FX currencies, Gold, Silver, Commodities... the world of assets are moving on-chain.
But the legacy design force a difficult tradeoff between Price Efficiency, Liquidity, or Yield.
Tenbin will change that, one asset at a time.
Non-USD assets and FX carry have not scaled on-chain.
The issue is not yield.
It is exit liquidity.
This chart shows the current liquidity landscape for tokenized FX: USDC depth, redemption speed, and whether a $100k exit can clear on-chain without becoming the market.
For non-USD tokenized assets, getting the yield on-chain is the easy part.
Getting the liquidity on-chain is the hard part.
Until liquidity is fast, deep, and boring, on-chain FX carry remains niche, with limited access and exit.
Tenbin will change that.
Crypto market keeps trying to repackage USD rates, then move further out the private-credit risk curve for extra yield.
Meanwhile, BRL & MXN carry is straightforward and often overlooked.
Brazil Selic: 14.50%
Banxico: 6.50%
Fed upper bound: 3.75%
On the bond rating side,
Mexico: Baa3, ~9.35% 10Y
Brazil: Ba1, ~14.15% 10Y
For one of the most liquid currency (besides G7), the yield + rating + FX performance mix is worth paying more attention to.
Bootstrapping deep AMM liquidity is super expensive.
We saw it with XAUT/USDT on @Uniswap; native fees alone couldnβt sustain meaningful liquidity.
Luckily we donβt have to do that with our tokenized gold, $tGLD, or any of our future assets.
We are built different.
Tenbin
From this chart, you can clearly see when Tether started incentivizing on-chain LPs for the XAUT/USDT pool on Uniswap.
They pushed hard right after XAUT launched in Nov 2021, then stopped around April 2022. At the end of the day, incentivizing MMs and liquidity on AMMs is just cash subsidies.
After the initial launch phase, even as gold prices climbed steadily, the XAUT/USDT pool was only generating a few hundred dollars per month in fees. Thatβs nowhere near enough to sustain any sizable LP position. BUT this was the natural state of LP returns. It stayed that way for years until Tether restarted the MM incentive push again in Aug 2025.
This chart drives home a key point: AMMs only remain as liquid as the incentives (or MMs) thrown at them. Itβs hardly a sustainable business model for an asset issuer to keep bleeding cash supporting AMM liquidity forever, especially for assets like gold that have basically little to no native yield.
This is exactly why we built a new tokenization model at @tenbinlabs to create more efficient, capital-light liquidity solutions that donβt rely on perpetual liquidity subsidies from the issuer.
tGLD is a tokenized gold RWA issued by tenbin, launched last week. But how does it actually work?
Our agent built a balance sheet graph that shows the transparent structure of the asset at a glance, using onchain data and attestations from their TEE π