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Ondo Finance and Pyth Network Partner to Unlock Assets Across 65+ Blockchain Ecosystems

source-logo  blockster.com  + 1 more 10 July 2024 19:53, UTC

In a groundbreaking collaboration aimed at revolutionizing decentralized finance (DeFi), Ondo Finance and Pyth Network have teamed up to launch the USDY/USD price feed across more than 65 blockchain ecosystems.

This strategic partnership marks a significant milestone in bridging traditional finance with the world of blockchain, empowering developers globally to integrate institutionalized assets seamlessly into their decentralized applications.

Notably, According to Coingecko, the average daily trading volume for USDY surged from $573,122 during the week of June 27th to July 3rd to an impressive $3.5 million per day from July 4th onwards.

Empowering DeFi with USDY

Ondo Finance is renowned for its expertise in tokenized real-world assets, offering USDY as a stable, yield-generating alternative to traditional stablecoins. Backed by short-term US treasuries, USDY combines the benefits of on-chain finance with the stability and reliability of traditional financial instruments.

The integration of Pyth Network’s USDY/USD price feed extends the reach of USDY to major blockchain ecosystems including Ethereum Virtual Machine (EVM), Solana, Move, Bitcoin, and Cosmos. This initiative breaks down the barriers between different blockchain platforms, facilitating a more interconnected and unified DeFi experience.
“This partnership with Pyth is pivotal for the DeFi ecosystem, enabling developers to access real-time price data for USDY across multiple blockchains. It streamlines the integration of institutional assets into decentralized applications, enhancing market liquidity and expanding opportunities for innovation.”

Katie Wheeler, VP of Partnerships at Ondo Finance
Key Partnership Highlights

Expanded Accessibility: The USDY/USD price feed is now live on over 65 blockchain networks, providing developers with a standardized and reliable source of price information for USDY.

Multi-Chain Integration: By supporting USDY across diverse blockchain ecosystems, the partnership enables developers to build cross-platform applications that can leverage institutional-grade assets seamlessly.

Enhanced Market Efficiency: Pyth Network’s real-time price feeds update at sub-second speeds, offering on-chain users accurate and responsive data crucial for executing sophisticated financial transactions.

The collaboration has garnered early support from leading blockchain foundations including Aptos, Solana, and Mantle, reinforcing its role in fostering interoperability and advancing the capabilities of decentralized finance.
“We are excited to launch USDY into Thala pools, allowing users to trade USDY and gain exposure to tokenized treasury yields. Further, USDY will also be whitelisted as a collateral for our stablecoin, MOD. This is part of our bigger vision to make Thala the Liquidity Hub for RWAs on Aptos.”

Adam Cader, Co-Founder of Thala
For more information on USDY and to explore its potential in DeFi applications, visit Ondo Finance.

About Ondo Finance

Ondo Finance specializes in tokenized real-world assets, providing institutional-grade liquidity solutions for decentralized finance.

About Pyth Network

Pyth Network delivers high-fidelity price feeds from traditional financial markets to decentralized applications, enhancing market transparency and efficiency.


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