Mantle, an Ethereum layer-2 protocol backed by crypto exchange Bybit, has expanded its product offering via Ondo Finance’s USD Yield (USDY). This will enable users to access US Treasury yield directly from their Mantle wallet.
On September 12th, 2023, Mantle tweeted that they “strongly believe that Real World Assets (RWAs) on the blockchain are one of the use cases with the greatest potential to benefit users.”
USDY is the first tokenized note in the world to be secured by both short-term US Treasuries and bank deposits. It provides a 5% APY to holders and enables users to access U.S. Treasury yield with ease. Jordi Alexander, Chief Alchemist at Mantle, stated that “USDY truly is a game changer for the world of DeFi. For the first time ever, users will be able to access U.S. Treasury yield straight from the tap and directly into their wallet, with a similar ease of access as stablecoins like USDT and USDC.”
The MIP-26 (Mantle improvement proposal) was approved, authorizing a RWA liquidity pool (RWA-yield backed stablecoins) of up to $60 million. USDY has become the inaugural Mantle Showcase yield stablecoin project, and users can acquire the token by minting on Ondo or purchasing them on decentralised exchanges (DEXs) on Mantle.
In conclusion, Mantle’s expansion to the real world assets market brings sustainable yield to the broader DeFi ecosystem, enabling users to access US Treasury yield directly from their Mantle wallet.
