Category: News, NFT News

Ondo To Bring RWA-Backed Stablecoins Onto Sui

The partnership comes after Sui’s TVL tripled since mid-December.

Ondo Finance, a project focused on bringing real-world assets on-chain, will deploy its yield-bearing stablecoins onto Sui Network.

Announced on Feb. 7, the partnership paves the way for USDY, Ondo’s U.S. treasury-backed stablecoin, to launch on Sui. Ondo said it also hopes to deploy other tokenized assets on Sui including securities and additional stablecoins in the future.

“Our collaboration with Sui broadens Ondo’s reach and introduces Ondo’s reliable, yield-generating assets to a broader audience, fostering innovation and stability across the ecosystem,” said Nathan Allman, CEO of Ondo Finance. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.”

Ondo describes USDY as a “tokenized note backed by short-term U.S. Treasuries” that accrues yield for tokenholders. Ondo said it expects Sui’s leading DeFi protocols to integrate USDY. However, USDY is not available to U.S.-based persons.