Ondo Finance brings real-world property and yield-bearing stablecoin different, USDY, to Sui

[PRESS RELEASE – Grand Cayman, Cayman Islands, February 7th, 2024]

Ondo’s upcoming integration with Sui will present native entry to new tokenized property corresponding to authorities bonds, securities and on-chain stablecoins

Sui, the Layer 1 blockchain that has skilled explosive progress since its inception eight months in the past, immediately introduced that Ondo Finance is increasing into the Sui ecosystem. The enlargement will ship Sui Community’s first native dollar-denominated token (together with stablecoins and interest-bearing stablecoin substitutes) within the type of Ondo USD Yield or “USDY” – a US authorities bond-backed and interest-bearing token issued by Ondo.

Ondo’s enlargement to Sui provides to Sui’s blistering DeFi momentum and demonstrates the expansion and demand for monetary functions and native performance on-chain. Sui’s DeFi quantity has elevated by over 1200% since October and Sui lately broke into the highest 10 DeFi ecosystems as measured by TVL.

Ondo Finance is the third largest platform bringing tokenized derivatives of actual property onto public blockchains with $185 million in TVL and over $1 billion in newly launched governance token buying and selling in its first week in late January. Along with stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities and real-world property will create numerous new alternatives for groups constructing on Sui.

Ondo’s enlargement into the Sui ecosystem additionally continues a development of high initiatives positively selecting to combine into Sui. For instance, in December 2023, Solend, the main Solana lending protocol, introduced that it could launch a lending protocol native to Sui, and decentralized derivatives alternate Bluefin additionally concluded the implementation of the V1 Arbitrum to totally concentrate on Sui.

“The individuals who work together with our platform need quick and environment friendly transactions, which ought to be important for any blockchain venture,” stated Nathan Allman, founder and CEO of Ondo. “Sui’s progress and community efficiency present clear affirmation that the community is an ideal match for Ondo’s ecosystem.”

Tokenized treasury choices signify tradable tokens backed by real-world property, and their presence on Sui is a crucial step towards rising DeFi within the ecosystem and throughout the business.

“Ondo is a superb addition to the Sui ecosystem, providing a local, yield-bearing stablecoin-like asset that can unlock new alternatives for Sui builders and builders and important new performance for the customers of their functions,” stated Greg Siourounis, Managing Director of Sui Basis. “Sui’s DeFi quantity is already rising remarkably rapidly and Ondo’s participation will make that trajectory even stronger. I’m excited to see how the Sui neighborhood leverages the real-world property and progressive monetary merchandise that Ondo provides.”

Contact

Sui Basis
media@sui.io