Apollo Crypto to manage USDC-based tokenized yield product

Digital asset manager Apollo Crypto is set to manage mEVUSD, a USDC-based tokenized product, The Block reported. The product was jointly developed by non-custodial staking infrastructure provider Everstake and on-chain investment platform Midas. mEVUSD is designed with a strategy to generate yield from idle stablecoin funds. It focuses on minimizing market directional risk by pursuing profits from financial and interest rate spreads rather than betting directly on cryptocurrency price appreciation. The target annual yield is between 7% and 12%.