Grand Cayman, Cayman Islands /Sui Foundation/ – Sui, the Layer 1 blockchain that offers industry-leading performance and infinite scaling, has announced that Ondo Finance’s yield-bearing stablecoin alternative is now live on the network and available for immediate use by builders, developers and their end users. Ondo’s US treasury-backed and interest-bearing token, USDY, is the Sui Network’s first native dollar-denominated token.
Ondo’s expansion to Sui offers key functionalities enabling builders and developers within the ultra-composable Sui ecosystem to create decentralized applications with significantly more features. Sui’s fast-rising DeFi TVL and volume, along with its adoption by leading projects, including some from other platforms, indicates a network that is experiencing growing demand for its next-generation financial applications.
Ondo Finance is the third-largest platform bringing tokenized forms of real-world assets onto public blockchains with $185M in TVL. Ondo’s flagship Treasury-backed tokens and other tokenized real-world assets will create countless new opportunities for teams building on Sui. At inception, DeFi protocols with immediate integrations of USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos and KriyaDEX.
Ondo’s founder and CEO, Nathan Allman, said:
“I am extremely excited to bring the unique benefits of Ondo’s treasury-backed, yield-bearing USDY token to the builders and developers on Sui. The combination of our technologies offers this group, which is already creating apps at the forefront of DeFi, a unique opportunity to leverage Sui to advance the industry even further.”
The tokenized treasury-backed offerings that now live on the Sui Network represent tradable tokens backed by real-world assets, marking a significant step toward growing DeFi in the ecosystem and across the industry.
Greg Siourounis, Managing Director of the Sui Foundation, said:
“Sui’s rapid growth in decentralized finance, exemplified by the significant assets and projects coming to the ecosystem, is a clear illustration that the network is ready to incorporate the latest in tokenized real-world assets. Having a version of Ondo’s USDY that is native to Sui will unlock exciting new opportunities for Sui’s builders and developers and new features for the users of their applications.”
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