Concrete partners with Fypher Labs, Ether.fi on institutional vaults for fyUSD

Concrete announced on Nov. 11 that it has partnered with Fypher Labs and Ether.fi (ETHFI) to provide institutional-grade vault infrastructure for the new stablecoin fyUSD. Under the partnership, Ether.fi will allocate capital to Fypher Vaults built on Concrete, with the initial fyUSD issuance set at $10 million. Concrete will handle investment strategy allocation and execution within the vaults, as well as accounting and rebalancing.