Discover how Ondo Finance and Pyth Community are revolutionizing decentralized finance by integrating institutional belongings throughout over 65 blockchain ecosystems. Find out how their partnership enhances on-chain accessibility to conventional belongings, benefiting good contract builders and DeFi customers alike.
DeFi is poised to revolutionize capital markets and the monetary industry by enabling decentralized access to traditional assets. To fully realize this potential, on-chain users require seamless access to these assets across multiple blockchains and decentralized applications.
Ondo Finance, a leading provider of tokenized real-world assets, has partnered with Pyth Network to achieve this vision. Their collaboration has resulted in the launch of the USDY/USD price feed by Pyth, now available across more than 65 blockchain ecosystems. This milestone enables smart contract developers worldwide to integrate real-time feeds for Ondo’s yieldcoin, USDY.
This development opens new opportunities for developers and projects to integrate institutional assets on-chain, enhancing DeFi’s potential. Pyth Network’s over 100 first-party data providers are set to support additional real-world assets as demanded by Web3 builders.
“It is a major unlock for developers and projects building the future of finance. Many leading DeFi applications and protocols use Pyth as an oracle provider, and this USDY/USD price feed marks a significant step towards cutting through the fragmented nature of blockchain ecosystems to make institutional assets broadly accessible.” — Katie Wheeler, VP of Partnerships at Ondo Finance
What is Ondo’s US Dollar Yield Token?
Ondo's US Dollar Yield (USDY) is a tokenized note backed by short-term US treasuries. USDY provides a secure, yield-generating alternative to traditional stablecoins, merging the benefits of on-chain finance with the stability of conventional assets. Backed by safe and liquid assets, USDY provides sustainable yields for both institutional and individual market participants in on-chain capital markets.
Learn more about USDY here.
Expanding DeFi’s Potential with USDY
The Pyth USDY/USD price feed launch extends USDY’s reach to the EVM, Solana, Transfer, Bitcoin, and Cosmos ecosystems. This partnership aims to create a unified and interoperable DeFi experience, overcoming the fragmented nature of blockchain ecosystems.
Wider Reach: The USDY/USD feed is now active on over 65 blockchains, enabling various on-chain applications to establish markets for USDY. The widespread availability of key assets fosters a more composable and dynamic DeFi landscape.
Multi-Chain Synergies: The USDY/USD feed’s presence across multiple blockchains allows DeFi applications to expand their reach and serve new user bases. This helps break down silos in the blockchain world, promoting the free movement of assets across different chains.
Bridging Traditional and Decentralized Finance: This development is essential for integrating institutional finance into DeFi, bringing enhanced liquidity, security, and stability. By incorporating conventional assets on smart contract platforms, Ondo is paving the way for more sophisticated DeFi products and services.
Real-time Exposure: Pyth Price Feeds provide updates at sub-second speeds, enabling on-chain users to track traditional capital markets in near real-time. This capability levels the playing field between DeFi and CeFi solutions, opening up new market opportunities.
Ecosystem Highlights
Oracle feeds for key assets are crucial for blockchain foundations to grow their ecosystems, attract developers, and better serve users. The Aptos, Solana, and Mantle Foundations are among the first to utilize the new Pyth USDY/USD feed.
Aptos
Aptos and Ondo Finance are collaborating to tokenize real-world assets. The Pyth Price Feeds for Ondo products will accelerate this initiative.
Solana
Ondo Finance has expanded its US Treasury-backed assets to the Solana ecosystem, supporting the broader trend of bringing traditional assets onto blockchain platforms. The Pyth oracle feeds enhance Solana’s Layer 1 offerings.
Mantle
Mantle and Ondo Finance are working together to further the real-world asset (RWA) movement, bringing sustainable yields to the DeFi ecosystem. The Pyth USDY/USD feed marks an important milestone in this effort.
DeFi Protocols
Several Pyth ecosystem partners are already integrating this price feed, expanding its reach and utility.
Drift — A dynamic AMM-based perpetual futures DEX on Solana.
FlashTrade — Asset-backed trading with on-demand liquidity on Solana.
Thala — A DeFi HyperApp and liquidity engine on Aptos.
DePerp — A perpetual trading mini-app in Telegram and web app on Base.
“Traders on Drift rely heavily on the provision of real-time, accurate price data like USDY. Low-latency price data is critical to Drift’s products, enabling seamless trades on perpetuals and on-chain derivatives. Pyth’s pull oracles significantly reduce the risk of stale pricing.” — Chris, core contributor at Drift
“We’re excited to launch USDY into Thala swimming pools, allowing users to trade USDY and gain exposure to tokenized treasury yields. Furthermore, USDY will also be whitelisted as a collateral for our stablecoin, MOD. This is part of our larger vision to make Thala the Liquidity Hub for RWAs on Ap
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