Ondo launches native access to tokenized real-world assets on Sui.
Sui, the layer one blockchain that offers industry-leading performance and infinite scaling, has announced that Ondo Finance’s yield-bearing stablecoin alternative is now live on the network and available for immediate use by builders, developers and their end users.
Ondo’s US Treasury-backed and interest-bearing token USDY is the Sui Network’s first native dollar-denominated token.
Ondo’s expansion to Sui offers key functionalities enabling builders and developers within the ultra-composable Sui ecosystem to create DApps (decentralized applications) with significantly more features.
Sui’s fast-rising DeFi TVL (total value locked) and volume along with its adoption by leading projects, including some from other platforms ndicates a network that is experiencing growing demand for its next-generation financial applications.
Ondo Finance is the third-largest platform bringing tokenized forms of RWAs (real-world assets) onto public blockchains with $185 million in TVL.
Ondo’s flagship US Treasury-backed tokens and other tokenized RWAs will create countless new opportunities for teams building on Sui.
At inception, DeFi protocols with immediate integrations of USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos and KriyaDEX.
Nathan Allman, founder and CEO of Ondo, said,
“I am extremely excited to bring the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token to the builders and developers on Sui.
“The combination of our technologies offers this group, which is already creating apps at the forefront of DeFi, a unique opportunity to leverage Sui to advance the industry even further.”
The tokenized US Treasury-backed offerings that now live on the Sui Network represent tradable tokens backed by RWAs, marking a significant step toward growing DeFi in the ecosystem and across the industry.
Greg Siourounis, managing director of Sui Foundation, said,
“Sui’s rapid growth in [DeFi], exemplified by the significant assets and projects coming to the ecosystem, is a clear illustration that the network is ready to incorporate the latest in tokenized [RWAs].
“Having a version of Ondo’s USDY that is native to Sui will unlock exciting new opportunities for Sui’s builders and developers and new features for the users of their applications.”
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- Source: https://dailyhodl.com/2024/03/01/ondo-usdy-treasuries-token-now-available-on-sui/
