Ondo Finance has made tokenized US Treasuries available to Injective users in the form of the USD Yield token (USDY). USDY is now accessible to eligible users. In the context of Web3 finance-based applications, Injective is a blockchain that operates at an exceptionally high rate of acceleration.
Ondo Finance is widely recognized as a leading entity that integrates traditional financial assets with blockchain networks. It asserts that its tokenized US Treasuries, amounting to over $200 million, are currently circulating in the market.
By bridging USDY from Ethereum through the Injective space, authorized users can establish a connection with the cryptocurrency. This enables them to generate yield on tokenized U.S. Treasuries distributed entirely on-chain. Injective has emerged as a formidable contender in Layer 1, both in terms of interoperability and Real World Assets (RWAs), through its integration with Ondo.
Ondo releases USD Yield (USDY), the initial tokenized note harnessed by US Treasuries. USDY offers the same connectivity and usefulness as any other stablecoin when yielding to token holders. In actuality, USDY provides a varied interest rate, which Ondo accommodates monthly. The yield is, by default, compounded. Ondo is known to have the backing of some big-time investors, such as Pantera, Founders Fund, and Coinbase.
Presently, the USDY token will be functioning throughout Ethereum and Injective, providing the opportunity for users on Ethereum to effortlessly onboard Injective and create earnings in yield on tokenized treasuries.
According to the CEO of Ondo Finance, Nathan Allman, USDY adopts a high level of organizing and dynamic investor safeguards while fulfilling the various requirements of individuals as well as institutional investors. USDY will help propel them toward an all-inclusive and safe financial space.
Users throughout the wider Cosmos ecosystem can connect with tokenized treasuries by bridging USDY from Ethereum, marking a first in execution. Injective will act as an initial space throughout the IBC world to carry out interactions with RWAs like USDY.
Users can connect USDY to Injective from Ethereum via the Injective space. In addition, a variety of conventional apps built on Injective will enable them to accomplish this. Helix is the top decentralized exchange on the network. Injective has partnered with major banks to provide liquidity and capital efficiency for new assets like RWAs.
Currently, RWAs are widely recognized as one of the most popular segments in crypto. Injective’s positive involvement with the RWA space speaks volumes regarding its commitment to democratizing finance for everyone.
Injective is a highly accelerated, interoperable Layer 1 blockchain for creating prime Web3 finance applications. It offers developers strong plug-and-play models for building unparalleled dApps. INJ is its traditional asset, contributing to the growth of both Injective and its ecosystem. Notable investors, including Jump Crypto, Pantera, and Mark Cuban, support Injective, which Binance incubates.
Ondo Finance provides blockchain-based investment products and solutions that meet the requirements of institutions. A technology-based division develops decentralized finance protocols and blockchain services, while an asset management division constructs and controls tokenized financial products.