• 19 June, 2024
News

Ondo Finance (ONDO) Partners With MANTRA Chain, Enhancing On-Chain Liquidity

In a tweet, Ondo Finance announced that its flagship yieldcoin, USDY, will be featured as a genesis asset on MANTRA Chain’s blockchain debut. USDY  provides exposure to momentary US Treasuries alongside the utility of stablecoins and is poised to enhance MANTRA’s on-chain liquidity. This joint effort aims to viaduct traditional and decentralized finance, marking a crucial step in the growth of both ecosystems.

According to Ondo’s Finance post, Nathan Allman, CEO of Ondo Finance, expressed positivity about integrating USDY into MANTRA’s ecosystem. He emphasized that this collaboration furthers their mission to bring institutional-grade assets to a broader market. 

Similarly, John Patrick Mullin, Co-Founder and CEO of MANTRA, highlighted the significance of USDY in enhancing on-chain liquidity. He noted that having a fungible interest-bearing base layer of liquidity via USDY is critical to MANTRA Chain’s broader strategy to work closely with all leading Real World Asset (RWA) projects.

Ondo Finance Unveils Ondo Global Markets for Tokenized Financial Securities

USDY will not be available in the US or to US persons, ensuring compliance with regulatory standards. The token has not been registered under the US Securities Act, aligning with legal requirements and emphasizing the importance of adhering to regulatory frameworks.

Trader @sir_Dzen noted a potential bearish trend for ONDO in the market, suggesting a short entry if the price falls below the Moving Average. At the time of press, Ondo’s price stood at $1.24, with a daily trading volume of $227,710,905. Ondo has experienced a 6.06% increase in the last 24 hours, indicating a bullish short-term trend.

By integrating USDY, MANTRA aims to establish itself as the most liquid Layer 1 blockchain tailored for Real World Assets. This collaboration underscores the growing importance of RWAs in the blockchain space.

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