Most onchain trading platforms are stuck in a cycle of USD dependence. Whether it’s centralized exchanges or other perpetuals DEXs, their market structures are built around USD-backed stablecoins like USDT and USDC, forcing traders into unnecessary conversions and liquidity fragmentation. Cables Finance is breaking this mold by introducing non-USD perpetuals and yield-bearing RWAs, creating a unified system where liquidity moves freely, capital stays productive, and global markets are fully integrated. Cables Finance is setting a new standard for onchain trading.
Breaking the USD Dependence in Onchain Trading
Crypto markets have long mirrored traditional finance’s reliance on USD, limiting true financial accessibility. Even in DeFi, liquidity is overwhelmingly tied to USD, sidelining traders looking for direct exposure to non-USD assets. This creates inefficiencies that slow down capital movement, force traders into redundant swaps, and lock real-world markets out of DeFi’s potential.
Cables introduces non-USD perpetuals, allowing traders to hedge, speculate, and move liquidity without getting stuck in USD conversion loops. Assets like cEUR, cJPY, and cXAU aren’t just representations of offchain value—they are yield-generating instruments and active trading collateral. This shift moves DeFi from a USD-centric framework to one that actually reflects global markets. The integration of non-USD liquidity is a core element of Cables’ vision, and their fundamentals explain why this shift is necessary.
Liquidity Should Never Sit Idle
Most trading platforms treat liquidity as a static resource, separating yield generation from active trading. Traders must choose between staking assets to earn returns or deploying them as collateral. This outdated separation fragments capital and slows down the trading experience. Cables eliminates this inefficiency, allowing assets to remain productive at all times.
Holding cEUR, cJPY, or cXAU isn’t just about having exposure to those assets—it’s about earning while you trade. Through Cables’ Liquidity Flywheel, staked RWAs generate yield while functioning as collateral, eliminating the need to unstake assets or shuffle liquidity between protocols. This makes it possible to hedge FX exposure, access decentralized gold markets with cXAU, or trade real-world assets without reliance on centralized FX intermediaries. More importantly, Cables’ approach to liquid staking explains why this innovation is so important.
The Problem with USD-Denominated Perpetuals
Traditional DeFi platforms—whether centralized or decentralized—force traders into a USD-first model that doesn’t reflect the actual needs of global markets. Even protocols that claim to offer broad asset support still default to USD-denominated pairs, making it difficult for FX traders to hedge non-USD currencies without costly workarounds. Commodity traders face similar barriers when looking to access gold and other real-world stores of value. And for DeFi users in non-USD economies, conversion fees and inefficiencies make interacting with stable assets far more expensive than it should be.
Cables breaks this cycle by allowing direct trading in non-USD markets, setting a new precedent for how onchain perpetuals should work. Instead of forcing traders into a narrow system, Cables enables real diversification, offering exposure to a global financial network rather than just a USD-based liquidity pool.
A System That Trades While You Earn
DeFi trading shouldn’t force a choice between staking for yield and deploying capital into the market. Cables rethinks this entirely by merging the two functions into a single, capital-efficient system. A trader holding cEUR isn’t waiting for an opportunity to deploy assets—they are earning yield while maintaining full collateral flexibility. This allows for leveraged trading, hedging, and portfolio management without the need to unstake assets or transfer liquidity between different protocols. The process removes costly inefficiencies and allows for a more dynamic, efficient trading experience.
The Trading Desk DeFi Actually Needs
Cables is not just another perpetuals platform—it is redefining what an onchain financial system should be. By combining yield-generating RWAs with a multi-asset perpetuals DEX, it eliminates inefficiencies that have long held DeFi back. Traders aren’t just swapping between digital assets; they are gaining access to real-world markets with real liquidity.
Most DeFi platforms are still constrained by a USD-centric model, making incremental improvements without addressing the core issue of accessibility. Cables moves past these limitations by building a capital-efficient trading system that aligns with how modern financial markets actually work. The integration of non-USD perpetuals is more than an added feature—it is a fundamental shift in how liquidity moves, how assets are used, and how traders engage with global finance.
For those looking to be part of the next evolution in onchain trading, Cables offers a vision that moves past outdated systems and opens new possibilities for global market access.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.