Ondo Finance Brings Tokenized Real-World Assets to Sui Network
Sui, the Layer 1 blockchain known for its exceptional performance and scalability, has announced the integration of Ondo Finance’s yield-bearing stablecoin alternative. Ondo’s token, USDY, which is backed by the US treasury and offers interest, is now available on the Sui Network for builders, developers, and end users to utilize.
Benefits of Ondo’s Expansion to Sui
Ondo Finance’s expansion to the Sui Network brings several key advantages:
- Enhanced Functionality: Builders and developers within Sui’s ultra-composable ecosystem can now create decentralized applications with more advanced features.
- Growing Demand: Sui has been experiencing increasing DeFi Total Value Locked (TVL) and volume, indicating a rising demand for its innovative financial applications.
- Countless Opportunities: As the third-largest platform bringing tokenized real-world assets to public blockchains with $185M in TVL, Ondo Finance’s offerings present numerous opportunities for teams building on Sui.
Immediate Integrations of USDY
Several DeFi protocols have already integrated Ondo’s USDY into their platforms upon launch. These include:
- Aftermath Finance
- Cetus
- NAVI Protocol
- Typus Finance
- Bucket Protocol
- Turbos
- KriyaDEX
These integrations offer users of these protocols access to Ondo’s treasury-backed tokens and other tokenized real-world assets.
Nathan Allman, the founder and CEO of Ondo Finance, expressed his excitement about the collaboration, stating that the partnership with Sui provides builders and developers in the DeFi space with a unique opportunity to leverage Sui’s advanced technology and further advance the industry.
Advancing DeFi with Tokenized Real-World Assets
The addition of tokenized real-world assets on the Sui Network marks a significant milestone in the growth of decentralized finance. These assets, represented by tradable tokens backed by real-world assets, contribute to the expansion and development of the DeFi ecosystem.
The Managing Director of the Sui Foundation, Greg Siourounis, highlighted the rapid growth of Sui in the DeFi sector and emphasized the importance of incorporating the latest advancements in tokenized real-world assets. He believes that the introduction of Ondo’s native USDY on Sui will unlock new possibilities for builders, developers, and users within the Sui ecosystem.
For more information about the integration or the Sui Network, please contact [email protected].
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