Ondo

when

USDC

MANTRA

Read

MANTRA has announced the launch of a new savings vault backed by Ondo and using the USDY token. This move has positively impacted Ondo’s market price, showing a 5% increase.&nbsp; 
The newly launched product by <a href="https://coingape.com/rwas-get-a-date-in-court-next-week-amid-push-for-efficient-markets/">MANTRA</a> is expected to increase the depth of the real-world asset (RWA) tokens, a new and relatively popular segment in decentralized finance (DeFi) which attracts institutional investors. 
Through the release of the USDY and its use of Ondo’s tokenized note where returns are linked to short-term US Treasury yields, MANTRA has made strides towards the integration of traditional finance into DeFi. 
<h2 id="details-on-the-usdy-vault-and-mantra-chain-integration">Details on the USDY Vault and MANTRA Chain Integration</h2> 
The new protocol will include <a href="https://coingape.com/mantle-network-launches-yield-token-usdy-with-ondo-finance/">USDY</a> as the native asset on the upcoming MANTRA Chain whose mainnet is expected by the year end. As for the preparation for the mainnet launch, MANTRA and the Ondo Foundation are creating a multi-chain vault that supports the Ethereum and Base networks. 
This vault enables participants to hold USDC and in exchange receive a yield that is primarily generated from US Treasury notes. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4e2.png" alt="📢" class="wp-smiley" style="height: 1em; max-height: 1em;"> We are delighted to announce that <a href="https://twitter.com/MANTRA_Chain?ref_src=twsrc%5Etfw">@MANTRA_Chain</a> will feature Ondo’s flagship yieldcoin, <a href="https://twitter.com/search?q=%24USDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDY</a>, as a genesis asset when its blockchain debuts. <a href="https://twitter.com/search?q=%24USDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDY</a> provides exposure to short-term US Treasuries alongside the utility of stablecoins. 
 Welcome to the Ondo Ecosystem, Mantra! 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4f0.png" alt="📰" class="wp-smiley" style="height: 1em; max-height: 1em;">… <a href="https://t.co/81XHU4ORRs">pic.twitter.com/81XHU4ORRs</a> 
 — Ondo Finance (@OndoFinance) <a href="https://twitter.com/OndoFinance/status/1796630532882571455?ref_src=twsrc%5Etfw">May 31, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In an attempt to make the offering more appealing to people, MANTRA and <a href="https://coingape.com/markets/ondo-coin-analysis-key-resistance-levels-to-watch-in-price-discovery-mode/">Ondo</a> have proposed a refined schedule that raises the stakes in accordance with the engagement achieved by the community. 
This is in an effort to ensure that return dilution does not occur due to increase in the number of investors. The release of this vault is strategically done to allow for adequate and desired liquidity before the operational advancement of the MANTRA chain. 
<h2 id="strong-institutional-features-and-ondo-price-response-strong">Institutional Features and ONDO Price Response</h2> 
This integration of USDY targets institutional investors in MANTRA’s services, in which the existence of over collateralization, third-party supervision, and strong customer protection provisions shall be adopted. 
These elements contribute to the confidence and stability within the <a href="https://coingape.com/rwas-get-a-date-in-court-next-week-amid-push-for-efficient-markets/">RWA</a> marketplace, which in turn is a key component of USDY as a financial innovation. 
Subsequently, the market has responded positively to this news, as evidenced by the increase in <a href="https://coingape.com/blog/ondo-price-hit-new-ath-heading-to-2/">ONDO’s price</a> following the announcement. As of press time, despite having a bearish start to the day, ONDO’s bullish momentum had recovered with the price trading at 5.84% to $1.25. 
Read Also: <a href="https://coingape.com/stablecoins-record-846-billion-in-on-chain-trades-in-may/#:~:text=Stablecoins%20recorded%20%24846%20billion%20in,effective%20option%20for%20international%20transactions.">Stablecoins Record $846 Billion in On-Chain Trades in May</a> 
The post <a href="https://coingape.com/ondo-price-soars-5-as-mantra-debuts-usdy-rwa-vault/">ONDO Price Soars 5% as MANTRA Debuts USDY RWA Vault</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ONDO Price Soars 5% as MANTRA Debuts USDY RWA Vault

Table of Contents

Coingape News Media

Alte articole publicate pe 31 mai 2024

CertiK Report Reveals $42.6 Million in Crypto Losses in May

These 3 Altcoins Record 24H Gains Over 10% Amidst Market Revival

Analyzing Raboo’s prospects following SHIB and BTC’s performance

Pudgy Penguins Teams Up with Mythical Games for 2025 Blockchain Mobile Game

Bitdeer Technologies Secures $100M Investment from Tether to Power its Bitcoin Mining Ambitions

Crypto Market Anticipates $875 Million Token Unlock in June

Join our free newsletter for daily crypto updates!