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MANTRA Launches Ondo By Chainwire’s USDY-Powered RWA Savings Vault
Dubai, United Arab Emirates, May 31, 2024, Chainwire
MANTRA, one of the world’s leading real-world asset (RWA) tokenization projects in the digital asset industry, has announced a major onchain product. This historic event will feature two of the largest players in the RWA space who will build deep liquidity support for RWA tokenization, an area of decentralized finance (DeFi) that has seen significant institutional interest this year.
MANTRA will feature Ondo’s flagship interest tokenized note, USDY, as a genesis asset when its blockchain debuts, expected later this year. USDY offers holders exposure to the yield of short-term U.S. Treasury securities while maintaining the utility of stablecoins. (NOTE: USDY is not, and may not be, offered, sold, or otherwise made available in the United States or to U.S. persons. Further, USDY has not been registered under the United States Securities Act.)
To celebrate this liquidity milestone, both the Ondo Foundation and MANTRA will incentivize a multi-chain vault, providing users who contribute USDC to the vault with immediate access to high-quality returns. Users who remain in the vault until MANTRA Chain’s mainnet launch will receive ONDO tokens and mainnet OM coins in addition to the underlying yield. The two expect the vault to open to the public in June on Base.
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To avoid dilution of returns as participation grows, MANTRA and the Ondo Foundation have structured a tight schedule of escalating rewards to be paid as community participation milestones are achieved.
MANTRA aims to bring DeFi composability and institutional-grade finance together onchain. USDY’s strong features include overcollateralization, third-party oversight, and institutional-grade investor protection, making USDY a key asset for the thriving RWA ecosystem.
Nathan Allman, CEO of Ondo Finance, noted: “We are thrilled to see the launch of the USDY deposit on MANTRA, furthering our mission of bringing institutional-grade assets to the world. This interest-bearing deposit is an exciting step in our journey to bridge finance traditional and large-scale decentralized finance.”
John Patrick Mullin, co-founder and CEO of MANTRA, noted: “The activation of Ondo USDY, the market-leading tokenized US treasury product, marks a significant expansion of our ecosystem. Having an interest-bearing fungible liquidity layer via USDY is critical to improving our onchain liquidity profile. This cutting-edge product launch is part of MANTRA Chain’s broader strategy to work closely with all major RWA projects to create the most liquid Layer 1 blockchain built specifically for RWA.”
About the Ondo Foundation
Ondo Foundation is a Cayman Islands foundation company whose mission is to usher in a new era of financial inclusiveness and market efficiency through onchain institutional-grade financial products and services. The Ondo Foundation is a non-profit organization with no beneficial owners.
About Ondo Finance
Ondo Finance provides blockchain-enabled institutional-grade investment products and services. Ondo has an asset management arm that creates and manages tokenized financial products, as well as a technology arm that develops decentralized financial protocols and other blockchain solutions.
Ondo USDY is supported by both the Ondo Foundation and Ondo Finance.
About MANTRA
MANTRA is a security-focused RWA Layer 1 Blockchain capable of adhering to and enforcing real-world regulatory requirements. As a permissionless chain, MANTRA enables developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.
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ContactMarketing ManagerChristoph Lidmannpress@mantrachain.io