Grand Cayman, Cayman Islands, March 1st, 2024, Chainwire

Ondo launches native access to tokenized real-world assets on Sui

Sui, the Layer 1 blockchain that offers industry-leading performance and infinite scaling, has announced that Ondo Finance’s yield-bearing stablecoin alternative is now live on the network and available for immediate use by builders, developers and their end users. Ondo’s US treasury-backed and interest-bearing token, USDY, is the Sui Network’s first native dollar-denominated token. 

Ondo’s expansion to Sui offers key functionalities enabling builders and developers within the ultra-composable Sui ecosystem to create decentralized applications with significantly more features. Sui’s fast-rising DeFi TVL and volume, along with its adoption by leading projects, including some from other platforms, indicates a network that is experiencing growing demand for its next-generation financial applications. 

Ondo Finance is the third-largest platform bringing tokenized forms of real-world assets onto public blockchains with $185M in TVL. Ondo’s flagship Treasury-backed tokens and other tokenized real-world assets will create countless new opportunities for teams building on Sui. At inception, DeFi protocols with immediate integrations of USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos and KriyaDEX.

“I am extremely excited to bring the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token to the builders and developers on Sui,” said Ondo’s founder and CEO, Nathan Allman. “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 that now live on the Sui Network represent tradable tokens backed by real-world assets, marking a significant step toward growing DeFi in the ecosystem and across the industry.

“Sui’s rapid growth in decentralized finance, exemplified by the significant assets and projects coming to the ecosystem, is a clear illustration 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 version of Ondo’s USDY that is native to Sui will unlock exciting new opportunities for Sui’s builders and developers and new features for the users of their applications.”

Contact

Sui Foundation
media@sui.io

You May Also Like

ValueZone Launches New Tools to Maximize Earnings During Ongoing Crypto Summer

As anticipation builds for the upcoming crypto summer, ValueZone is pleased to…

DOLLUR is a Memecoin “Inspired” by the US Dollar and It’s up 10,000%

 The US dollar is the latest establishment institution to get the memecoin…

MARU, an NFT Marketplace and Metaverse Hub, Will Be Listed on CoinW Exchange

CoinW, the world’s pioneering cryptocurrency trading platform, will list MARU, an NFT marketplace…

Bull Run Bets: Revolutionizing Online Casino Gaming with AI Integration

The world of online gaming has been introduced to a groundbreaking new…

Dypius Launches 3 New and Exciting Mini-Games with Direct Rewards on Base

Dypius delighted the gaming community by introducing three captivating new mini-games: Stone Crack,…
Bitcoin Association - Cambridge University Metanet Society

Bitcoin Association sponsors Cambridge University Metanet Society for second year to advance the future internet with Bitcoin SV

ZUG, Switzerland – 15 October 2020 – Bitcoin Association, the Switzerland-based global…

Bowl Token Emerges as an ERC20 Token and Strives to be an Integral Part of the Shiba Inu Ecosystem.

In the latest development, technology unlocked the true power and designed a…

Choicese (CHC-SES) Transforms Asset Management Landscape in India with a $10 Billion Fund

Choicese (CHC-SES), a renowned financial institution, has entered the Indian market with…

MASHASH Set to Expand Mining Services, New Litecoin Mining Plans for 2024.

MasHash, known as a reliable cloud miner, stands out with its innovative business…

Introducing Bitrock – A Revolutionary Ethereum IBFT 2.0 Side Chain with Multichain DEX Swap

 Bitrock, an Ethereum IBFT 2.0 Proof of Authority (PoA) side chain, is…