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Ondo Finance Brings Real-World Assets and Yield-Bearing Stablecoin-Alternative, USDY, to Sui
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Grand Cayman, Cayman Islands, February 7th, 2024, Chainwire – Ondoโs Sui upcoming integration will bring native access to new tokenized assets such as treasuries, securities, and stablecoins on chain
Sui, the Layer 1 blockchain which has experienced explosive growth since its inception eight months ago, today announced that Ondo Finance is expanding into the Sui ecosystem. The expansion will bring Sui Networkโs first native dollar-denominated token (including stablecoins and interest-bearing stablecoin substitutes) in the form of Ondo USD Yield or โUSDYโ โ a US treasury-backed and interest-bearing token issued by Ondo.
Ondoโs expansion to Sui adds to Suiโs blistering DeFi momentum, demonstrating the growth and demand for financial applications and native functionality on chain. Suiโs DeFi volume is up more than 1200% since October and Sui recently broke into the top 10 DeFi ecosystems as measured by TVL.
Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world assets onto public blockchains with $185M in TVL and over $1B worth of its newly-launched governance token trading in its first week in late January. In addition to stablecoins, Ondoโs flagship Treasury-backed tokens, tokenized securities, and real-world assets will create countless new opportunities for teams building on Sui.
Ondoโs expansion into the Sui ecosystem also continues a trend of top projects affirmatively choosing to integrate into Sui. For example, in December 2023, leading Solana lending protocol Solend announced it would launch a lending protocol native to Sui and decentralized derivatives exchange Bluefin likewise shuttered its V1 Arbitrum implementation to focus entirely on Sui.
โThe people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project,โ said Ondoโs founder and chief executive officer, Nathan Allman. โSuiโs growth and network performance offer clear confirmation that its network is the perfect fit for Ondoโs ecosystem.โ
Tokenized treasury offerings represent tradable tokens backed by real-world assets, and their presence on Sui is a significant step toward growing DeFi in the ecosystem and across the industry.
โOndo is an amazing addition to the Sui ecosystem, providing a native yield-bearing stablecoin-like asset that will unlock new opportunities for Suiโs builders and developers and essential new functionality for the users of their applications,โ said Greg Siourounis, Managing Director of the Sui Foundation. โSuiโs DeFi volume is already growing at a remarkable rate and Ondoโs participation will make that trajectory even stronger. I am excited to see how Suiโs community leverages the real-world assets and innovative financial products Ondo offers.โ
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