Ondo Finance Teams Up with Pyth Network to Broaden USDY Availability Across 65+ Blockchain Platforms

Provider of tokenized real-world assets (RWA) Ondo Finance announced its partnership with the Pyth Network The introduction of the USDY-USD price feed will be accessible in over 65 blockchain ecosystems, empowering smart contract developers worldwide to access live data for Ondo’s leading yieldcoin, USDY.

"This is a significant advancement for developers and projects focused on shaping the future of finance,\" expressed Katie Wheeler, VP of Partnerships at Ondo Finance. \"A multitude of prominent DeFi applications and protocols depend on Pyth as their oracle provider. The USDY/USD price feed embodies a pivotal move towards bridging the gaps in the fragmented landscape of blockchain ecosystems, making institutional assets more widely available,\" she added.

This initiative will open new avenues for Ondo's USDY, allowing developers and innovative projects to shape finance's future while enhancing on-chain accessibility to institutional assets. Presently, the price feeds cater to the United States Dollar Yield (USDY), and with Pyth Network's extensive roster of over 100 primary data providers, there’s potential for feeding other RWAs based on the needs of Web3 developers.

Ondo's USDY represents a tokenized note backed by short-term U.S. Treasury securities, providing a reliable and yield-generating alternative to traditional stablecoins. By marrying the benefits of on-chain finance with the reliability of classic assets, USDY stands out as a viable option for both institutional and individual investors looking to engage with on-chain capital markets.

Ondo Finance Enhances USDY Accessibility Through Pyth USDY-USD Price Feed Integration

Furthermore, the rollout of the Pyth USDY-USD price feed amplifies USDY's presence across various ecosystems, including EVM, Solana, Move, and Bitcoin. This collaboration represents another critical step toward resolving the fragmented nature of blockchain ecosystems, promoting a cohesive and integrated DeFi experience. Cosmos This broadens USDY’s reach, allowing more on-chain projects to create markets for diverse applications, and presents multi-chain opportunities for DeFi platforms aiming to connect with new user segments. It also streamlines the flow of institutional investments into DeFi, enhancing the market's liquidity, security, and overall stability while offering real-time access to traditional capital markets, bridging DeFi with centralized finance solutions for Ondo’s tokenized offerings.

Among the pioneers in the ecosystem ready to leverage the newly introduced Pyth USDY-USD price feed are Solana and Mantle Foundations. A range of partners within the Pyth network are already implementing this price feed, widening its scope and utility. These partners feature Drift, FlashTrade, Thala, and DePerp. USDY This DeFi protocol is committed to democratizing access to institutional-level financial products and services. It achieves this by integrating actual financial instruments within the blockchain realm.

Notably, Aptos Be aware that the information available on this page does not constitute, and should not be interpreted as, any legal, tax, investment, or financial advice. It’s essential to only invest money you can afford to lose, and it is wise to seek independent financial counsel if you have any hesitations. For more information, we recommend reviewing the terms and conditions and referring to the help and support sections provided by the issuer or advertiser. MetaversePost strives for accuracy and impartial reporting; however, market conditions can change without prior notice.

Ondo Finance Alisa, a passionate journalist at Cryptocurrencylistings, specializes in the realms of cryptocurrency, zero-knowledge proofs, investments, and the expansive domain of Web3. With a sharp eye for emerging trends and technologies, she delivers in-depth coverage to engage and inform readers navigating the ever-changing landscape of digital finance.