Dubai, United Arab Emirates, May 31, 2024, Chainwire
MANTRA, one of the world's leading projects in the real-world asset (RWA) tokenization sector of the digital asset industry, announced a major on-chain product. This landmark event will feature two of the largest players in the RWA space generating deep liquidity support for RWA tokenization, an area of decentralized finance (DeFi) that has garnered significant institutional interest this year.
MANTRA will feature Ondo's flagship tokenized banknote, the USDY, as a genesis asset when its blockchain debuts, expected later this year. USDY provides holders with exposure to short-term US Treasury yields while maintaining the utility of stablecoins. (NOTE: USDY is not and cannot be offered, sold or otherwise made available in the US or to US persons. USDY has also not been registered under the US Securities Act. USA).
To celebrate this liquidity milestone, both the Ondo Foundation and MANTRA will incentivize a multi-chain vault, giving users who contribute USDC to the vault immediate access to high-quality yield. Users who remain in the vault until the MANTRA Chain mainnet launch will receive mainnet ONDO tokens and OM coins in addition to the underlying yield. The duo hopes the vault will open to the public in June in Base.
Join the waiting list
To avoid diluting returns as participation grows, MANTRA and the Ondo Foundation have structured a schedule of increasing rewards that will be paid out as community participation milestones are met.
MANTRA aims to unite the composability of DeFi and on-chain institutional-grade finance. USDY's strong features include overcollateralization, third-party oversight, and institutional-grade investor protections, making USDY a key asset for the burgeoning RWA ecosystem.
Nathan Allman, CEO of Ondo Finance, commented: “We are excited to see the launch of the USDY vault on MANTRA, furthering our mission of bringing institutional grade assets to the world. This yielding vault is an exciting step in our journey to unite Traditional finance and decentralized finance at scale.”
John Patrick Mullin, Co-Founder and CEO of MANTRA, said: “Enabling Ondo USDY, the market-leading US Treasury tokenized product, marks a significant expansion of our ecosystem. Having a base layer of fungible liquidity that earns interest through the USDY is instrumental in improving our on-chain liquidity profile. This cutting-edge product launch is part of MANTRA Chain's broader strategy to work closely with all leading RWA projects to create the largest Layer 1 blockchain. liquid designed specifically for RWA.
About Ondo Foundation
Ondo Foundation is a Cayman Islands Foundation company whose mission is to usher in a new era of financial inclusion and market efficiency through on-chain institutional-grade financial products and services. The Ondo Foundation is a non-profit organization with no beneficial owners.
About Ondo Finance
Ondo Finance offers blockchain-enabled institutional-grade investment products and services. Ondo has an asset management arm that creates and manages tokenized financial products, as well as a technology arm that develops decentralized financial protocols and other blockchain solutions.
Ondo USDY is supported by the Ondo Foundation and Ondo Finance.
About MANTRA
MANTRA is a secure RWA Layer 1 blockchain capable of meeting and enforcing real-world regulatory requirements. As a permissionless chain, MANTRA enables developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.
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This article was originally published on Chainwire.
