Tokenised Stocks (US) on Solana
Problem to Solve:
Retail Investors around the globe want to invest in US stocks or other capital markets but are constrained by low access and high forex costs of ~3-4%, which eat away a significant portion of their returns.
Tokenized Stocks on Blockchain are a great alternative. However, they are right now:
1) Only focused on Ethereum-ecosystems, no robust protocols on Solana
2) Synthetic stock was a great feature in FTX, but with its crash, there's a huge void in the market
Synthetify is an existing protocol on Solana but has failed to gain significant traction and is now almost dead with daily volume < $1000 post FTX crash.
Possible Solution:
A Synthetic protocol on Solana, where it tracks the price of US Stocks via Pyth/Switchboard oracle. A synthetic AMM pool can be created, or orderbooks like OpenBook (Serum) can be used.
How will it work:
1) User buys the tokenized stock, let's say AAPL, as per the real-world price tracked by Pyth Oracle. This will be transferred from an existing user.
2) User can also mint a tokenized stock by simply depositing the equivalent amount of USDC and redeeming likewise.
3) The stocks can either be fully backed by equivalent stocks, partnering with a US-based custodian, or hedged via equivalent futures to avoid any risk.
The key benefit of bringing it on-chain would be: increased accessibility, as anyone worldwide can trade these assets without relying on clunky international payments and long onboarding processes. Other synthetic assets like Bonds, Currencies, and commodities can also be bought later.
There's a significant demand for this product from a FinTech BD perspective. DM me at @yashhsm on Twitter/Telegram - I would be happy to guide you throughout and make connections if anyone is interested in building.
Resources:
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