21Shares, the Swiss-based manager that claims to be the world’s largest issuer of crypto ETPs, has launched the 21Shares USD Yield ETP (USDY), which provides exposure to US Dollars while using the collateral (USDC) to seek to generate income from the digital asset lending ecosystem via a fully collateralised ETP structure. Listed on the SIX Swiss Exchange, the fund takes US Dollars and lends them to counterparties against a minimum of 110pct collateral in Bitcoin and Ethereum. Bank Frick and Copper have been named as custodians of the ETP.
