DeFi
MANTRA Launches RWA Savings Vault Powered by Ondo USDY
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, has announced a major onchain product. This landmark event will feature two of the largest players in the RWA space, creating significant liquidity support for RWA tokenization, an area of decentralized finance (DeFi) that has attracted significant institutional interest this year.
MANTRA will feature Ondo’s flagship tokenized note, USDY, as a genesis asset when its blockchain launches, expected later this year. USDY provides its holders with exposure to the short-term U.S. Treasury yield while retaining the utility of stablecoins. (NOTE: USDY is not and may not be offered, sold or otherwise made available in the United States or to U.S. persons. Nor has USDY been registered under U.S. law on securities.)
To celebrate this liquidity milestone, the Ondo Foundation and MANTRA will foster a multi-chain vault, providing users who contribute USDC to the vault with immediate access to high-quality yield. Users who remain in the vault until the MANTRA Chain mainnet launch will receive ONDO tokens and OM coins from the mainnet in addition to the underlying yield. The duo expects the vault to be open to the public in June on Ethereum and Base.
To avoid dilution of returns as participation increases, MANTRA and Ondo Foundation have structured a progressive schedule of increasing rewards to be paid as community participation milestones are reached.
MANTRA aims to bring together DeFi composability and institutional-grade finance on-chain. USDY’s robust features include overcollateralization, third-party monitoring, and institutional-level investor protection, making USDY a key asset to the growing RWA ecosystem.
Nathan Allman, CEO of Ondo Finance, said: “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 bridge traditional finance and decentralized finance at scale.
John Patrick Mullin, co-founder and CEO of MANTRA, said: “The activation of Ondo USDY, the market-leading tokenized US Treasury product, marks a significant expansion of our ecosystem. It is essential to have a fungible interest-bearing base liquidity layer via USDY. to improve 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.
About the Ondo Foundation
Ondo Foundation is a Cayman Islands foundation company with a mission to usher in a new era of financial inclusion and market efficiency through institutional-quality on-chain financial products and services. The Ondo Foundation is a non-profit organization with no beneficial owners.
About Ondo Finance
Ondo Finance provides institutional-grade blockchain-based 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 both the Ondo Foundation and Ondo Finance.
About MANTRA
MANTRA is a security-focused 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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Marketing Manager
Christopher Lidman
press@mantrachain.io