DeFi
MANTRA launches new RWA savings vault with Ondo
MANTRA, a real world asset (RWA) tokenization platform, has unveiled a new RWA Savings Vault, an on-chain product backed by Ondo’s USDY, according to information shared with Finbold on June 3.
The new project brings together two major players in the RWA sector to strengthen liquidity for RWA tokenization, a facet of decentralized finance (Challenge) which has recently attracted considerable institutional interest.
High-quality yields with a new multi-chain vault
To mark the new stage of liquidity, MANTRA and the Ondo Foundation are encouraging a multi-chain vault.
Users who contribute to USD Coin (USDC) to the vault will have immediate access to high quality yields.
Those who remain invested until the MANTRA Chain mainnet launch will also receive mainnet ONDO tokens and OM coins along with the underlying yield.
The vault is expected to open to the public in June on Ethereum (ETH) and base.
Institutional Grade DeFi Composability
MANTRA’s mission is to merge DeFi composability with institutional-grade on-chain finance.
USDY’s features, such as overcollateralization, third-party oversight, and institutional-level investor protection, make it a fundamental asset to the growing RWA ecosystem.
To effectively manage returns as participation increases, MANTRA and the Ondo Foundation have designed a progressive schedule of increasing rewards distributed as community participation milestones are achieved.
Nathan Allman, CEO of Ondo Finance, expressed his enthusiasm for the project, saying:
“We are excited to see the USDY Vault launched on MANTRA, furthering our mission of bringing institutional-grade assets to the world. This yield-bearing vault is an exciting step in our journey to connect traditional finance and decentralized finance at scale.
— Nathan Allman, CEO of Ondo Finance
John Patrick Mullin, co-founder and CEO of MANTRA, further commented on the project to create the most liquid company Layer 1 blockchain built specifically for RWA:
“The activation of Ondo USDY, the market-leading tokenized US Treasury product, marks a significant expansion of our ecosystem. Having an interest-bearing fungible base liquidity layer via USDY is essential to improving our on-chain liquidity profile. This cutting-edge product launch is part of MANTRA Chain’s broader strategy to work closely with all major RWA projects to create the most liquid layer 1 blockchain, purpose-built for RWAs.
— John Patrick Mullin, co-founder and CEO of MANTRA
The launch of the new MANTRA blockchain
The new MANTRA blockchainscheduled to launch later this year, will feature Ondo’s flagship interest-bearing token, USDY, as its genesis asset.
USDY provides its holders with exposure to short-term U.S. Treasury yields while retaining the utility of stable coins.
Not being registered under the US Securities Act, USDY is not available for sale in the United States or to US citizens.