2024-2-23 20:36 |
Ondo Finance, real-world asset (RWA) tokenization protocol, has announced the expansion of its tokenized short-term US Treasuries product Ondo USDY to the Aptos blockchain.
The launch of USDY on the network follows a strategic partnership between Ondo Finance and Aptos Finance, details of which the platform shared via an announcement on February 22.
Ondo Finance expands USDY to Aptos, ThalaIn a post on X, the Ondo Finance team said the integration with Aptos will revolutionize the tokenized RWAs space, starting with the Layer-1 chain. The collaboration and roll out of USDY on Aptos sets the stage for more innovative financial products to come to the ecosystem, the platforms noted.
Today’s development means USDY will now be natively accessible on Ethereum, Solana, Mantle and Aptos. Apart from the collaboration with the Aptos Foundation, Ondo has announced it will partner Thala Labs.
Thala is a decentralized finance (DeFi) protocol on Aptos and integration will also bring USDY to the protocol’s automated market maker pools. This, according to the Ondo team, will enhance liquidity options available to the DeFi platform’s users.
Meanwhile, the Thala team will go further and whitelist USDY, allowing users to leverage it as collateral for its Collateralized Debt Positions (CDP). Going beyond this integration, Ondo will look to launch other innovative solutions for RWAs on Aptos, including new staking and re-staking processes.
Nathan Allman, the CEO of Ondo Finance, commented that the partnership with Aptos strengthens Ondo’s “ability to deliver groundbreaking financial products.” The alliance will see the two platforms redefine the digital finance landscape, he added.
Ondo Finance partnered with digital assets custody platform BitGo last week. The strategic alliance sees BitGo extend its custody service to USDY and OUSG, a tokenized short-term US Treasury bills ETF. Pyth Network on the other hand, added price feed for ONDO/USD in late January.
Aptos and Ondo pricesAptos token APT remained largely muted despite the news, trading near lows reached when the token fell from highs of $10.60 last week. At the time of writing, APT/USD traded around $9.25, more than 13% down in the past seven days.
Elsewhere, Ondo (ONDO), the governance token of the Ondo Finance ecosystem, jumped nearly 30% to $0.42. ONDO price has increased more than 60% in the past week.
The post Ondo Finance brings tokenized treasuries to Aptos appeared first on Invezz
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