Ondo Finance has initiated a program on the NAVI protocol on Sui to promote the utilization of its interest-earning stablecoin, USDY. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
Ondo Finance (ONDO) has joined forces with the NAVI protocol to introduce a fresh endeavor designed to amplify the adoption of its stablecoin, USDY, a tokenized U.S. Treasury yield product issued by Ondo Finance. The program, active from February 26th to March 12th, presents participants with the chance to acquire incentives by furnishing liquidity for USDY (depositing it into the NAVI protocol).
Participants accumulate points contingent upon their liquidity contribution, which subsequently grants them eligibility for a portion of the rewards, dispensed in the form of NAVX and USDY. The aggregate reward pool for the program amounts to $35,000. The foremost 100 participants will share $10,000, with an additional $25,000 designated for 2,500 other victors.
USDY distinguishes itself as a distinctive stablecoin variant formulated by Ondo Finance that accumulates daily interest. Unlike conventional stablecoins such as Tether (USDT) or USD Coin (USDC), USDY is secured by U.S. Treasury bills and bank deposits. Owing to its backing by yield-generating assets, it inherently generates returns for its holders. This effectively positions USDY as an on-chain substitute for maintaining cash in a savings account or investing in a money market fund.
Given that USDY generates yield without necessitating staking or locking up funds, it’s evolving into an appealing stablecoin alternative within DeFi, as it empowers users to garner returns without assuming the volatility risk associated with cryptocurrencies. Being situated on a blockchain, it also facilitates lending and borrowing within DeFi.
USDY was initially introduced on the Sui blockchain in March 2024. It subsequently expanded to other networks, launching in the Cosmos ecosystem via Noble in July 2024, on the Aptos blockchain in December 2024, and on Arbitrum (ARB) in August 2024. Early February.
In the near future, USDY will also be released on the XLM network.
USDY has already been combined with other DeFi platforms such as BounceBit and Injective (INJ), giving users a simple method to get USDY income. Users are also able to utilize Drift Protocol to use USDY as security for continuous trading on Solana (SOL). A number of other protocols on Sui, including Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos and KriyaDEX, as well as NAVI Protocol, have incorporated USDY.
As of February 26, USDY has an approximate market capitalization of $382 million, according to Coinmarketcap.
