Ondo

Bluefin

DeFi

Solend

Grand Cayman, Cayman Islands, February 7th, 2024, Chainwire
Ondo’s Sui upcoming integration will bring native access to new tokenized assets such as treasuries, securities, and stablecoins on chain
<a href="https://sui.io/" rel="noopener noreferrer nofollow" target="_blank">Sui</a>, 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 Network’s 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.&nbsp;
Ondo’s expansion to Sui adds to Sui’s blistering DeFi momentum, demonstrating the growth and demand for financial applications and native functionality on chain. Sui’s DeFi volume is up more than 1200% since October and Sui recently broke into the top 10 DeFi ecosystems as measured by TVL.&nbsp;
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, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world assets will create countless new opportunities for teams building on Sui.&nbsp;
Ondo’s 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.&nbsp;
<blockquote>
 “The people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project,” said Ondo’s founder and chief executive officer, Nathan Allman. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.”
</blockquote>
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.
<blockquote>
 “Ondo is an amazing addition to the Sui ecosystem, providing a native yield-bearing stablecoin-like asset that will unlock new opportunities for Sui’s builders and developers and essential new functionality for the users of their applications,” said Greg Siourounis, Managing Director of the Sui Foundation. “Sui’s DeFi volume is already growing at a remarkable rate and Ondo’s participation will make that trajectory even stronger. I am excited to see how Sui’s community leverages the real-world assets and innovative financial products Ondo offers.”
</blockquote>
<h5>Contact</h5>
Sui Foundation media@sui.io 
The post <a href="https://cryptonewsland.com/ondo-finance-brings-real-world-assets-and-yield-bearing-stablecoin-alternative-usdy-to-sui/" rel="noopener noreferrer nofollow">Ondo Finance Brings Real-World Assets and Yield-Bearing Stablecoin-Alternative, USDY, to Sui</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Ondo Finance Brings Real-World Assets and Yield-Bearing Stablecoin-Alternative, USDY, to Sui

Crypto News Land

Other articles published on Feb 7, 2024

Scorpion Casino’s Presale Stands Out Among Polygon and Chainlink: A Prominent Altcoin for 2024 In...

ARB Price Hints Bullish Reversal! Arbitrum Price Eyes To Reclaim $2?

CoinMarketCap Research Releases Report on TrueUSD: Market Share Increased by 238% in 2023

XRP Price On The Brink: This 10-Year Trendline Could Lead To A 4000% Surge

SEC greenlights expanded dealer rule: DeFi in the crosshairs

Thailand Waives Bitcoin and Cryptocurrency Taxes! Here are the Details…

Join our free newsletter for daily crypto updates!