Mantle and Ondo Finance launch RWA-backed USDY yield token

mantle is an ecosystem Network 3 Led by a decentralized autonomous organization (knife) cooperated with Ondo Finance, a tokenized financial product platform, to launch USDY, a revenue token based on real assets.

According to the announcement, the USDY token will be introduced to the Mantle network following the announcement Ethereum Layer 1 to mantle Tier 2 USDY bridge. USDY is an upgradeable Ethereum-based ERC-20 token – available at Decentralized exchange Provided by Mantle such as Agni Finance and FusionX Finance.

Ondo Finance is the leader in tokenized assets, with approximately 50% market share, according to data from the Steakhouse Financial Dune Analytics dashboard. USDY has been legally built as a vehicle to bring crypto value to its holders. Users can also directly participate in USDY on Mantle through Ondo Finance’s issuance and participation mechanism.

USDY is an alternative to these Stablecoin like Tether belong tether and U.S. Department of Agriculture By circle. This is a crypto note backed by short-term U.S. bonds and bank deposits. The development team stated that holders will receive the income generated by the underlying assets in the form of increased token value.

Ondo Finance is also expected to issue mUSD – a version of the token designed to maintain a stable value at $1 – in the coming weeks and earn revenue from the distribution of new tokens.

“RWA is expected to play a key role in bringing sustainable yields into the ecosystem Decentralized Finance The Mantle is vast and vast, and USDY and mUSD are an important piece of the puzzle,” said Mantle Chief Alchemist Jordi Alexander. “We are excited to partner with Ondo Finance to build a high-liquidity and Accessible ecosystem to use and trade like any stablecoin, but with the added benefit of getting real US bond yield coefficients right from your wallet cryptocurrency.”

“We are excited to partner with Mantle to bring USDY to markets with deep secondary liquidity,” said Ondo founder and CEO Nathan Allman.

Seed Liquidity from Mantle Treasury

mantle network Just introduced technology Mainnet Achieved alpha at EthCC event in July.Following its May merger with investor BitDAO – which combined BitDAO’s governance framework and funding with the network – Mantle is now backed by one of the largest funding sources in the crypto industry, worth approx. US$2 billion.

Administrative advice MIP-26 Mantle was approved by the Mantle community in September to provide seed liquidity for a total of $60 million in stablecoins backed by real interest-bearing assets, 30,000 Ethereum ($56 million) and 20 million MNT ($8.2 million), Huge liquidity will be deployed to Mantle’s USDY and mUSD decentralized exchanges.

The development team stated that in addition to convenience, potential applications for the tokens in the Mantle ecosystem include collateral support for financial derivatives and lending protocols, as well as yield stablecoins in decentralized exchanges, with a focus on enhancing liquidity supply , settlement and economic drivers of settlement.

“Asset Network has the above commitment Blockchain Due to its ability to provide sustainable earnings on the blockchain, it has become one of the applications with the greatest potential to bring significant benefits to users. ” they added. “Mantle’s approach to committed assets is focused on delivering the best possible product experience to the community, and is informed by careful research and thorough due diligence.” “

information Bitcoin Synthetic