Ondo Finance’s yield-bearing stablecoin $USDY is now accessible to the Cosmos ecosystem by Noble.
Ondo Finance is launching its US Greenback Yield Token, $USDY, on Cosmos’ asset issuance appchain, Noble, making it the primary tokenized treasuries product accessible on the Cosmos ecosystem.
The launch means Cosmos chains together with Injective, Helix, Osmosis, and Pyth will be capable of leverage $USDY in decentralized finance (DeFi).
Cosmos, also called the Web of Blockchains (IBC), is a proof-of-stake blockchain that acts because the central hub to an ecosystem of interoperable appchains constructed on high of it.
$USDY is a tokenized observe that’s backed by U.S. Treasuries and financial institution demand deposits. The product, which isn’t accessible to non-U.S. people or buyers, permits for holders to earn yield whereas utilizing the stablecoin elsewhere in DeFi. The present native yield price for $USDY is 5.3% APY.
Noble is a routing hub for asset transfers and issuance for Cosmos’ Interchain. The workforce raised $3.3 million in an funding spherical led by Polychain Capital in October 2023 and has launched each USDC and USDY on Cosmos, with plans to deliver Hashnote’s USYC, and FRAX to the Interchain.
Noble’s cumulative stablecoin market capitalization is $246 million, 99% of which is denominated in USDC, and 1% in USDY.
USDY has a market cap of $323 million in contrast with USDC’s $33 billion and USDT’s $114 billion.
Upon the announcement, Ondo Finance’s CEO stated, “our collaboration with Noble broadens Ondo’s attain to the expansive ecosystem of Cosmos appchains, paving the way in which for novel decentralized monetary purposes and their customers to learn from Ondo’s market-leading yieldcoin”.
