Mantle and Ondo Finance launch RWA-backed USDY yield token

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Mantle and Ondo Finance launch RWA-backed USDY yield token
Mantle and Ondo Finance launch RWA-backed USDY yield token

mantle is a web3 ecosystem led by the Decentralized Autonomous Organization (DAO), which has partnered with Ondo Finance, a tokenized financial product platform, to launch USDY, a real-asset-based income token.

According to the announcement, USDY tokens will be introduced to the Mantle network following the release of USDY’s Ethereum Layer 1 to Mantle Layer 2 bridge. USDY is a upgradeable Ethereum-based ERC-20 token that will be available on Mantle’s decentralized exchanges such as Agni Finance and FusionX Finance.

According to data from the Steakhouse Financial Dune Analytics dashboard, Ondo Finance is the leader in tokenized assets, accounting for approximately 50% of the market. USDY has been legally constructed as a vehicle to bring crypto value to its holders. Users can also directly participate in USDY on Mantle through Ondo Finance’s issuance and participation mechanism.

USDY is an alternative to stablecoins such as Tether’s USDT and Circle’s USDC. This is a crypto note backed by short-term U.S. bonds and bank deposits. The development team stated that holders will receive the income generated by the underlying assets in the form of increased token value.

Ondo Finance is also expected to issue mUSD – a version of the token designed to stabilize its value at $1 – in the coming weeks and generate revenue through the distribution of new tokens.

“RWA is expected to play a key role in bringing sustainable returns to Mantle’s vast DeFi ecosystem, and USDY and mUSD are an important piece of the puzzle,” said Mantle Chief Alchemist Jordi Alexander. “We are excited to partner with Ondo Finance team up to build a highly liquid and accessible ecosystem for USDY and mUSD that can be used and traded like any stablecoin, but with the benefit of earning real U.S. bond yields from a crypto wallet. ”

Nathan Allman, founder and CEO of Ondo, said: “We are pleased to partner with Mantle to bring USDY to a market with deep secondary liquidity.”

Seed Liquidity from Mantle Treasury

Mantle Network just launched its alpha mainnet technology at the EthCC event in July.Following its May merger with investor BitDAO, which combined BitDAO’s governance framework and funding with the network, Mantle is now backed by one of the largest funding sources in the crypto industry, worth approximately US$2 billion.

Administrative advice MIP-26 Mantle was approved by the Mantle community in September to provide seed liquidity for a total of $60 million in stablecoins, consisting of real interest-bearing assets, 30,000 Ethereum ($56 million) and 20 million MNT ($8.2 million) ) support, with huge liquidity will be deployed to Mantle’s USDY and mUSD decentralized exchanges.

In addition to convenience, potential applications for tokens in the Mantle ecosystem include collateral support for financial derivatives and lending protocols, as well as yield-generating stablecoins on decentralized exchanges, which would be useful for enhancing liquidity, the development team said. The economic drivers of supply, settlement and settlement are critical.

“The blockchain pledged asset network is one of the applications with the greatest potential to bring significant benefits to users due to its ability to deliver sustainable yields on the blockchain,” they added. “Mantle’s approach to pledged assets is one of focus Careful research and thorough due diligence have been conducted to provide the best product experience to the community.”

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