking a mini-hype around public chains.
* In H1 2022, Stepn emerged, sparking a mini-hype around X-to-earn.
This suggests that a new narrative could emerge in the first half of 2026.
Against the backdrop of relatively ample macro liquidity and approved crypto ETFs in H1 2026, RWA could be the theme of this phase. This is because RWA is the sector most correlated with the macro environment and ETFs.
RWA is a Long-Term Narrative
As a financial product merging Web3 and Web2, RWA itself constitutes a long-term narrative.
Why Focus on OpenEden
Compliance & Deep Recognition and Collaboration with Traditional Finance
▌ Full Compliance
All of OpenEden's products meet institutional-grade standards and are fully compliant and regulated.
For instance, OpenEden's dollar stablecoin OpenDollar ($USDO) is the world's first regulated yield-bearing stablecoin. $USDO is backed by US Treasury bills and issued under the Bermuda Digital Asset Business Act (DABA) license.
▌ Consistently High Ratings from Top Global Financial Rating Agencies
OpenEden's TBILL fund has received high recognition from global financial rating agencies.
* S&P (Global Rank #1): Rated the TBILL fund "AA+f/S1+". "AA+" is just below "AAA", indicating very high financial capacity. "f" denotes a fund rating. "S1+" is the highest stability rating. Overall, S&P's rating for the TBILL fund is near the top.
* Moody's (Global Rank #2): Rated the TBILL fund "Aa-bf". "Aa" indicates high quality and very low credit risk, just below "Aaa". "bf" denotes a bond fund.
* Fitch (Globally Renowned): Rated the TBILL fund "AA+", indicating very high credit quality, just below "AAA".
These three institutions collectively account for ~95% of the global financial ratings market and unanimously gave the TBILL fund near-top-tier ratings. This is the world's first tokenized treasury fund to receive such consistently high ratings from top-tier global agencies.
▌ Deep Collaboration with BNY Mellon
OpenEden has established a deep collaboration with The Bank of New York Mellon (BNY).
The exact wording on BNY Mellon's official website is: "OpenEden has selected BNY Mellon to provide investment management and custody services for its tokenized U.S. Treasury Bill ($TBILL) fund." This phrasing suggests OpenEden holds a proactive position in the partnership.
BNY Mellon, as the world's largest custodian bank with assets under custody/administration of $46.6 trillion, is a globally recognized leader and pioneer in custodial services. Its collaboration with OpenEden demonstrates high recognition from traditional global financial institutions towards Web3, RWA, and particularly OpenEden itself.
Strong Web3 Background, Collaboration, and Foundation
▌ Binance Background
1. OpenEden received investment from YZi Labs (formerly Binance Labs) in 2024.
2. OpenEden partnered with Binance and its custody arm Ceffu, making cUSDO the first yield-bearing digital asset usable as OTC collateral for trading on Binance. cUSDO is a compounding version of USDO, where yield accrues internally. While offering risk-free yield, cUSDO maintains full DeFi compatibility.
3. OpenEden has been featured in Binance Wallet's Booster campaign and is scheduled to be listed on Binance Alpha. A potential spot listing on Binance might also be forthcoming.
▌ Web3 Ecosystem Collaboration & DeFi Integration
OpenEden has established partnerships with numerous Web3 projects. Its ecosystem products are deployed across seven chains: Arbitrum, Solana, Ethereum, XRPL, Base, Polygon, and BSC.
USDO is also integrated into multiple DeFi projects, including Pendle, Morpho Labs, Euler, Spectra, Napier Finance, Balancer, Upshift, and others.
▌ Founder Transitioned from Wall Street to Crypto
OpenEden's founder — Jeremy Ng (@jeremyng777) — previously worked at Goldman Sachs and Morgan Stanley on cross-asset derivative product innovation, management, and investment. In 2020, he joined Gemini exchange, becoming Managing Director and Head of Asia Pacific. He founded OpenEden in 2022. Such a strong and diverse background suggests he will be a successful "human bridge" and "fusion agent" between TradFi and DeFi.
Can Retail Investors Participate in OpenEden? RWAFi Play Begins
A major issue with RWA is its distance from retail investors, who often find it difficult to understand the RWA narrative and participate in the RWA ecosystem. OpenEden has set up low-barrier entry methods for retail.
Concluded OpenEden Bills Points Campaign
In March 2025, OpenEden launched the Bills points campaign, which concluded with a snapshot on September 15th. Reaching 100,000 points qualified users for the airdrop. Rough calculations showed that maintaining an average daily holding of less than $560 in USDO/cUSDO, or providing less than $120 in liquidity daily over six months, could meet the airdrop threshold—a sufficiently low barrier for most retail participants.
OpenSeason Kicks Off RWAFi
With the points campaign over, the new OpenSeason begins. Rewards will shift from points to direct token distributions.
* Curve Stablecoin Vault
* Period: Sep 1, 2025 – Mar 1, 2026
* Method: Provide liquidity in Curve using cUSDO+USDC.
* Pendle YT cUSDO Stablecoin Vault
* Period: Sep 15, 2025 – Nov 20, 2025
* Method: Purchase YT cUSDO on Pendle.
For specific campaign details, follow OpenEden's official Twitter account @OpenEden_X.
Final Notes
OpenEden's TGE is scheduled for late September. Compared to other RWA tokens, $EDEN is a new entrant. OpenEden's choice to conduct its TGE around the time of potential Fed rate cuts might be well-timed.
Furthermore, while $EDEN is a new RWA token, OpenEden itself is a project that has been operational for at least three years.
Currently, the OpenEden ecosystem has broad cross-chain coverage, deployed across 7 chains. Its TVL exceeds $289 million, surpassing Usual's TVL and ranking 13th among RWA projects by TVL.
Recognition and engagement from traditional finance, deep integration within the crypto industry, and substantial TVL—multiple data points indicate that OpenEden is a highly anticipated newcomer in the RWA space. And importantly, it offers RWAFi opportunities accessible to retail investors.
Why Focus on RWA?
* The first half of 2026 could be a development window for the RWA sector, potentially due to ample macro liquidity and the approval of crypto ETFs.
* As a financial product merging Web3 and Web2, RWA possesses long-term narrative value.
Why Focus on OpenEden?
* Compliance & Financial Recognition: Launched the world's first regulated yield-bearing stablecoin, $USDO. Its TBILL fund received near-top-tier ratings from S&P, Moody's, and Fitch.
* Traditional Finance Collaboration: Deep cooperation with BNY Mellon, which provides custodial services for the fund.
* Web3 Background: Received investment from Binance-linked institutions. Its product cUSDO can be used as collateral on Binance and is deployed on 7 major public chains.
* Founder Experience: Founder Jeremy Ng has a background spanning Goldman Sachs, Morgan Stanley, and crypto exchanges.
How Can Retail Investors Participate in OpenEden's RWAFi?
* Participate through low-barrier activities (like the concluded Bills points airdrop) and the newly launched OpenSeason campaign.
* Currently, one can participate in Curve's cUSDO liquidity mining or purchase YT cUSDO on Pendle.
* The project's TVL exceeds $289 million, spanning a multi-chain ecosystem. The $EDEN token will have its TGE in late September.
Summary
Why Focus on RWA
The First Half of 2026 Might Not Be a Bear Market
This market cycle differs significantly because the halving cycle (4-year cycle) and the macroeconomic cycle are substantially misaligned.
In previous cycles, the halving and macro cycles were roughly synchronized. However, this year, as the halving cycle concludes, the interest rate cut cycle is just beginning.
This could lead to a phase in 2026 where liquidity is relatively abundant, but expectations for the crypto market are weakening.
Therefore, the first half of 2026 might not necessarily be a bear market.
On one hand, because the first halves of 2018 and 2022 involved rate hikes, while the first half of 2026 is likely to be within a rate-cutting cycle.
On the other hand, the first half of this fourth year in the cycle often features new narratives.
The key point, emphasized multiple times, bears repeating: don't forget:
* In H1 2018, the EOS and Tron mainnets launched, sparking a mini-hype around public chains.
* In H1 2022, Stepn emerged, sparking a mini-hype around X-to-earn.
This suggests that a new narrative could emerge in the first half of 2026.
Against the backdrop of relatively ample macro liquidity and approved crypto ETFs in H1 2026, RWA could be the theme of this phase. This is because RWA is the sector most correlated with the macro environment and ETFs.
RWA is a Long-Term Narrative
As a financial product merging Web3 and Web2, RWA itself constitutes a long-term narrative.
Why Focus on OpenEden
Compliance & Deep Recognition and Collaboration with Traditional Finance
▌ Full Compliance
All of OpenEden's products meet institutional-grade standards and are fully compliant and regulated.
For instance, OpenEden's dollar stablecoin OpenDollar ($USDO) is the world's first regulated yield-bearing stablecoin. $USDO is backed by US Treasury bills and issued under the Bermuda Digital Asset Business Act (DABA) license.
▌ Consistently High Ratings from Top Global Financial Rating Agencies
OpenEden's TBILL fund has received high recognition from global financial rating agencies.
* S&P (Global Rank #1): Rated the TBILL fund "AA+f/S1+". "AA+" is just below "AAA", indicating very high financial capacity. "f" denotes a fund rating. "S1+" is the highest stability rating. Overall, S&P's rating for the TBILL fund is near the top.
* Moody's (Global Rank #2): Rated the TBILL fund "Aa-bf". "Aa" indicates high quality and very low credit risk, just below "Aaa". "bf" denotes a bond fund.
* Fitch (Globally Renowned): Rated the TBILL fund "AA+", indicating very high credit quality, just below "AAA".
These three institutions collectively account for ~95% of the global financial ratings market and unanimously gave the TBILL fund near-top-tier ratings. This is the world's first tokenized treasury fund to receive such consistently high ratings from top-tier global agencies.
▌ Deep Collaboration with BNY Mellon
OpenEden has established a deep collaboration with The Bank of New York Mellon (BNY).
The exact wording on BNY Mellon's official website is: "OpenEden has selected BNY Mellon to provide investment management and custody services for its tokenized U.S. Treasury Bill ($TBILL) fund." This phrasing suggests OpenEden holds a proactive position in the partnership.
BNY Mellon, as the world's largest custodian bank with assets under custody/administration of $46.6 trillion, is a globally recognized leader and pioneer in custodial services. Its collaboration with OpenEden demonstrates high recognition from traditional global financial institutions towards Web3, RWA, and particularly OpenEden itself.
Strong Web3 Background, Collaboration, and Foundation
▌ Binance Background
1. OpenEden received investment from YZi Labs (formerly Binance Labs) in 2024.
2. OpenEden partnered with Binance and its custody arm Ceffu, making cUSDO the first yield-bearing digital asset usable as OTC collateral for trading on Binance. cUSDO is a compounding version of USDO, where yield accrues internally. While offering risk-free yield, cUSDO maintains full DeFi compatibility.
3. OpenEden has been featured in Binance Wallet's Booster campaign and is scheduled to be listed on Binance Alpha. A potential spot listing on Binance might also be forthcoming.
▌ Web3 Ecosystem Collaboration & DeFi Integration
OpenEden has established partnerships with numerous Web3 projects. Its ecosystem products are deployed across seven chains: Arbitrum, Solana, Ethereum, XRPL, Base, Polygon, and BSC.
USDO is also integrated into multiple DeFi projects, including Pendle, Morpho Labs, Euler, Spectra, Napier Finance, Balancer, Upshift, and others.
▌ Founder Transitioned from Wall Street to Crypto
OpenEden's founder — Jeremy Ng (@jeremyng777) — previously worked at Goldman Sachs and Morgan Stanley on cross-asset derivative product innovation, management, and investment. In 2020, he joined Gemini exchange, becoming Managing Director and Head of Asia Pacific. He founded OpenEden in 2022. Such a strong and diverse background suggests he will be a successful "human bridge" and "fusion agent" between TradFi and DeFi.
Can Retail Investors Participate in OpenEden? RWAFi Play Begins
A major issue with RWA is its distance from retail investors, who often find it difficult to understand the RWA narrative and participate in the RWA ecosystem. OpenEden has set up low-barrier entry methods for retail.
Concluded OpenEden Bills Points Campaign
In March 2025, OpenEden launched the Bills points campaign, which concluded with a snapshot on September 15th. Reaching 100,000 points qualified users for the airdrop. Rough calculations showed that maintaining an average daily holding of less than $560 in USDO/cUSDO, or providing less than $120 in liquidity daily over six months, could meet the airdrop threshold—a sufficiently low barrier for most retail participants.
OpenSeason Kicks Off RWAFi
With the points campaign over, the new OpenSeason begins. Rewards will shift from points to direct token distributions.
* Curve Stablecoin Vault
* Period: Sep 1, 2025 – Mar 1, 2026
* Method: Provide liquidity in Curve using cUSDO+USDC.
* Pendle YT cUSDO Stablecoin Vault
* Period: Sep 15, 2025 – Nov 20, 2025
* Method: Purchase YT cUSDO on Pendle.
For specific campaign details, follow OpenEden's official Twitter account @OpenEden_X.
Final Notes
OpenEden's TGE is scheduled for late September. Compared to other RWA tokens, $EDEN is a new entrant. OpenEden's choice to conduct its TGE around the time of potential Fed rate cuts might be well-timed.
Furthermore, while $EDEN is a new RWA token, OpenEden itself is a project that has been operational for at least three years.
Currently, the OpenEden ecosystem has broad cross-chain coverage, deployed across 7 chains. Its TVL exceeds $289 million, surpassing Usual's TVL and ranking 13th among RWA projects by TVL.
Recognition and engagement from traditional finance, deep integration within the crypto industry, and substantial TVL—multiple data points indicate that OpenEden is a highly anticipated newcomer in the RWA space. And importantly, it offers RWAFi opportunities accessible to retail investors.
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