cryptonews.net
In an announcement published by crypto.news on August 27, Ondo Finance and Arbitrum said that the tokenized debt instrument $USDY has been launched on Ethereum’s L2 scaling solution. Ondo U.S. Dollar Yield is a yield asset backed by short-term U.S. Treasury bonds that currently accounts for $347 million in market value. According to RWA.xyz, $USDY is traded on Ethereum and Solana, among other blockchain networks.
With its launch on Arbitrum, $USDY is now available on another major decentralized finance platform. In an announcement on August 27, the Arbitrum Foundation said that Ondo’s tokenized treasury asset now offers its real-world investment to users on Arbitrum’s leading DeFi protocols Camelot and Dolomite.
$USDY holders earn 5.35% annual interest and will allow non-US investors on Arbitrum — both retail and institutional — to access the benefits of stablecoins, attractive annual yields, and institutional-grade investor protection. Ondo’s launch of $USDY on Arbitrum follows ArbitrumDAO’s move to diversify six million $ARB tokens into a tokenized asset on Ondo. The program aims to support the adoption of RWA on Arbitrum, with $ARB staked in Ondo’s $USDY representing 17% of Arbitrum’s total $36 billion treasury investment.
Image: Ondo Finance Blog