Dubai, United Arab Emirates, May 31, 2024, Chainwire
MANTRA, one of the world’s leading real-world asset (RWA) tokenization projects in the digital assets industry, has announced the launch of a major onchain product. This groundbreaking event will feature two of the largest players in the RWA space building deep liquidity support for RWA tokenization, an area of decentralized finance (DeFi) that has received significant institutional interest this year.
MANTRA will feature Ondo’s flagship interest-bearing tokenized note, USDY, as its origin asset upon blockchain debut, expected later this year. USDY provides holders with exposure to short-term U.S. Treasury yields while maintaining the utility of stablecoins. (NOTE: USDY is not and may not be offered, sold or otherwise made available in the U.S. or to U.S. persons. USDY has also not been registered under the U.S. Securities Act.)
To celebrate this liquidity milestone, both the Ondo Foundation and MANTRA will encourage the creation of a multi-chain vault, providing users who deposit USDC into the vault immediate access to high-quality returns. Users who remain in the vault until the MANTRA Chain mainnet launches will receive ONDO tokens and mainnet OM coins in addition to their base income. The duo expects the vault to open to the public in June at Base.
Join the waiting list
To prevent dilution of profits as participation increases, MANTRA and the Ondo Foundation have developed a ratchet schedule of increasing rewards that will be paid out as key community participation milestones are achieved.
MANTRA aims to chain together DeFi composition and financing capabilities at an institutional level. USDY’s stalwart features include over-collateralization, third-party supervision, and institutional-level investor protection, making USDY a key asset for the growing RWA ecosystem.
Nathan Allman, CEO of Ondo Finance, noted: “We are excited to launch USDY vault on the MANTRA platform, continuing our mission to bring institutional-grade assets to the world. This income-producing treasury is an exciting step on our journey to bridging traditional finance and decentralized finance at scale.”
John Patrick Mullin, co-founder and CEO of MANTRA, noted: “The inclusion of Ondo USDY, the market-leading tokenized U.S. Treasury product, marks a significant expansion of our ecosystem. Having a fungible, interest-bearing base layer of liquidity via USDY is critical to improving our onchain liquidity profile. This groundbreaking product launch is part of MANTRA Chain’s broader strategy to work closely with all leading RWA projects to create the most seamless Layer 1 blockchain, built specifically for RWA.
About the Ondo Foundation
The Ondo Foundation is a Cayman Islands-based foundation company whose mission is to usher in a recent era of financial inclusion and market efficiency through institutional-grade onchain financial products and services. The Ondo Foundation is a non-profit organization without beneficial owners.
Information about Ondo Finance
Ondo Finance provides institutional-grade investment products and services based on blockchain technology. Ondo has an asset management division that creates and manages tokenized financial products, as well as a technology division that develops decentralized finance protocols and other blockchain solutions.
Ondo USDY is supported by both the Ondo Foundation and Ondo Finance.
ABOUT MANTRA
MANTRA is a security-driven Layer 1 RWA blockchain capable of complying with and enforcing real-world regulatory requirements. As a permissionless chain, MANTRA enables developers and institutions to seamlessly participate in the emerging RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.
Website | X | Linkedin | Telegram | Medium | Instagram
contactMarketing leaderKrzysztof Lidmanpress@mantrachain.io
