Ondo Finance and Drift Protocol Partner to Integrate Real-World Assets into the Solana DeFi Ecosystem

Marking the first time yieldcoins can be used as collateral on a perpetuals platform, we are excited to announce that $USDY is now available as collateral on

Tokenized real-world asset provider Ondo Finance has integrated its yieldcoins with Solana-based decentralized trading platform Drift Protocol, allowing USDY to be used as collateral on the platform for the first time.

Announcing the partnership on Monday, Ondo Finance said that the integration will enable traders to earn yield on their collateral while simultaneously executing trades.

USDY is a token that is fully backed and redeemable 1:1 for a portfolio of short-term U.S. Treasury bills, offering a 5.30% annual percentage yield. The token serves as a bridge between traditional finance and decentralized finance (DeFi).

Cindy Leow, co-founder of Drift, said that the partnership is in line with Drift’s aim to create a fully on-chain platform for trading any asset with any collaterals.

“Ondo’s solution opens up utility for tokenized real-world assets to unlock more capital efficiency for traders,” Leow added.

The collaboration between Ondo Finance and Drift Protocol could foster the development of these relationships and the popularity of RWAs in DeFi to create the possibility of admitting more tokens relating to RWA, which will complement the variety and quality of pledged collateral among the traders.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ondo-finance-drift-protocol-partner-integrate-real-assets-solana-defi-ecosystem.html

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