TL;DR
- Ondo Finance launches USDY on the Sui blockchain, being the first dollar token on this network.
- The partnership between Ondo Finance, Axelar and Mysten Labs facilitates the expansion of USDY on the blockchain.
- USDY offers users a stable, government-backed option on a high-performance network, driving efficient transactions in the ecosystem.
Financial platform Ondo Finance has announced its expansion into the Sui blockchain, marking a milestone by introducing the first native dollar-denominated token on this network.
This initiative involves the issuance of USDY, a stablecoin backed by the United States Treasury and short-term bank deposits.
USDY offers returns generated from these underlying assets, setting it apart as an attractive option in the cryptocurrency market.
📣@OndoFinance is coming to Sui!
Ondo will be issuing the first native dollar-denominated token (including stablecoins & interest-bearing stablecoin substitutes) via USDY – a tokenized note backed by short-term US Treasuries.
Read more from @TheBlock__:https://t.co/wNrcPZuFu9
— Sui (@SuiNetwork) February 7, 2024
This strategic move comes almost three months after Ondo Finance introduced a cross-chain interoperability solution, known as Ondo bridge, in collaboration with Axelar.
This solution enables the issuance of native tokens, including USDY, on various Axelar-compatible blockchain networks.
Additionally, the partnership between Axelar and Mysten Labs, developer of the project, facilitates the expansion of USDY into the blockchain, giving users of this network access to a stablecoin backed by the United States Treasury.
Ondo Finance CEO Nathan Allman has highlighted the decision to integrate with Sui due to its rapid growth and network performance, underscoring that transaction efficiency is fundamental for any blockchain project.
With the successful launch of its mainnet last May, Sui positions itself as a high-performance blockchain
The announcement of this association has generated enthusiasm in the cryptographic community, representing significant progress in the adoption of stablecoins.
Furthermore, the incorporation of USDY into the Sui ecosystem expands the range of choices available to users, enhancing their ability to conduct rapid and effective transactions within a cutting-edge blockchain framework.
The integration of Ondo Finance’s USDY stablecoin into the Sui blockchain signifies a significant achievement within the realm of cryptocurrencies.
This move not only highlights the ongoing evolution of digital finance but also underscores the increasing interoperability and collaboration among blockchain networks.
This partnership not only expands the options available to Sui users, but also highlights the potential of backed stablecoins as a crucial tool in the blockchain ecosystem.
