Mantle Network Introduces Yield Token USDY in Collaboration with Ondo Finance

“Mantle Network Integrates with Ondo Finance to Launch USDY, a New Yield-Generating Token“

Mantle Network has partnered with Ondo Finance to introduce USDY, a token that aims to provide a more secure alternative to traditional stablecoins. USDY is backed by a combination of U.S. treasuries and bank demand deposits and is set to deliver value to its holders through real-world yields. This launch follows the successful creation of a bridge from Ethereum Layer 1 to Mantle Layer 2, making it more accessible.

“Ondo Finance Leads the USDY Initiative“

Ondo Finance, with a 50% market share, leads the USDY initiative and has structured it as a tokenized bearer instrument to meet legal requirements and ensure user trust. The company is also on the verge of releasing mUSD, a rebasing currency designed to retain a stable value pegged to the U.S. dollar.

“Mantle Network’s Debut with BitDAO Support“

Mantle Network recently unveiled its mainnet alpha and has secured a robust position in the crypto economy, partly due to its integration with BitDAO. The network’s substantial treasury enables it to implement governance proposal MIP-26 successfully, providing liquidity for the minting and trading of USDY and mUSD within Mantle’s decentralized exchanges.

“USDY and mUSD Boost Mantle’s DeFi Ecosystem“

The integration of USDY and mUSD into Mantle’s DeFi environment opens numerous avenues for usage, from serving as collateral in various financial protocols to enhancing liquidity providers’ incentives. This represents a strategic enhancement to the network’s infrastructure, providing tangible benefits to users and participating platforms.

“Hot Take: Mantle Network’s Move into Real-World Asset-Backed Tokens Promises Sustainable Yield Sources for Users“

The integration of USDY and mUSD into Mantle’s DeFi ecosystem represents a significant advancement that promises sustainable yield sources for users. This move underscores Mantle Network’s commitment to providing real-world asset-backed tokens and sets new standards in the crypto-financial landscape.