Grand Cayman, Cayman Islands, March 1st, 2024, Chainwire
Ondo Launches Native Access to Tokenized Real-World Assets on Sui Network
The Sui Network, with its unmatched performance and infinite scaling capabilities, has announced the launch of Ondo Finance’s yield-bearing stablecoin alternative. The network now offers immediate access to Ondo’s US treasury-backed and interest-bearing token, USDY, for builders, developers, and their end users. This marks the first native dollar-denominated token on the Sui Network.
Ondo’s expansion to the Sui Network provides key functionality to builders and developers within the ultra-composable ecosystem. This allows for the creation of decentralized applications with advanced features. Sui’s fast-growing DeFi TVL and volume, as well as adoption by leading projects from other platforms, demonstrate a growing demand for its next-generation financial applications.
Ondo Finance, with a TVL of $185M, is the third largest platform for tokenizing real-world assets on public blockchains. The availability of Ondo’s flagship Treasury-backed tokens on the Sui Network opens up new possibilities for teams developing on the network. DeFi protocols, such as Aftermath Finance, Cetus NAVIGATION Protocol, Typus Finance, Bucket Protocol, and Turbos KriyaDEX, have already integrated USDY.
“I am extremely excited to bring the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token to the builders and developers on the Sui Network,” said Nathan Allman, Founder and CEO of Ondo. “The combination of our technologies offers this group, which is already creating apps at the forefront of DeFi, a unique opportunity to leverage Sui to advance the industry even further.”
The Tokenized Treasury-backed offerings are now live on the Sui Network, representing a major step towards the growth of the DeFi ecosystem.
“Sui’s rapid growth in decentralized finance, as demonstrated by the significant assets and projects coming to the ecosystem, is a clear indication that the network is ready to incorporate the latest in tokenized real-world assets,” said Greg Siourounis, Managing Director of the Sui Foundation. “Having a native version of Ondo’s USDY on Sui will unlock exciting new opportunities for builders and developers, as well as new features for their application users.”
Contact
Sui Foundation
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