For years, crypto traders posting collateral on exchanges have faced a tough tradeoff: use stablecoins like USDC or tether, which are, well, stable but pay no yield, or roll the dice with volatile assets like bitcoin and ether, risking a double hit when markets turn south: losses on your trade and on the collateral backing it.

Collateral plays a critical role in crypto. It’s the security deposit behind leveraged bets, ensuring traders can cover their losses when things don’t go their way. But until now, the options were limited: stable but idle, or productive but unpredictable.

Now, there’s a third…