Mantle and Ondo Finance launch RWA-backed USDY yield token, rebasing version to follow | Headlines | News | CoinMarketCap
11/07/2023 18:59
Decentralized autonomous organization-led web3 ecosystem Mantle partnered with tokenized financial products platform Ondo Finance to launch USDY, a …
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Published on November 07, 2023 11:44 GMT+00:00edited on November 07, 2023 11:49 GMT+00:00
Decentralized autonomous organization-led web3 ecosystem Mantle partnered with tokenized financial products platform Ondo Finance to launch USDY, a yield-generating token backed by real-world assets.
The yield-bearing token is being introduced to the Mantle Network following the launch of the Ethereum Layer 1 to Mantle Layer 2 bridge for USDY, according to a statement. USDY is an upgradeable Ethereum ERC-20 token — available at Mantle decentralized exchanges, such as Agni Finance and FusionX Finance.
Ondo Finance is the leader in tokenized securities with approximately 50% market share, according to a Steakhouse Financial Dune Analytics dashboard, and has legally structured USDY as a tokenized bearer instrument. Users can also onboard directly into USDY on Mantle via Ondo …