Mantle and Ondo Finance launch RWA-backed USDY yield token

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The Web3 ecosystem, led by decentralized autonomous organization Mantle, has partnered with tokenized financial products platform Ondo Finance to launch USDY, a yield token backed by real-world assets.

Ondo Finance

According to the announcement, the yield token will be introduced to the Mantle network following the launch of USDY’s Ethereum Layer 1 to Mantle Layer 2 bridge. USDY is an upgradeable Ethereum ERC-20 token that can be purchased on Mantle on decentralized exchanges such as Agni Finance and FusionX Finance.

According to the Steakhouse Financial Dune Analytics dashboard, Ondo Finance is a leader in tokenized securities with approximately 50% market share and legally structures USDY as a tokenized bearer certificate. Users can also transfer to USDY directly on Mantle through Ondo Finance’s bridging and minting mechanism.

An alternative to stablecoins such as Tether’s USDT and Circle’s USDC, USDY is a tokenized bond backed by short-term U.S. Treasury bills and bank demand deposits. According to the team, holders will receive profits generated through the underlying assets in the form of token value accumulation.

The team added that Ondo Finance expects to release a mUSD rebasing plan (a packaged version of mUSD designed to maintain the $1 peg and distribute interest through the new token) in the coming weeks.

“RWA (Real World Assets) are expected to play a key role in helping Mantle’s broader DeFi ecosystem achieve sustainable returns, and USDY and mUSD are an important piece of the puzzle. Math. We are excited to partner with Ondo Finance to provide USDY and mUSD build a highly liquid and accessible ecosystem to be used and traded like any stablecoin, but with the added benefit of mining. Mine real-world U.S. Treasury yields directly from your crypto wallet,” Mantle says contributor Jordi Alexander.

Ondo founder and CEO Nathan Allman commented:

“We are excited to partner with Mantle to bring USDY to markets with deep secondary liquidity.”

Mantle Treasury has ample seed liquidity

Mantle Network announced its mainnet alpha version at EthCC in July. Following its merger with backer BitDAO in May, which merged BitDAO’s governance framework and vaults with the network, Mantle is now one of the largest silver-backed cryptocurrencies, worth approximately $2 billion.

Administrative advice MIP-26 Mantle was approved by the Mantle community in September to provide initial liquidity, with RWA proceeds totaling up to $60 million supporting stablecoins, 30,000 ETH ($56 million) and 20 million MNT ($8.2 million). Currently, sufficient liquidity will be deployed Go to Mantle DEX to get USDY and mUSD.

In addition to accessibility, potential use cases for the token in the Mantle ecosystem include collateral for derivatives and lending protocols, as well as stablecoins to generate returns in DEXs, the team said. Strengthen financial incentives for supply, payments and payment processing.

“RWA on the blockchain is one of the use cases with the greatest potential to deliver significant benefits to users due to its ability to deliver sustainable organic returns. Mantle’s foray into RWA follows careful research and thorough due diligence. To provide the best product experience to its community.”

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