- Ondo Finance integrates LayerZero for multi-chain transfers of USDY tokenized property.
- USDY, backed by US Treasuries, has over $600M in complete worth locked (TVL).
- The combination ensures safe, seamless cross-chain transactions with LayerZero.
Ondo Finance, a number one platform in tokenized real-world property (RWAs), has introduced its integration with LayerZero, an interoperability protocol designed to facilitate safe and seamless multi-chain transfers.
This collaboration will enable Ondo to broaden the attain of its flagship yield-bearing product, USDY, a tokenized US Treasuries asset, throughout a number of blockchains, together with Ethereum, Arbitrum, and Mantle.
USDY, which has quickly gained traction in crypto, 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 complete worth locked (TVL), Ondo’s suite of RWA merchandise is now the most important within the crypto trade, providing buyers yield backed by US Treasuries.
By integrating LayerZero’s Omnichain Fungible Token Commonplace (OFT), Ondo can facilitate frictionless, cross-chain transactions for USDY holders with out the necessity to mint new tokens on totally different networks.
Using LayerZero’s know-how ensures that every RWA switch is secured with institutional-grade safety, bolstered by a various set of decentralized verifier networks (DVNs) akin to Axelar Community, Polyhedra Community, and LayerZero Labs. This strong safety infrastructure is designed to offer institutional buyers the arrogance to maneuver their tokenized property throughout interconnected blockchains seamlessly.
The combination additionally permits USDY holders to maneuver their tokens simply between chains utilizing Ondo’s native bridge, which is powered by LayerZero and Stargate Finance.
With plans to broaden the mixing past Ethereum, Arbitrum, and Mantle, Ondo goals to additional broaden entry to tokenized US Treasuries and improve the effectivity of decentralized finance (DeFi).
As Ondo continues to innovate within the RWA area, the partnership with LayerZero units a brand new customary for safe, cross-chain interoperability, paving the way in which for additional progress in tokenized real-world asset markets.
