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Ondo Finance and Arbitrum Foundation have announced the launch of Ondo U.S. Dollar Yield on Arbitrum.
In an announcement shared with crypto.news on Aug. 27, Ondo Finance (ONDO) and Arbitrum (ARB) stated that the tokenized note USDY had launched on the Ethereum layer-2 scaling solution.
The Ondo U.S. Dollar Yield is a yield-bearing asset secured by short-term U.S. Treasuries, currently accounting for $347 million in market value. Per data from RWA.xyz, USDY is live on the Ethereum (ETH) and Solana (SOL), among other blockchain networks.
USDY to unlock DeFi benefits for Arbitrum users
By launching on Arbitrum, USDY is now available on another major decentralized finance platform. In the announcement on Aug. 27, Arbitrum Foundation said Ondo’s tokenized treasuries asset now offers its real-world asset investment for users on Arbitrum’s top DeFi protocols Camelot and Dolomite.
“We are thrilled to see USDY launch on Arbitrum, paving the way for some of the largest decentralized finance applications to leverage our tokenized US treasuries.”
Katie Wheeler, VP of partnerships at Ondo Finance.
The integration will support Arbitrum’s DeFi ecosystem as it expands, unlocking new benefits for ARB holders, Wheeler added.
USDY holders earn 5.35% in annual percentage yield and will enable non-U.S. investors on Arbitrum – both retail and institutional – to access the benefits of stablecoins, attractive APY, and institutional-grade investor protections.
You might also like: Franklin Templeton launches money market fund on Arbitrum
Growing RWA ecosystem
Ondo’s launch of USDY on Arbitrum follows ArbitrumDAO’s move to diversify six million ARB tokens into Ondo’s tokenized note. The program aims to support RWA adoption on Arbitrum, with the ARB put into Ondo USDY accounting for 17% of Arbitrum’s total treasury investment of 36 billion.
Meanwhile, growth in the RWA market and the tokenized treasuries space in particular has seen the total market value quickly cross the $2 billion mark.
BlackRock, Franklin Templeton, and Ondo Finance are the leading providers by market cap, while OpenEden, Hashnote, and Superstate are seeing increased traction.
Read more: A trillion-dollar dream: why experts predict 1000x increase for tokenized treasuries
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