Posted: March 1, 2024 9:03 AM Updated: March 1, 2024 9:03 AM
Grand Cayman, Cayman Islands, March 1, 2024, Chainwire
Ondo launches native access to tokenized real-world assets on Sui.
Sui, a layer 1 blockchain offering industry-leading performance and infinite scalability, announced that its yield-providing stablecoin alternative to Ondo Finance is now live on its network and can be used immediately by builders, developers, and end users. USDY, Ondo’s US Treasury-backed and interest-bearing token, is Sui Network’s first native dollar-denominated token.
Ondo’s Sui extensions provide core functionality to enable builders and developers within the highly composable Sui ecosystem to create decentralized applications with even more functionality. Sui’s rapidly growing DeFi TVL and volume, along with adoption by major projects, including some from other platforms, indicates the network is seeing growing demand for next-generation financial applications.
Ondo Finance is the third largest platform providing real-world assets in tokenized form to public blockchains, with a TVL of $185 million. Ondo’s flagship treasury-backed token and other tokenized real-world assets will create numerous new opportunities for teams based on Sui. DeFi protocols initially integrating immediately with USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX.
“We are excited to offer builders and developers on Sui the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token,” said Nathan Allman, founder and CEO of Ondo. “The combination of our technologies provides this group, which is already creating apps at the forefront of DeFi, a unique opportunity to leverage Sui to further advance the industry.”
The tokenized treasury-backed instruments currently on Sui Network represent tradable tokens backed by real assets and are an important step towards the growth of DeFi across the ecosystem and industry.
“Sui’s rapid growth in the decentralized finance space, as seen by the significant assets and projects entering the ecosystem, clearly demonstrates that the network is ready to integrate modern assets into tokenized real-world assets,” said Greg Siourounis, Managing Director of Sui. .” base. “Having the USDY version of Ondo built into Sui will provide exciting new opportunities for Sui’s builders and developers and new capabilities for application users.”
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