# Proprietary Trading Firm JPEG Trading Launches RWA Curation Business

- Link: https://www.thailand-business-news.com/pr-news/proprietary-trading-firm-jpeg-trading-launches-rwa-curation-business
- Published: 2026-06-22T22:36:00+07:00
- Author: PR Newswire

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BETANIA, Panama, June 22, 2026 /PRNewswire/ — JPEG Trading, a quantitative trading
firm specializing in cryptocurrency, decentralized finance, market structure, and
digital asset liquidity, today announced the launch of its curation business with
first vaults to be available on Euler, the modular lending platform for building
and managing custom onchain credit markets.

The launch marks JPEG Trading’s entry into one of the most important emerging functions
in decentralized finance: asset curation. As lending markets become increasingly
specialized, effective curation plays a critical role in determining which assets
can be responsibly and efficiently integrated into onchain financial systems.

JPEG Trading’s approach combines deep technical and financial diligence with direct
capital commitment. Rather than simply recommending assets, JPEG will focus on curating
markets where it is willing to deploy its own balance sheet, creating alignment 
between its risk assessments and the outcomes experienced by users.

"We believe curation is one of the most important functions in DeFi, yet it remains
significantly underinvested in," said Kevin March, cofounder of JPEG Trading. "The
next phase of onchain finance requires specialists who can evaluate complex assets,
understand their risks, and help create liquid, useful markets around them. Our 
philosophy is simple: if we’re willing to underwrite an asset, we should be willing
to hold exposure to it ourselves."

JPEG Trading specializes in evaluating assets that require niche technical, market
structure, or financial diligence. By combining quantitative research, market expertise,
and capital commitment, the firm aims to expand access to high-quality collateral
that may have historically lacked sufficient underwriting or liquidity support.

The first asset curated by JPEG Trading will be tGLD, a tokenized gold product by
Tenbin Labs backed by CME gold futures held in cleared margin rather than physically
vaulted gold bullion. tGLD’s unique structure allows for liquidity among tokenized
gold products. JPEG Trading intends to maintain balance sheet exposure to tGLD, 
reflecting the firm’s belief that the strongest underwriting comes from curators
who are willing to stand behind their analysis with their own capital.

"JPEG Trading has been a long-time partner of Tenbin Labs, and we’re excited to 
see them launch a curation business around the next generation of RWA assets. While
most onchain RWA markets today are centered on yield-bearing USD products, JPEG 
is helping create a new model for curating and underwriting non-USD assets, beginning
with tGLD, our liquid tokenized gold product. Their balance sheet commitment and
market structure expertise make them a strong partner for bringing Tenbin’s inherently
liquid assets onchain and enabling differentiated yield opportunities, including
potential gold-denominated yields of 4–6% on tGLD through their vault." said Yuki
Yuminaga, cofounder & CEO at Tenbin Labs.

The launch represents the first step in JPEG Trading’s broader vision for the role
of sophisticated market makers in DeFi: through a transparent, incentive-aligned
framework that helps bring high-quality assets onchain with liquidity and utility
while maintaining rigorous risk standards.

**About JPEG Trading**

JPEG Trading is a global proprietary trading firm operating across cryptocurrency
and decentralized finance markets. The firm specializes in high-frequency and mid-
frequency trading and operates across the entire spectrum of tradable assets issued
on blockchains.

**About Tenbin**

Tenbin Labs is building a tokenized asset issuance protocol that brings instantly
liquid real-world assets onchain. Its platform enables yield-bearing, composable
assets across non-USD stablecoins, gold, and commodities, unlocking DeFi strategies
such as onchain FX carry trades, USDC credit against yield-bearing FX assets, and
new yield opportunities across RWAs.

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