Mantle Ventures into RWA, Integrates Ondo Finance's USD Yield (USDY)
Mantle Ventures into RWA, Integrates Ondo Finance's USD Yield (USDY)
Real World Assets (RWA) continue to demonstrate their allure even during market downturns. Evidence of this is seen as numerous major players enter the RWA race, such as MakerDAO and Pendle, introducing RWA-based products.
On September 12, 2023, another contender joined the fray: Mantle, the modular Layer-2 blockchain within the Bybit ecosystem. In a bid to provide sustainable yields from U.S. Treasury bonds, Mantle partnered with Ondo Finance to integrate the USD Yield (USDY) token into its platform.
It's Official: Ondo Finance’s USD Yield ($USDY) is coming to Mantle ?
? We're thrilled to announce @OndoFinance as a Showcase Partner for RWAs. For the first time, users will be able to access U.S. Treasury yield directly from their wallet on Mantle.https://t.co/BP9qF5sXtr pic.twitter.com/0ONf8Wv3HJ— Mantle (@0xMantle) September 12, 2023
USDY becomes the inaugural product in Mantle's Showcase, providing reputable offerings that benefit the community while ensuring investor safety and delivering a seamless user experience.
USDY is the world's first token combining U.S. Treasury bonds and bank deposits, offering an APY of 5%. Currently, users can trade USDY on DEXs within the ecosystem, and the mint/redeem mechanism for USDY on the Mantle chain will soon be introduced.
It's Official: Ondo Finance’s USD Yield ($USDY) is coming to Mantle 🤝
— Mantle (@0xMantle) September 12, 2023
🥳 We're thrilled to announce @OndoFinance as a Showcase Partner for RWAs. For the first time, users will be able to access U.S. Treasury yield directly from their wallet on Mantle.https://t.co/BP9qF5sXtr pic.twitter.com/0ONf8Wv3HJ
Mantle's Chief Alchemist, Jordi Alexander, praises the potential of USDY:
"USDY is truly a game-changer for DeFi. For the first time, users can directly access U.S. Treasury bond yields with just a tap and hold assets straight in their wallet, as easy to use as stablecoins like USDT and USDC."
Meanwhile, Ondo Finance leads the RWA space, capturing 50% of the tokenized bond market according to data from Steakhouse aggregated on Dune Analytics.
Source: Steakhouse on Dune Analytics
Nathan Allman, Founder and CEO of Ondo Finance, shares his enthusiasm:
"We're thrilled about this collaboration. We admire Mantle's approach to the market by supporting sustainable development, creating an on-chain protocol and product that's both tightly managed and best bonded today."
MNT is currently trading around $0.4 USD, showing minimal fluctuations over the past 24 hours.
4H chart of MNT/USDT pair on Bybit as of 07:00 PM on September 12, 2023
