Tori Finance Raises $50 Million for strUSD in 7 Days
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Tori Finance has announced that its institutional-grade delta-neutral yield product, strUSD, has successfully raised a pre-deposit limit of $50 million before its official launch, reaching the cap in just 7 days. strUSD offers an annual percentage yield (APY) of approximately 12%, with returns generated from global interest rate arbitrage strategies rather than from the cryptocurrency market's capital flows. This strategy involves borrowing in low-interest currencies, investing in high-interest markets, and utilizing foreign exchange hedging to lock in dollar returns, achieving yields that are lowly correlated with the cryptocurrency market cycles. Tori's founder, Samed Duzcay, stated that such trades were previously mainly participated in by large institutions, typically requiring a capital threshold of tens of millions of dollars. Tori has opened up these institutional strategies to ordinary users through on-chain tokenization. Users can deposit USDC or USDT to obtain the synthetic dollar asset trUSD and stake it to earn strUSD. This asset is based on the ERC-20 standard and can be integrated with DeFi protocols such as Morpho, Pendle, and Curve, and can also be used as collateral for lending to further amplify returns. Tori claims that the protocol constructs an on-chain asset-liability balance sheet through zero-knowledge proofs and a trusted execution environment, with real-time audits of off-chain funds conducted by the independent verification agency Accountable; digital asset investment firm RockawayX serves as the risk management entity and anchor liquidity provider. Tori's smart contracts have been audited by Sherlock and Nethermind, and Hypernative has been introduced for round-the-clock security monitoring, with all contract upgrades set to a 24-hour delay mechanism.
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