BounceBit Launches USDY, First Tokenized Real-World Asset on CeDeFi Platform
James Ding Dec 10, 2024 11:32
BounceBit has integrated USDY, a tokenized real-world asset, into its CeDeFi platform, marking a significant milestone in its collaboration with Ondo Finance, known for tokenized US Treasuries.
BounceBit has announced the integration of USDY, a tokenized real-world asset (RWA), into its CeDeFi V2 platform. This initiative is in collaboration with Ondo Finance, which is renowned for its flagship tokenized US Treasuries products. This partnership represents a pivotal moment for BounceBit as it becomes the first to introduce a treasury-backed RWA into its ecosystem, according to BounceBit.
Real World Yield with Ondo Finance
Ondo Finance, established by former members of Goldman Sachs Digital Assets, and supported by investors like Founders Fund and Pantera Capital, provides institutional-grade financial products to the decentralized finance (DeFi) sector. Their tokenized US Treasuries have accumulated over $600 million in total value locked (TVL) across multiple blockchains, offering up to 4.65% annual percentage yield (APY).
Benefits for BounceBit Users
BounceBit users can now access Ondo’s institutional-grade USDY vault. This integration allows users to earn boosted $BB rewards when deploying USDY within the CeDeFi V2 platform, offering a seamless experience for participants.
Strengthening CeDeFi
The collaboration with Ondo Finance enhances BounceBit's position in the CeDeFi space, following a successful partnership with Ethena earlier this year. This integration provides users with secure, institutional-grade yield opportunities, further bridging traditional finance with DeFi innovation.
Ondo’s Tokenized US Treasuries
Ondo’s tokenized US Treasuries are backed by a bankruptcy-remote portfolio, offering daily liquidity to global non-US individuals and institutions. The product features a variable interest rate adjusted monthly and is secured with institutional-grade measures.
Accessing USDY
Users interested in earning yields can access Ondo’s tokenized US Treasuries via BounceBit’s platform. To start, users should visit the USDY vault at portal.bouncebit.io, connect their wallet, and deploy their assets to begin earning.
Future Prospects
The integration of USDY signifies BounceBit's commitment to expanding its offerings with institutional-grade products. This strategic move aims to enhance the CeDeFi landscape by collaborating with respected entities in the tokenized RWA sector, setting the stage for future innovations.
Ondo Finance, founded in 2021, continues to make strides in providing accessible institutional-grade financial services, while BounceBit leads in developing CeDeFi infrastructure, offering high-yield opportunities through its dual-token PoS Layer 1 chain.
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