Mantle follows other rivals in getting into the difficult-hit RWA section with Ondo Finance’s USD Yield (USDY) integration.
Real World Asset (RWA) continues to show its appeal even in the most declining marketplace intervals. The evidence is that a quantity of substantial businesses have commenced to join the RWA race, this kind of as MakerDAO or Pendle, launching RWA-based mostly solutions.
On September twelve, 2023, a different competitor joined the game: Mantle – Layer-two modular blockchain belonging to the Bybit exchange ecosystem. To present customers with sustainable returns from US Treasury bonds, Mantle has partnered with Ondo Finance to integrate the USD Yield (USDY) token into the platform.
It’s official: Ondo Finance USD yield ($USDY) is coming to Mantle 🤝
🥳 We are thrilled to announce it @OndoFinance as a showcase companion for RWAs. For the 1st time, customers will be ready to entry U.S. Treasury bond yields straight from their portfolio on Mantle.https://t.co/BP9qF5sXtr pic.twitter.com/0ONf8Wv3HJ
— Mantle (@0xMantle) September 12, 2023
USDY gets the 1st products of Mantle Showcase, which delivers trusted solutions that not only advantage the local community but are also harmless for traders, although giving a smooth consumer expertise.
USDY is the world’s 1st tokenization that combines US Treasury bonds and financial institution deposits, giving a five% APY. Users can at this time trade USDY to DEX in the ecosystem, and the USDY minting/redemption mechanism on the Mantle chain will be launched quickly.
Mantle’s chief alchemist Jordi Alexander praises USDY’s possible:
“USDY is actually a game changer for DeFi. For the 1st time, customers can entry actual-time US Treasury yields with a easy tap and have assets straight in their wallet, creating it as quick to use as other stablecoins USDT, USDC thus.”
Meanwhile, Ondo Finance is at this time the main RWA venture and, in accordance to information, accounts for 50% of the invoice tokenization marketplace share. General Steakhouse Above Dune examination.
Ondo Finance Founder and CEO Nathan Allman shared:
“We are really excited about this partnership. We admire Mantle’s approach to the market in supporting sustainable development, creating a suite of protocols and on-chain products that are both tightly regulated and have the best cohesion today.”
The cost of MNT has been trading all over USD .four, with out considerably fluctuation in excess of the previous 24 hrs.
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