Tuesday, November 5, 2024

Ondo Brings Treasury-backed Tokens To Solana

Main real-world asset protocol sees development alternative as buying and selling volumes on Solana DEXs surpass Ethereum.

The Solana blockchain continues to draw curiosity from main gamers within the Ethereum DeFi ecosystem.

The newest instance is Ondo Finance, a number one Actual World Belongings (RWA) protocol which gives tokenized variations of conventional monetary merchandise. It’s now providing two merchandise, OUSG and USDY, that are each backed by U.S. treasuries, on Solana. Each launched on Ethereum earlier this 12 months.

OUSG is a tokenized model of the Blackrock short-term treasuries ETF (SHV) with a $146.7M market capitalization. Over 90% of that worth lives on Ethereum, with the remaining on Polygon. USDY is a stablecoin which derives yield from U.S. treasuries.

“Solana has not too long ago grow to be an plain hotbed of exercise and a black gap for incoming liquidity,” Ondo stated in a launch.