Ondo To Bring RWA-Backed Stablecoins Onto Sui
The partnership comes after Sui’s TVL tripled since mid-December.
By: Samuel Haig • Loading...DeFi News
Ondo Finance, a project focused on bringing real-world assets on-chain, will deploy its yield-bearing stablecoins onto Sui Network.
Announced on Feb. 7, the partnership paves the way for USDY, Ondo’s U.S. treasury-backed stablecoin, to launch on Sui. Ondo said it also hopes to deploy other tokenized assets on Sui including securities and additional stablecoins in the future.
“Our collaboration with Sui broadens Ondo's reach and introduces Ondo’s reliable, yield-generating assets to a broader audience, fostering innovation and stability across the ecosystem,” said Nathan Allman, CEO of Ondo Finance. “Sui’s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo’s ecosystem.”
Ondo describes USDY as a “tokenized note backed by short-term U.S. Treasuries” that accrues yield for tokenholders. Ondo said it expects Sui’s leading DeFi protocols to integrate USDY. However, USDY is not available to U.S.-based persons.
Greg Siourounis, Managing Director of the Sui Foundation, said USDY will offer a native alternative to traditional stablecoins for Sui users and developers. “I am excited to see how Sui’s community leverages the real-world assets and innovative financial products Ondo offers,” Siourounis added.
Ondo Finance is the third-largest real-world asset protocol with $185M in total value locked (TVL), according to DeFi Llama. Its ONDO governance token is up 6.4% over the past 24 hours, according to CoinGecko.
Sui’s meteoric rise
The news follows meteoric growth for Sui, which now ranks ninth among smart contract networks after surpassing $500M in TVL on Feb. 4.
Sui’s TVL is up 241% since sitting at $150.5M on Dec. 13, currently hosting $513.4M worth of assets. The network’s top five DeFi protocols each boast monthly growth of between 126% and 200%, illustrating Sui’s surging adoption.
On Feb. 4, Sui ranked among the top five DeFi ecosystems by weekly volume, with Sui-based dApps hosting $745M worth of activity over seven days.
The price of SUI is also up 81% in 30 days, breaking into the top 50 cryptocurrencies by market cap.
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