Ondo Finance U.S. Dollar Yield Token USDY Enters Cosmos Blockchain

This site (120BtC.coM): The decentralized investment platform Ondo Finance cooperates with Noble Blockchain to issue the Ondo U.S. dollar income token USDY on its chain, introducing USDY to the Cosmos ecosystem of more than ninety specific applications In the system, USDY can be used in various financial applications such as transactions, loan collateral, and borrowing.

What is USDY?

USDY is a tokenized note backed by short-term U.S. Treasury bills and bank demand deposits. It is a tokenized product launched by the decentralized investment platform Ondo Finance in August last year. USDY can be used by non-U.S. individual and institutional investors. The minimum purchase amount is only $500 and can be on the chain 40-50 days after purchase. transfer.

Its partners include Morgan Stanley and StoneX, which are responsible for holding short-term U.S. Treasury bonds, while First Citizens and Coinbase Prime also provide guarantees for bank deposits and cash equivalents (accounting for less than 0.01%) .

USDY’s current TVL is US$340 million, with an annualized return rate of 5.3%.

USDY enters the Cosmos blockchain

Ondo Finance cooperates with Noble Blockchain this time to issue USDY on its chain. Noble is a Cosmos application-specific blockchain that provides native asset issuance for the Cosmos ecosystem and is best known for being the native asset issuance network for Circle’s USDC stablecoin in the Cosmos ecosystem. Since its initial launch in September 2023, the value of locally issued USDC on Noble has exceeded $243 million.

Including Injective, Osmosis, Kujira and Pyth will also adopt USDY. In particular, Helix, a derivatives exchange on Injective, will launch USDY as a collateral pair for spot assets and perpetual markets, which will allow users to conduct on-chain transactions and earn income through USDY for the first time. Hydro, another protocol on Injective, will also incorporate USDY into its structured assets, allowing users to earn on-chain returns.

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