Crypto exchange BingX has launched BXUSD, a yield-bearing savings product backed by its investment in a U.S. money market fund managed by Franklin Templeton. The product gives eligible users access to daily yield accruals while allowing them to redeem their assets or use BXUSD as margin for USDT-margined futures trading, subject to the applicable terms.

BingX said the launch expands yield opportunities within its ecosystem and advances its broader multi-asset strategy. As part of its partnership with Franklin Templeton, the exchange invested in the fund to support BXUSD, which is available exclusively on the BingX platform as a yield-bearing certificate.

Users can subscribe with a minimum of 0.1 USDT and pay no subscription fees. BingX said BXUSD is credited instantly to users’ spot accounts at a ratio of 1 BXUSD to 1 USDT.

“BXUSD reflects our ongoing commitment to making the multi-asset trading experience more versatile and accessible,” BingX Chief Strategy Officer Kevin Lee said.

Lee said integrating a yield product based on a fund gives users more options for managing their assets while preserving the flexibility to move between savings and trading. He added that the product represents another step in BingX’s efforts to connect digital assets with opportunities in traditional financial markets.

Yield, margin and redemption features

BXUSD offers a variable annual percentage yield that BingX publishes and updates daily. Yield accrues automatically in BXUSD, according to the company.

Users can also transfer BXUSD to their USDT-margined futures accounts and enable Multi-Assets Mode. In that mode, each BXUSD counts as 1 USDT of margin while continuing to generate yield under the applicable product terms.

The product provides fast and standard redemption options. BingX said fast redemption typically takes about one minute, subject to the relevant terms.

The company said BXUSD adds fund-based yield generation to its existing trading products and marks another stage in the expansion of its traditional finance offering. BingX’s wider ecosystem includes spot and futures trading, copy trading and traditional finance products, with the company aiming to provide more flexible tools for managing different asset classes on one platform.

Source: Incrypted