Ondo Finance and Arbitrum Foundation have launched the Ondo U.S. Dollar Yield (USDY) on Arbitrum. This announcement was shared on Aug. 27, marking the introduction of the tokenized note USDY on the Ethereum layer-2 scaling solution.

The Ondo U.S. Dollar Yield is a yield-bearing asset secured by short-term U.S. Treasuries, currently valued at $347 million. According to data, USDY is live on Ethereum and Solana, among other blockchain networks.

USDY to Unlock DeFi Benefits for Arbitrum Users

By launching on Arbitrum, USDY is now available on another significant decentralized finance platform. The announcement on Aug. 27 highlighted that Ondo’s tokenized treasuries asset now offers real-world asset investment for users on Arbitrum’s top DeFi protocols, Camelot and Dolomite.

“We are thrilled to see USDY launch on Arbitrum, paving the way for some of the largest decentralized finance applications to leverage our tokenized US treasuries.” – Katie Wheeler, VP of partnerships at Ondo Finance.

The integration will support Arbitrum’s DeFi ecosystem as it expands, unlocking new benefits for ARB holders. USDY holders earn 5.35% in annual percentage yield, enabling non-U.S. investors on Arbitrum – both retail and institutional – to access the benefits of stablecoins, attractive APY, and institutional-grade investor protections.

Ondo’s launch of USDY on Arbitrum follows ArbitrumDAO’s move to diversify six million ARB tokens into Ondo’s tokenized note. The program aims to support the adoption of real-world assets (RWA) on Arbitrum, with the ARB put into Ondo USDY accounting for 17% of Arbitrum’s total treasury investment of 36 billion.

Meanwhile, growth in the RWA market and the tokenized treasuries space has seen the total market value quickly cross the $2 billion mark. BlackRock, Franklin Templeton, and Ondo Finance are the leading providers by market cap, while OpenEden, Hashnote, and Superstate are gaining traction.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 1