- Ondo Finance integrates LayerZero for multi-chain USDY tokenized asset transfers.
- Backed by US Treasuries, USDY has greater than $600 million in Whole Worth Locked (TVL).
- The combination ensures safe and seamless cross-chain transactions with LayerZero.
Ondo Finance, a number one platform in tokenized real-world property (RWA), has introduced its integration with LayerZero, an interoperability protocol designed to facilitate safe and seamless multi-chain transfers.
This collaboration will allow Ondo to increase the attain of its flagship income-bearing product, USDY, a tokenized US Treasury asset, throughout a number of blockchains, together with Ethereum, Arbitrum and Mantle.
A quick riser in cryptocurrency, USDY at the moment boasts a market capitalization of over $452 million, making it the third largest tokenized US Treasuries product.
With over $600 million in Whole Locked Worth (TVL), Ondo RWA's suite of merchandise is now the most important within the crypto business, providing buyers US Treasury-backed returns.
By integrating LayerZero's Omnichain Fungible Token Customary (OFT), Ondo can facilitate frictionless, cross-chain transactions for USDY holders with out the necessity to mint new tokens on completely different networks.
The usage of LayerZero know-how ensures that each RWA switch is secured with institutional-grade safety, backed by a various set of Decentralized Verification Networks (DVNs) reminiscent of Axelar Community, Polyhedra Community, and LayerZero Labs. This sturdy safety infrastructure is designed to present institutional buyers the arrogance to seamlessly transfer their tokenized property throughout interconnected blockchains.
The combination additionally permits USDY holders to simply transfer their tokens between chains utilizing the native Ondo Bridge powered by LayerZero and Stargate Finance.
With plans to develop integration past Ethereum, Arbitrum and Mantle, Ondo goals to additional develop entry to tokenized US Treasuries and improve the effectivity of decentralized finance (DeFi).
As Ondo continues to innovate in RWA, the partnership with LayerZero units a brand new normal for safe cross-chain interoperability and paves the best way for additional development in tokenized actual asset markets.
