Yield-Bearing USDY Launches on Aptos

The Aptos Foundation announced the launch of USDY, a yield-bearing stablecoin backed by US Treasurys, on the Aptos blockchain, aiming to democratize finance.

The Aptos Foundation announced the launch of USDY, a yield-bearing stablecoin backed by US Treasurys, on the Aptos blockchain. The foundation aims to democratize finance with the launch of USDY.

Aptos Foundation Announces Launch of Yield-Bearing USDY

The Aptos Foundation, which promotes development on the decentralized Aptos network, announced the debut of Ondo US Dollar Yield (USDY), a stablecoin that bears a yield on the Aptos blockchain.

The Aptos Foundation announced that USDY, a token backed by US Treasurys, will be available to non-US users that utilize the Aptos blockchain. The digital asset is still awaiting registration under the US Securities Act.

The announcement was made by the Aptos Foundation, highlighting the positive aspects of stablecoins in democratizing finance and aiding underprivileged communities.

Crypto Firms are Now Buying US Debt

In a strange turn of events, crypto firms and stablecoin issuers are ramping up their purchases of US government debt.

One example is Tether, a cryptocurrency pegged to the US dollar and backed by US Treasury bills. The stablecoin issuer disclosed in 2023 that it holds $72.5 billion in US Treasury notes.

Cointelegraph adds that the concept of stablecoins aiding the currency has even piqued the interest of Paul Ryan, a former US congressman. The ex-US House speaker highlighted the potential impact of dollar-pegged stablecoins in maintaining demand for the currency, considering geopolitical pressures to remove the dollar from international trade agreements. This demand could extend the dominance of the US dollar by decades.

Several crypto exchanges have recently received approval from regulators to allow customers to invest in US Treasury bills, including Binance.US in July. The agreement stipulated that Binance.US could purchase the instruments through a third-party custodian, and the customer’s funds would not be reinvested in Binance.US or any of its affiliates.

Tokenized US Treasury Market to Grow

According to research expert Tom Wan, the tokenized US Treasury market is expected to reach $3 billion by the end of 2024.

The strategist predicts that more capital will enter the market for tokenized US debt instruments as BlackRock and Securitize begin selling tokenized Treasury securities.

BlackRock’s Institutional Digital Liquidity vehicle (BUIDL) is currently the largest tokenized Treasury investment vehicle in the world, the expert adds.

The above is the detailed content of Yield-Bearing USDY Launches on Aptos. For more information, please follow other related articles on the PHP Chinese website!