Nearly three months after introducing a cross-chain solution, Ondo Finance is expanding to Sui's Layer 1 blockchain, according to a statement. 

"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,"the company said.

Ondo Finance is the issuer of the USDY stablecoin, a tokenized note secured by short-term U.S. Treasurys and bank demand deposits, which offers yield generated from the underlying assets. Recently, Ondo COO Justin Schmidt suggested the market for yield-bearing stablecoins could eventually exceed the "total addressable market" for regular stablecoins.

Last November, …