Title: Ondo Introduces Native Access to Tokenized Real-World Assets on Sui: A Game Changer in Decentralized Finance
Date: March 1, 2024
Location: Grand Cayman, Cayman Islands
Source: Chainwire
The Sui Network, a Layer 1 blockchain renowned for its superior performance and infinite scaling capabilities, has announced the integration of Ondo Finance’s yield-bearing stablecoin alternative, USDY, on its network. This development marks an essential step for Sui, enabling builders, developers, and their end-users to access Ondo’s US treasury-backed and interest-bearing token – the first native Dollar-denominated token on Sui.
Ondo’s expansion to Sui signifies a significant milestone for the ultra-composable ecosystem, as it unlocks new opportunities for creating decentralized applications (dApps) with enhanced functionalities. Sui’s burgeoning DeFi TVL (Total Value Locked) and volume, as well as its increasing adoption by leading projects from various platforms, indicate a network experiencing an escalating demand for next-generation financial applications.
As the third-largest platform for tokenizing real–world assets on public blockchains, Ondo’s flagship Treasury-backed tokens and other offerings will create an abundance of opportunities for teams building on Sui. At inception, DeFi protocols integrating USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX.
Ondo’s founder and CEO, Nathan Allman, expressed his enthusiasm about the collaboration: “I am thrilled to bring the unique advantages of Ondo’s treasury-backed, yield-bearing USDY token to Sui’s builders and developers. This synergy offers a unique opportunity for this innovative group, which is already creating apps at the cutting edge of DeFi, to leverage Sui and propel the industry further.”
The tokenized treasury-backed offerings now available on the Sui Network represent tradable tokens that are backed by real–world assets, representing a substantial stride toward growing decentralized finance (DeFi) within the ecosystem and across the industry.
Greg Siourounis, Managing Director of the Sui Foundation, shared his excitement: “Sui’s impressive growth in decentralized finance, as evidenced by the considerable assets and projects joining the ecosystem, demonstrates that the network is prepared to accommodate the latest in tokenized real–world assets. By having a native version of Ondo’s USDY token, we will unlock exciting new opportunities for Sui’s builders and developers and add enticing features for the users of their applications.”
For media inquiries, please contact the Sui Foundation at [email protected].
Disclaimer: This press release is a paid advertisement. Readers are encouraged to conduct their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com shall not be held liable, directly or indirectly, for any damage or loss caused or alleged to have been caused by or in connection with the use of or reliance on any content, goods, or services mentioned herein.
