In an announcement printed by crypto.information on August 27, Ondo Finance and Arbitrum stated the tokenized debt instrument USDY has been launched on Ethereum’s L2 scaling resolution. Ondo US Greenback Yield is a yield asset backed by short-term US Treasury bonds and presently has a market worth of $347 million. In line with RWA.xyz, USDY is traded on Ethereum and Solana, amongst different blockchain networks.
With the launch on Arbitrum, USDY is now out there on one other main decentralized finance platform. In an announcement on August 27, the Arbitrum Basis stated Ondo’s tokenized treasury asset is now providing its real-world funding to customers on Arbitrum’s main DeFi protocols Camelot and Dolomite.
Incomes an annual rate of interest of 5.35%, USDY holders will give non-US buyers on Arbitrum – each retail and institutional – entry to the advantages of stablecoins, enticing annual returns and institutional-grade investor safety. Ondo’s launch of USDY on Arbitrum follows ArbitrumDAO’s transfer to diversify six million ARB tokens right into a tokenized asset on Ondo. This system goals to help the adoption of RWA on Arbitrum, with ARB in Ondo’s USDY representing 17% of Arbitrum’s whole treasury funding of $36 billion.
Picture: Ondo Finance Weblog