Mantle Network, in collaboration with Ondo Finance, has introduced USDY, a novel yield-generating token backed by tangible assets, to revolutionize the DeFi landscape. This innovative financial instrument aims to provide a secure alternative to traditional stablecoins and deliver real-world yields through a decentralized framework.
Furthermore, Ondo Finance is preparing to launch mUSD, a rebasing currency pegged to the U.S. dollar, designed to provide a distinctive mechanism for accruing interest in the cryptocurrency domain.
USDY: Backed by U.S. Treasuries and Bank Demand Deposits
USDY, the latest addition to the cryptocurrency market, is backed by a robust combination of U.S. treasuries and bank demand deposits, ensuring its stability and security. The integration of Mantle Network with Ondo Finance has facilitated the creation of a bridge from Ethereum Layer 1 to Mantle Layer 2, enhancing the accessibility of USDY.
This token is poised to provide value to its holders by accruing yield from its underlying assets, potentially transforming how yield is perceived and pursued in the digital currency realm.
Ondo Finance’s Expertise in Tokenized Securities
Ondo Finance, with a commanding 50% market share, leads the USDY initiative and has structured it as a tokenized bearer instrument to align seamlessly with legal requirements and build user trust. Moreover, their expertise in tokenized securities positions USDY for growth and stability, making it a promising addition to the cryptocurrency market.
mUSD: A Rebasable Stable Currency
Ondo Finance is also on the brink of releasing mUSD, a rebasing currency designed to maintain a stable value pegged to the U.S. dollar. In addition, this unique currency will distribute yield to its holders by issuing additional tokens. While introducing a novel mechanism for interest accrual in the cryptocurrency domain.
Mantle Network recently unveiled its mainnet alpha and strengthened its position in the crypto economy, partly through its amalgamation with BitDAO. The network’s substantial treasury enables it to successfully implement governance proposal MIP-26, providing substantial liquidity for the minting and trading of USDY and mUSD within Mantle’s decentralized exchanges.
Boosting Mantle’s DeFi Ecosystem
The integration of USDY and mUSD into Mantle’s DeFi ecosystem also opens up various avenues for usage while serving as collateral in different financial protocols to enhancing liquidity providers’ incentives. This development also represents a strategic enhancement to the network’s infrastructure, delivering tangible benefits to users and participating platforms.
Moreover, Mantle’s foray into real-world asset-backed tokens underscores its commitment to providing sustainable yield sources in the cryptocurrency space. The team’s meticulous research and due diligence also demonstrate their dedication to user experience.