Ondo Finance Brings Real-World Assets and Yield-Bearing Stablecoin-Alternative, USDY, to Sui

[PRESS RELEASE – Grand Cayman, Cayman Islands, February 7th, 2024]

Ondo’s Sui upcoming integration will bring native bag entry to to contemporary tokenized sources similar to treasuries, securities, and stablecoins on chain

Sui, the Layer 1 blockchain which has experienced explosive assert since its inception eight months previously, today announced that Ondo Finance is expanding into the Sui ecosystem. The expansion will bring Sui Community’s first native buck-denominated token (including stablecoins and hobby-bearing stablecoin substitutes) in the originate of Ondo USD Yield or “USDY” — a US treasury-backed and hobby-bearing token issued by Ondo.

Ondo’s expansion to Sui provides to Sui’s blistering DeFi momentum, demonstrating the expansion and demand for financial functions and native performance on chain. Sui’s DeFi volume is up larger than 1200% since October and Sui not too long previously broke into the top 10 DeFi ecosystems as measured by TVL.

Ondo Finance is the third-greatest platform bringing tokenized derivatives of trusty-world sources onto public blockchains with $185M in TVL and over $1B fee of its newly-launched governance token trading in its first week in silly January. To boot to stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and trusty-world sources will originate limitless contemporary opportunities for groups building on Sui.

Ondo’s expansion into the Sui ecosystem additionally continues a style of top projects affirmatively selecting to combine into Sui. For instance, in December 2023, main Solana lending protocol Solend announced it would open a lending protocol native to Sui and decentralized derivatives swap Bluefin likewise shuttered its V1 Arbitrum implementation to focal point entirely on Sui.

“The oldsters that work together with our platform need rapid and ambiance pleasant transactions, which would possibly perchance comprise to be mandatory for any blockchain mission,” said Ondo’s founder and chief executive officer, Nathan Allman. “Sui’s assert and network performance offer clear confirmation that its network is the appropriate fit for Ondo’s ecosystem.”

Tokenized treasury offerings signify tradable tokens backed by trusty-world sources, and their presence on Sui is a considerable step toward rising DeFi in the ecosystem and one day of the industry.

“Ondo is an astonishing addition to the Sui ecosystem, offering a native yield-bearing stablecoin-love asset that can free up contemporary opportunities for Sui’s builders and developers and mandatory contemporary performance for the customers of their functions,” said Greg Siourounis, Managing Director of the Sui Foundation. “Sui’s DeFi volume is already rising at a noteworthy price and Ondo’s participation will originate that trajectory even stronger. I am infected to look how Sui’s team leverages the categorical-world sources and modern financial merchandise Ondo offers.”

Contact

Sui Foundation
media@sui.io