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Cosmos Ecosystem Expanded Reach for USDY  

source-logo  blockchainreporter.net 18 April 2024 15:16, UTC

Noble_xyz, a specialized blockchain platform, is set to expand the presence of the digital currency USDY within the Cosmos and IBCProtocol ecosystems. Noble will facilitate this integration as the platform responsible for on-chain asset issuance. However, officials emphasize that USDY is not intended for marketing, sale, or distribution within the United States or to U.S. persons. Additionally, USDY has not undergone registration under the U.S. Securities Act of 1933.

⚠️ Important: USDY is not, and may not be, offered, sold, or otherwise made available in the US or to US persons. USDY also has not been registered under the US Securities Act of 1933.

🌐 Noble is a purpose-built Cosmos blockchain that builds interoperability protocols for the…

— Ondo Finance (@OndoFinance) April 18, 2024

Noble is crafted specifically to develop interoperability protocols which enable smooth integration and transfer of native assets across over 90 blockchains. Noble is also recognized as the issuer of $USDC within the Cosmos ecosystem, boasting a substantial transfer volume of over $750 million in the past 30 days.

Integration via Noble

Noble’s blockchain technology facilitates the seamless integration of Ondo’s yield-bearing tokens with all associated Cosmos chains, including prominent networks such as Osmosis Zone, dYdX, and CelestiaOrg, among others. The last month saw an impressive transfer volume of approximately $2.5 billion across these chains, featuring over 7.5 million unique transfers. USDY is defined as a tokenized note that is backed by short-term U.S. Treasuries, providing its holders the dual benefits of stablecoin utility and yield earnings.

Nathan Lallman, CEO of Ondo Finance, shared his excitement about the native integration of Ondo products into the Cosmos ecosystem. He highlighted the crucial role of Noble as an issuance partner in enhancing the utility and liquidity for application chains and their users. Jelena, the founder of Noble, also commented on the launch, noting the significant benefits such as increased liquidity, better interoperability, and enhanced user experience that the native issuance of USDY on Noble promises to deliver.

Following its launch on Noble, USDY is set to be immediately applicable in a wide array of uses, including trading, savings, payments, and as collateral. It aims to mirror USDC’s function in using Noble as a central routing hub between application chains, thereby increasing liquidity and ensuring a seamless user experience across the ecosystem.