Grand Cayman, Cayman Islands, March 1st, 2024, Chainwire
Ondo launches native entry to tokenized real-world belongings on Sui
Sui, the Layer 1 blockchain that gives industry-leading efficiency and infinite scaling, has introduced that Ondo Finance’s yield-bearing stablecoin various is now reside on the community and obtainable for instant use by builders, builders and their finish customers. Ondo’s US treasury-backed and interest-bearing token, USDY, is the Sui Community’s first native dollar-denominated token.
Ondo’s growth to Sui presents key functionalities enabling builders and builders inside the ultra-composable Sui ecosystem to create decentralized purposes with considerably extra options. Sui’s fast-rising DeFi TVL and quantity, together with its adoption by main tasks, together with some from different platforms, signifies a community that’s experiencing rising demand for its next-generation monetary purposes.
Ondo Finance is the third-largest platform bringing tokenized types of real-world belongings onto public blockchains with $185M in TVL. Ondo’s flagship Treasury-backed tokens and different tokenized real-world belongings will create numerous new alternatives for groups constructing on Sui. At inception, DeFi protocols with instant integrations of USDY embody Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos and KriyaDEX.
“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,” mentioned Ondo’s founder and CEO, Nathan Allman. “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 treasury-backed choices that now reside on the Sui Community symbolize tradable tokens backed by real-world belongings, marking a major step towards rising DeFi within the ecosystem and throughout the {industry}.
“Sui’s rapid growth in decentralized finance, 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 real-world assets,” mentioned Greg Siourounis, Managing Director of the Sui Basis. “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.”
Sui Basis
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