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 combination will bring native access to brand-new tokenized possessions such as treasuries, securities, and stablecoins on chain

Suithe Layer 1 blockchain which has actually experienced explosive development given that its beginning 8 months back, today revealed that Ondo Finance is broadening into the Sui community. The growth will bring Sui Network’s very first native dollar-denominated token (consisting of stablecoins and interest-bearing stablecoin alternatives) in the kind of Ondo USD Yield or “USDY”– a United States treasury-backed and interest-bearing token provided by Ondo.

Ondo’s growth to Sui contributes to Sui’s blistering DeFi momentum, showing the development and need for monetary applications and native performance on chain. Sui’s DeFi volume is up more than 1200% given that October and Sui just recently burglarized the leading 10 DeFi communities as determined by TVL.

Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world properties onto public blockchains with $185M in TVL and over $1B worth of its newly-launched governance token trading in its very first week in late January. In addition to stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world properties will produce numerous brand-new chances for groups constructing on Sui.

Ondo’s growth into the Sui community likewise continues a pattern of leading tasks agreeably picking to incorporate into Sui. In December 2023, leading Solana loaning procedure Solend revealed it would release a loaning procedure native to Sui and decentralized derivatives exchange Bluefin also shuttered its V1 Arbitrum application to focus completely on Sui.

“The individuals who engage with our platform desire quick and effective deals, which need to be vital for any blockchain task,” stated Ondo’s creator and ceo, Nathan Allman. “Sui’s development and network efficiency deal clear verification that its network is the ideal suitable for Ondo’s environment.”

Tokenized treasury offerings represent tradable tokens backed by real-world properties, and their existence on Sui is a considerable action towards growing DeFi in the environment and throughout the market.

“Ondo is an incredible addition to the Sui community, offering a native yield-bearing stablecoin-like possession that will open brand-new chances for Sui’s home builders and designers and necessary brand-new performance for the users of their applications,” stated Greg Siourounis, Managing Director of the Sui Foundation. “Sui’s DeFi volume is currently growing at an impressive rate and Ondo’s involvement will make that trajectory even more powerful. I am delighted to see how Sui’s neighborhood leverages the real-world possessions and ingenious monetary items Ondo uses.”

Contact

Sui Foundation
media@sui.io