- Mantle, an Ethereum layer 2 answer, has expanded its product providing by way of Ondo Finance’s USD Yield (USDY).
- Customers can entry US Treasury yield instantly from their Mantle pockets.
Mantle, an Ethereum layer-2 protocol backed by crypto trade Bybit, has introduced its enlargement to the actual world property (RWA) market.
Particularly, Mantle is tapping into the tokenized US Treasuries choices by way of Ondo Finance to carry sustainable yield to the broader DeFi ecosystem. The Mantle staff is trying to obtain this by Ondo Finance’s USD Yield (USDY) token.
💵 We strongly consider that Actual World Belongings (RWAs) on the blockchain are one of many use circumstances with the best potential to profit customers. As such, we now have been conducting loads of analysis into the probabilities of this increasing vertical!
— Mantle (@0xMantle) September 12, 2023
Entry US Treasury yield by way of Mantle pockets
USDY is the primary tokenized word on the earth to be secured by each short-term US Treasuries and financial institution deposits.
Ondo, which raised $20 million in its Founders Fund and Pantera Capital co-led sequence A spherical in 2022, debuted USDY in April this 12 months, bringing to the RWA market a token with the accessibility and utility that customers have with stablecoins. It offers a 5% APY to holders.
“USDY actually is a recreation changer for the world of DeFi. For the primary time ever, customers will have the ability to entry U.S. Treasury yield straight from the faucet and instantly into their pockets, with an identical ease of entry as stablecoins like USDT and USDC,” Jordi Alexander, Chief Alchemist at Mantle, stated.
Right this moment’s announcement comes after a Mantle enchancment proposal (MIP-26) for a RWA liquidity pool (RWA-yield backed stablecoins) of as much as $60 million was accepted. The MIP-26 proposal, authored by Mantle’s Economics Committee, handed with 149 million MNT/BIT in opposition to 3.2K MNT/BIT.
As a part of the launch, USDY has turn into the inaugural Mantle Showcase yield stablecoin undertaking.
Based on the protocol, the DEX liquidity that Ondo’s USDY brings to the Mantle ecosystem will make it simple for customers to purchase and promote USDY on-chain. Buyers can purchase the token by minting on Ondo or buying them on decentralised exchanges (DEXs) on Mantle
