–News Direct–
Ondos Sui upcoming integration will bring native access to new tokenized assets such as treasuries, securities, and stablecoins on chain
Sui, the Layer 1 blockchain which has experienced explosive growth since its inception eight months ago, today announced that Ondo Finance is expanding into the Sui ecosystem. The expansion will bring Sui Networks first native dollar-denominated token (including stablecoins and interest-bearing stablecoin substitutes) in the form of Ondo USD Yield or USDY a US treasury-backed and interest-bearing token issued by Ondo.
Ondos expansion to Sui adds to Suis blistering DeFi momentum, demonstrating the growth and demand for financial applications and native functionality on chain. Suis DeFi volume is up more than 1200% since October and Sui recently broke into the top 10 DeFi ecosystems as measured by TVL.
Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world assets onto public blockchains with $185M in TVL and over $1B worth of its newly-launched governance token trading in its first week in late January. In addition to stablecoins, Ondos flagship Treasury-backed tokens, tokenized securities, and real-world assets will create countless new opportunities for teams building on Sui.
Ondos expansion into the Sui ecosystem also continues a trend of top projects affirmatively choosing to integrate into Sui. For example, in December 2023, leading Solana lending protocol Solend announced it would launch a lending protocol native to Sui and decentralized derivatives exchange Bluefin likewise shuttered its V1 Arbitrum implementation to focus entirely on Sui.
The people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project, said Ondos founder and chief executive officer, Nathan Allman. Suis growth and network performance offer clear confirmation that its network is the perfect fit for Ondos ecosystem.
Tokenized treasury offerings represent tradable tokens backed by real-world assets, and their presence on Sui is a significant step toward growing DeFi in the ecosystem and across the industry.
Ondo is an amazing addition to the Sui ecosystem, providing a native yield-bearing stablecoin-like asset that will unlock new opportunities for Suis builders and developers and essential new functionality for the users of their applications, said Greg Siourounis, Managing Director of the Sui Foundation. Suis DeFi volume is already growing at a remarkable rate and Ondos participation will make that trajectory even stronger. I am excited to see how Suis community leverages the real-world assets and innovative financial products Ondo offers.
Contact Details
Rachel Cheung
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View source version on newsdirect.com: https://newsdirect.com/news/ondo-finance-brings-real-world-assets-and-yield-bearing-stablecoin-alternative-usdy-to-sui-705759593
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COMTEX_447442582/2655/2024-02-07T09:05:51
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