ONDO Finance has launched USDY, a yield -bearing stablecoin supported by American treasury and bank deposits, on the stellar network, which is the first product of its kind available for stellar users.
Summary
- Supported by short-term American treasuries and bank question deposits, USDY builds up a daily yield while retaining liquidity, so that people, small companies and institutions can earn in their interests.
- The Stablecoin can also be used as collateral in the Stellar defi-eco system and for more efficient cross-border payments.
ONDO Finance has launched his flagship Stablecoin, United States Dollar Yield (USDY) on the Stellar (XLM) network.
With USDY Stablecoin Live now on Stellar, individuals and small companies can save in USDY to retain value and at the same time earn yield, without losing liquidity for daily expenses. Settings can use USDY for Treasury Management and gain safe, interest -bearing assets with 24/7 access.
USDY can also be used as collateral for borrowing and borrowing in Stellar’s Defi Ecosystem. And in cross -border payments, balances that are normally inactive, while awaiting the transfer, can now earn yields to the scheme.
“The global reach of the stellar ecosystem in combination with a yielding assets such as USDY levels higher,” said Denelle Dixon, CEO of the Stellar Development Foundation.
USDY is already integrated in stellar-based apps, including Lobstr, Waterman, Meru, Soroswap and Decaf wallet, making it immediately available for the aforementioned use cases.
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The Stablecoins from Stellar receive a yield upgrade with USDY
According to ONDO Finance, this is the first time that such a product – a stablecoin that is automatically yield from American treasury and bank deposits on the Stellar Network in the field of American treasury. While Stellar houses a number of Stablecoins such as USD Coin (USDC) and EURC (EURC) supported by Fiat, those tokens retain a fixed value but do not generate any yield.
Other tokenized assets on Stellaire, such as the stable union of Etherfuse, offer returns that are linked to treasuries, but they function more as bond instruments instead of stablecoins integrated into payments and Defi.
“Stablecoins unlocked global access to the US dollar. With USDY we take the next step by bringing our treasuries onchain into a form that combines stability, liquidity and proceeds,” said Ian de Bode, Chief Strategy Officer at ONDO Finance.
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