GRAND CAYMAN, Cayman Islands, February 7th, 2024/Chainwire/--Ondo’s Sui upcoming integration will bring native access to new tokenized assets such as treasuries, securities, and stablecoins on-chain. , the Layer 1 blockchain which has experienced explosive growth since its inception eight months ago, today announced that Ondo Finance is expanding into the Sui ecosystem. Sui The expansion will bring Sui Network’s first native dollar-denominated token (including stablecoins and interest-bearing stablecoin substitutes) in the form of Ondo USD Yield or “USDY” — a US treasury-backed and interest-bearing token issued by Ondo. Ondo’s expansion to Sui adds to Sui’s blistering DeFi momentum, demonstrating the growth and demand for financial applications and native functionality on chain. Sui’s DeFi volume is up more than 1200% since October and Sui recently broke into the top 10 DeFi ecosystems as measured by TVL. Ondo Finance is the third-largest platform bringing tokenized derivatives of real-world assets onto public blockchains with $185M in TVL and over $1B worth of its newly-launched governance token trading in its first week in late January. In addition to stablecoins, Ondo’s flagship Treasury-backed tokens, tokenized securities, and real-world assets will create countless new opportunities for teams building on Sui. Ondo’s expansion into the Sui ecosystem also continues a trend of top projects affirmatively choosing to integrate into Sui. For example, in December 2023, leading Solana lending protocol Solend announced it would launch a lending protocol native to Sui and decentralized derivatives exchange Bluefin likewise shuttered its V1 Arbitrum implementation to focus entirely on Sui. What The People Spearheading This Had to Say “The people who interact with our platform want fast and efficient transactions, which should be essential for any blockchain project,” said Ondo’s founder and chief executive officer, Nathan Allman. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.” Tokenized treasury offerings represent tradable tokens backed by real-world assets, and their presence on Sui is a significant step toward growing DeFi in the ecosystem and across the industry. “Ondo is an amazing addition to the Sui ecosystem, providing a native yield-bearing stablecoin-like asset that will unlock new opportunities for Sui’s builders and developers and essential new functionality for the users of their applications,” said Greg Siourounis, Managing Director of the Sui Foundation. “Sui’s DeFi volume is already growing at a remarkable rate and Ondo’s participation will make that trajectory even stronger. I am excited to see how Sui’s community leverages the real-world assets and innovative financial products Ondo offers.” Contact Sui Foundation media@sui.io This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program . here

This is a PR written by or for the company mentioned within it. The writer has a vested interest in the company and products mentioned within.

Memeinator Soars Past $4M in Public Presale Amidst Red Apple Tech Partnership News

Citrea:Bitcoin’s First ZK Rollup Emerges From Stealth

Visit Our Website

Chainwire Blog

Too Long; Didn't Read

Boost your HackerNoon story @ $159.99! 🚀

Real-World Assets And Yield-Bearing Stablecoin-Alternative Coming to Sui: Ondo Finance's Expansion

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

$DEFI Token Hits 7 Major Exchanges: A Milestone Achievement

$JTC Network To List On BitMart Exchange

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

$3 Million in Seed Funding for Web3 Founders Announced By Necto Labs

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

$DEFI Token Hits 7 Major Exchanges: A Milestone Achievement

$JTC Network To List On BitMart Exchange

$500k Presale: TG.Casino Passes Milestone with Upcoming Telegram-Powered Platform

$3 Million in Seed Funding for Web3 Founders Announced By Necto Labs

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps