Ondofinance Stablecoin USDY, Backed by U.S. Bonds, Now Live on Aptos Blockchain

IconCryptoNewsTerminal Staff31 Jul, 2024

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Ondofinance Stablecoin USDY, Backed by U.S. Bonds, Now Live on Aptos Blockchain

Ondofinance (ONDO) has launched its USDY stablecoin, which is pegged to the U.S. dollar and backed by U.S. Treasury bonds, on the Aptos blockchain. This move makes USDY available to users outside the United States on the Aptos chain. The Aptos Foundation, the non-profit organization behind the Aptos blockchain, announced the launch on January 31st. The integration of USDY into the Aptos ecosystem is expected to provide users with a more diverse range of stablecoin options and enhance the overall DeFi capabilities of the Aptos blockchain. USDY is a fully collateralized stablecoin, meaning that its value is backed by an equivalent amount of U.S. Treasury bonds held in reserve. This provides a high level of stability and security for users, as the value of USDY is directly tied to the value of the underlying bonds. The launch of USDY on Aptos is a significant development for the stablecoin market, as it expands the availability of dollar-pegged stablecoins to a wider range of users. It also highlights the growing adoption of the Aptos blockchain for DeFi applications.

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