Ondo

Axelar

Uniswap

Secure

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 Taking native stablecoins and RWAs cross-chain with a solution inspired by Circle’s CCTP
 NEW YORK–(BUSINESS WIRE)–<a href="https://twitter.com/search?q=%24AXL&amp;src=ctag" target="_blank" rel="noopener noreferrer nofollow">$AXL</a> <a href="https://twitter.com/hashtag/axelar?src=hash" target="_blank" rel="noopener noreferrer nofollow">#axelar</a>–Ondo Finance, the leading issuer of tokenized secure notes and on-chain Treasuries, joins forces with Axelar, the leading Web3 interoperability platform, to introduce Ondo Bridge, an innovative cross-chain solution inspired by Circle’s Cross-Chain Transfer Protocol (CCTP). The Ondo Bridge simplifies the movement of Ondo Tokens such as the yield-bearing stablecoin USDY across blockchain networks for a seamless user experience.
 <a href="https://mms.businesswire.com/media/20231113565222/en/1941928/5/Axelar_Logo_Full_Black_%283%29.jpg" rel="noopener noreferrer nofollow"><img decoding="async" src="https://thenewscrypto.com/wp-content/uploads/2023/11/Axelar_Logo_Full_Black_28329.jpg"></a> <a href="https://mms.businesswire.com/media/20231113565222/en/1941928/5/Axelar_Logo_Full_Black_%283%29.jpg" rel="noopener noreferrer nofollow"><img decoding="async" src="https://thenewscrypto.com/wp-content/uploads/2023/11/Axelar_Logo_Full_Black_28329-1.jpg"></a>
 Bridging the Gap for Cross-Chain Tokenized Financial Instruments
 Ondo Bridge goes beyond the wrapped assets used by traditional bridges, supporting issuance of native tokens including Ondo’s USDY across blockchain networks supported by Axelar. USDY is a tokenized note secured by short-term US Treasuries and bank demand deposits with $35M in TVL.
 This integration ensures that tokens transferred between networks remain native, using a “burn-and-mint” mechanism to avoid bridging risks associated with wrapped assets. Additionally, it fosters unified secondary market liquidity, allowing traders to capitalize on token price arbitrage across various decentralized exchanges, maintaining price stability.
 Axelar’s programmable cross-chain platform will enable Ondo to easily and automatically manage USDY supply, burning tokenized representations of its real-world assets (RWAs) on one chain in order to mint them on another. The initial deployment will rely on <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fv2.app.squidrouter.com%2F&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=Squid&amp;index=1&amp;md5=bdd1cc0cec105be4583cd027aa3f0693" rel="noopener noreferrer nofollow" shape="rect">Squid</a>, a cross-chain liquidity router built on Axelar, to transfer USDY between some chain pairs, including Mantle.
 “Demand for better stablecoins is growing – and it isn’t limited to a single Web3 ecosystem,” said Nathan Allman, founder and CEO of Ondo. “The Ondo Bridge enables us to meet that demand wherever it exists, with a superior and safer yield-generating stablecoin.”
 Axelar seamlessly connects over 50 blockchain networks, offering decentralized security and permissionless programmability. It has gained recognition among large enterprises such as Microsoft as an essential tool for integrating off-chain systems with on-chain networks. Axelar’s contributions have played a crucial role in the development of <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.circle.com%2Fblog%2Fcomposable-usdc-seamless-multichain-ux-by-axelar&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=composable+USDC&amp;index=2&amp;md5=2c7eee973f57d4d2e6bb26e40c7d17f5" rel="noopener noreferrer nofollow" shape="rect">composable USDC</a>, combining Axelar’s General Message Passing technology with Circle’s CCTP.
 “Native stablecoins are preferred over wrapped versions, but managing supply across multiple chains is complex,” said Sergey Gorbunov, CEO and co-founder of Axelar Inc. “Together, Axelar and Ondo are pioneering a solution that gives stablecoin innovators tools to achieve better products for their users.”
 The partnership between Ondo Finance and Axelar signifies a significant milestone in the world of tokenized RWAs. By offering a more efficient and user-friendly cross-chain experience, this collaboration aims to enhance the way users interact with Ondo Tokens and the broader blockchain ecosystem.
 About Axelar
 Axelar is the leading Web3 interoperability platform, connecting over 50 blockchains via a secure, programmable network – internet infrastructure for the world’s next super app. For partners ranging from Uniswap to Microsoft, Axelar enables scalable cross-chain solutions. Users interact with any asset in one click. Developers span multiple blockchains as though building on one, supported by a simple API and a permissionless ecosystem of tools and service providers. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain.
 More about Axelar: <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Faxelar.network%2F&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=axelar.network&amp;index=3&amp;md5=c3670aa6b5409d42e24d92123249d5ac" rel="noopener noreferrer nofollow" shape="rect">axelar.network</a>.
 About Ondo
 Ondo Finance provides institutional-grade, blockchain-enabled investment products and services. Ondo has an asset management arm that creates and manages tokenized financial products as well as a technology arm that develops decentralized finance protocols and blockchain solutions.
 Ondo’s first core products are tokenized cash equivalents that deliver very low risk, high quality yield from U.S. Treasuries, money market funds, and similar instruments, offering on-chain investors an alternative to stablecoins where holders rather than issuers earn the vast majority of the underlying asset yield.
 For more information on our products, please reach out to us at <a target="_blank" href="mailto:support@ondo.finance" rel="noopener noreferrer nofollow" shape="rect">support@ondo.finance</a> or check out the following resources:
 <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fondo.finance%2F&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=Website&amp;index=4&amp;md5=7550b27a03f6e2e15f0bdacbaf3449c8" rel="noopener noreferrer nofollow" shape="rect">Website</a> | <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fondofinance&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=X%2FTwitter&amp;index=5&amp;md5=22c60f2ff95d191827e11e521b2fd6a5" rel="noopener noreferrer nofollow" shape="rect">X/Twitter</a> | <a target="_blank" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fblog.ondo.finance%2F&amp;esheet=53807039&amp;newsitemid=20231113565222&amp;lan=en-US&amp;anchor=Blog&amp;index=6&amp;md5=cb6f674a3fa993de00914fdbda9d8ab3" rel="noopener noreferrer nofollow" shape="rect">Blog</a>
 Contacts
 Karla Vilhelem PR Director, Market Waves <a target="_blank" href="mailto:karla@marketwaves.co" rel="noopener noreferrer nofollow" shape="rect">karla@marketwaves.co</a>
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Ondo Finance and Axelar Integrate for Cross-Chain Tokenized Secure Notes

TheNewsCrypto

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