RWA leader Ondo cooperates with Drift Protocol! Open tokenization of U.S. Treasury bonds USDY as collateral

This site (120btc.coM): RWA (real world assets) is one of the current focus tracks in the cryptocurrency market. On March 20 this year, after BlackRock launched its first tokenized fund BUIDL "BlackRock USD Institutional Digital Liquidity Fund", the leading Ondo Finance ($ONDO) soared nearly 30% on the same day and has risen this year. More than 500%.

Ondo $USDY can be used as collateral for Drift contract transactions

Just yesterday, Ondo Finance announced its cooperation with Drift Protocol, a decentralized exchange on the Solana chain, to open Ondo Finance’s tokenized U.S. debt USDY can be used as collateral (margin) for the Drift Protocol perpetual contract and allows borrowing and lending.

This is a new use case in the RWA field. In the past, tokenized U.S. debt could only be used to earn interest, but now it can be used for trading operations at the same time, which brings more utility to RWA and increases capital. efficiency, and it is expected that more exchanges will support it in the future. The statement from both parties stated: The initial integration of USDY is just the beginning, with the purpose of allowing more retail and institutional users to join DeFi. Tokenized RWA should not just sit quietly in wallets. The combination with DeFi unlocks new possibilities and utility for these assets.

Justin Schmidt, President and Chief Operating Officer of Ondo Finance, commented: The integration of USDY and Drift has significantly improved the capital efficiency of Solana perpetual contract traders, marking the beginning of a new era of DeFi.

Both parties stated that they will continue to expand cooperation in the future to put more assets on the chain and improve the utility of traders.

USDY is the fourth largest tokenized U.S. debt, with a scale exceeding US$160 million

Ondo Finance’s USDY is an alternative to the U.S. dollar stablecoin, backed by short-term U.S. Treasury bonds and bank deposits, as of press time At that time, the annualized rate of return was 5.30%, and the handling fee was 0.05%. Users need to wait 40 to 50 days after purchase before transferring on the chain. Ethereum, Mantle, Solana, Sui and Aptos public chains are supported.

Ondo Finance emphasizes that USDY will not and may not be offered, sold or otherwise made available in the United States or to Americans. USDY has also not been registered under U.S. securities laws.

RWA.xyz data shows that USDY has a market value of US$165 million, making it the fourth largest tokenized U.S. bond product, second only to BlackRock’s BUIDL, Franklin Templeton’s FOBXX and Ondo’s own $OUSG available to accredited investors.

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