The introduction of the Ondo USDY Treasuries Token on the Sui platform marks a significant milestone.
On March 1, 2024, in Grand Cayman, Cayman Islands, Chainwire released this news.
Ondo has successfully unlocked native access to tokenized assets in the real-world sphere on the Sui network.
Sui, renowned for its exceptional performance and limitless scalability within the Layer 1 blockchain arena, has revealed that Ondo Finance’s innovative yield-bearing stablecoin alternative is now operational and ready for use by developers and builders. Notably, Ondo's treasury-backed and interest-generating token, USDY, becomes the first dollar-pegged token to join the Sui Network.
The move of Ondo to the Sui platform equips developers with essential tools, empowering them to craft decentralized applications with enhanced capabilities amidst the highly adaptable Sui ecosystem. The rising total value locked (TVL) and transaction volume within Sui, coupled with its growing adoption by leading projects—some transitioning from other platforms—signals an expanding demand for its cutting-edge DeFi solutions.
Ondo Finance stands as the third-largest entity driving the incorporation of tokenized real asset forms into public blockchain frameworks, boasting a $185 million TVL. The introduction of Ondo’s premier treasury-backed tokens and other digitized assets heralds a plethora of opportunities for development teams on Sui. At launch, several DeFi protocols, including Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX, are set to integrate USDY for immediate use.
Nathan Allman, the founder and CEO of Ondo, expressed his enthusiasm, stating, \"I am thrilled to introduce Ondo’s distinctive treasury-backed, yield-generating USDY token to the Sui development community. The synergy of our technologies presents an unparalleled opportunity for these innovators, who are already leading the charge in DeFi, to use Sui to propel the industry to new heights.\"
The newly minted treasury-backed tokens on the Sui Network signify a groundbreaking move towards enhancing decentralized finance both within the ecosystem and throughout the wider industry.
Greg Siourounis, Managing Director of the Sui Foundation, remarked, \"Sui’s swift advancement in the decentralized finance realm is evident in the influx of valuable assets and projects into the ecosystem, clearly indicating that the network is poised for the adoption of the latest tokenized real-world assets. Having a native version of Ondo’s USDY enriches opportunities for Sui’s developers and introduces innovative features for the users engaging with their applications.\"
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