Injective Introducing USDY, Ondo US Dollar Yield.
For the very first time, users on Injective now have the opportunity to obtain tokenized US Treasuries through Ondo Finance’s USD Yield token (“USDY”). Ondo, a leader in linking traditional financial assets to blockchain networks, currently boasts over $200 million of its tokenized US Treasuries in circulation.
Eligible users can seamlessly access USDY by bridging it from Ethereum through the Injective Hub, enabling them to earn yield on tokenized US Treasuries entirely on-chain. This integration with Ondo, solidifies Injective position as a prominent Layer 1 platform for both interoperability and Real World Assets (RWAs).
Ondo serves as the issuer of USD Yield (USDY), the world’s pioneering tokenized note secured by US Treasuries. USDY, akin to stablecoins, offers accessibility and utility while rewarding token holders with a yield. Essentially, USDY provides a variable interest rate adjusted monthly by Ondo in advance, with the yield automatically compounded.
Backed by major investors like Pantera, Founders Fund, and Coinbase, Ondo’s partnership with Injective allows the USDY token to operate seamlessly across both Ethereum and Injective. This empowers Ethereum users to effortlessly transition to Injective and earn yield on tokenized treasuries.
Nathan Allman, CEO of Ondo Finance, emphasizes that “USDY incorporates mature financial structuring and robust investor protections while catering to the diverse needs of both individual and institutional investors.” This integration marks the first time users across the broader Cosmos ecosystem can access tokenized treasuries, with USDY bridging from Ethereum through Injective, which serves as the primary hub across the IBC world for interacting with RWAs like USDY.
Users can access USDY either by bridging it over to Injective from Ethereum using the Injective Hub or through native dApps on Injective, such as Helix, the premier decentralized exchange on the network. Injective’s direct integration with major institutions ensures high liquidity and capital efficiency for new assets like RWAs.
In conclusion, the expansion of the Real World Asset (RWA) industry by Injective underscores its commitment to democratizing finance. Enabling users to interact with USDY on-chain breaks down traditional finance barriers, contributing to the rapid growth of RWAs in the crypto landscape.
