##  [# 21Shares Launches Bitcoin, Ethereum Collateralised US Dollar Yield ETP](/sections/bitcoin-crypto/21shares-launches-bitcoin-ethereum-collateralised-us-dollar-yield-etp) 

 

# 21Shares Launches Bitcoin, Ethereum Collateralised US Dollar Yield ETP

 

 

 USDY targets a yield of 5%.



 

 

 

 

 [![etf](/sites/default/files/styles/author_image_icon/public/2023-03/etf_com_logo.png?itok=tX9VZitZ "etf")](/contributors/theo-andrew) 

[By Theo Andrew](/contributors/theo-andrew)

 May 26, 2022

 Edited by: Theo Andrew

 

 

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***\[Editor’s note:*** *[This article originally appeared](https://www.etfstream.com/news/21shares-launches-bitcoin-and-ethereum-collateralised-us-dollar-yield-etp/) on ETF Stream\]*

**London** – [21Shares](https://www.etfstream.com/companies/21shares/) has expanded its crypto offering with the launch of the world’s first US dollar yield exchange-traded product (ETP) collateralised by bitcoin and ethereum.

The 21Shares USD Yield ETP (USDY) – listed on the SIX Swiss Exchange – takes US dollars and lends them to counterparties against a minimum of 110% collateral in bitcoin and ethereum market-to-market daily.

USDY looks to generate a dollar-denominated yield of 5% and has a total expense ratio of 0.30%.

21Shares said the returns generated are added directly to the net asset value of the ETP.

The crypto specialist said the product is designed to tackle more than a decade of historically low-interest rates and high asset values along with a highly inflationary environment.

[Ophelia Snyder](https://www.etfstream.com/people/ophelia-snyder/), president and co-founder of 21Shares, said: “We’re in an environment where interest rates are negative and we are excited to offer a first of its kind product that can provide meaningful risk-adjusted yield.

“USDY does this by tapping into the crypto capital markets where rates are higher while also providing liquidity.

“With USDY, we are introducing a financial product fully dedicated to providing a yield and minimizing risk.”

It comes after 21Shares launched the first spot bitcoin and ethereum ETFs in Australia [earlier this month](https://etfstream.com/news/first-crypto-etfs-to-launch-in-australia-on-thursday/), in partnership with ETFS Securities.

The issuer also [launched](https://etfstream.com/news/21shares-unveils-layer-1-and-defi-crypto-etps/) a Layer 1 and decentralized finance (Defi) infrastructure ETPs in May with TERs of 2.50%, offering investors exposure to the five largest blockchains that form the foundation of the Defi universe.



 

 

 [ Theo Andrew ](/contributors/theo-andrew) 

 

 

  Theo Andrew joined ETF Stream as a senior reporter in September 2021. He has over four years of investment writing experience spanning pensions and…   [View Bio](/contributors/theo-andrew)

 



 

 


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 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Blockchain](http://www.etf.com/topics/blockchain)