Grand Cayman, Cayman Islands, March 1, 2024, Chainwire
Ondo launches native access to real-world tokenized assets on Sui
Sui, the layer 1 blockchain that delivers industry-leading performance and infinite scalability, announced that Ondo Finance's yield stablecoin alternative is now live on the network and available for immediate use by builders, developers and their end users. Ondo's interest-bearing, US Treasury-backed USDY token is the Sui Network's first native dollar-denominated token.
Ondo's expansion to Sui delivers key capabilities allowing builders and developers in the ultra-composable Sui ecosystem to create decentralized applications with many more features. Sui's rapidly increasing TVL and DeFi volume, as well as its adoption by leading projects, including some other platforms, indicate a network that is seeing growing demand for its next-generation financial applications.
Ondo Finance is the third largest platform bringing tokenized forms of real-world assets onto public blockchains with $185 million in TVL. Flagship tokens backed by Ondo Treasury and other real-world token assets will create countless new opportunities for teams building on Sui. Initially, DeFi protocols with immediate USDY integrations include 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 USDY token to Sui builders and developers,” said Ondo Founder and CEO Nathan Allman. “The combination of our technologies provides this group, which is already creating applications at the forefront of DeFi, a unique opportunity to leverage Sui to further advance the industry.”
The tokenized treasury-backed offerings that now exist on the Sui Network represent tradable tokens backed by real-world assets, marking an important step toward the growth of DeFi in the ecosystem and industry as a whole.
“Sui’s rapid growth in decentralized finance, exemplified by significant assets and projects coming into the ecosystem, is a clear illustration that the network is ready to integrate the latest real-world tokenized assets,” said Greg Siourounis , general manager of Sui. Foundation. “Having a version of Ondo USDY native to Sui will open up exciting new opportunities for Sui builders and developers and new features for users of their applications.
Contact
Sui Foundation
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