Ondo Finance and Arbitrum Foundation indulge in launched the start of Ondo U.S. Dollar Yield on Arbitrum.
In an announcement shared with crypto.news on Aug. 27, Ondo Finance (ONDO) and Arbitrum (ARB) talked about that the tokenized hiss USDY had launched on the Ethereum layer-2 scaling resolution.
The Ondo U.S. Dollar Yield is a yield-bearing asset secured by non permanent U.S. Treasuries, currently accounting for $347 million in market rate. Per data from RWA.xyz, USDY is survive the Ethereum (ETH) and Solana (SOL), amongst masses of blockchain networks.
USDY to release DeFi benefits for Arbitrum customers
By launching on Arbitrum, USDY is now accessible on yet every other main decentralized finance platform. Within the announcement on Aug. 27, Arbitrum Foundation said Ondo’s tokenized treasuries asset now affords its loyal-world asset funding for customers on Arbitrum’s high DeFi protocols Camelot and Dolomite.
“We’re extremely overjoyed to appear USDY start on Arbitrum, paving the formulation for among the greatest decentralized finance applications to leverage our tokenized US treasuries.”
Katie Wheeler, VP of partnerships at Ondo Finance.
The integration will strengthen Arbitrum’s DeFi ecosystem as it expands, unlocking original benefits for ARB holders, Wheeler added.
USDY holders form 5.35% in annual share yield and can allow non-U.S. merchants on Arbitrum – each retail and institutional – to bag admission to the advantages of stablecoins, lovely APY, and institutional-grade investor protections.
Rising RWA ecosystem
Ondo’s start of USDY on Arbitrum follows ArbitrumDAO’s journey to diversify six million ARB tokens into Ondo’s tokenized hiss. This system targets to strengthen RWA adoption on Arbitrum, with the ARB build into Ondo USDY accounting for 17% of Arbitrum’s total treasury funding of 36 billion.
Meanwhile, improve within the RWA market and the tokenized treasuries home in explicit has seen the total market rate rapid sinful the $2 billion trace.
BlackRock, Franklin Templeton, and Ondo Finance are the leading suppliers by market cap, whereas OpenEden, Hashnote, and Superstate are seeing increased traction.
