Bridged USDY is Now Available on Injective
Injective, the lightning-fast blockchain for Web3 finance applications, today introduced US Treasuries-backed yield.
This achievement is realized through the bridging of Ondo’s US Dollar Yield (USDY) token, offering users across Injective and the broader cosmos ecosystem the ability to store dollar-denominated value while generating an attractive yield.
Users will have the option to bridge USDY from Ethereum Mainnet to Injective via the Injective Hub, or to acquire tokens via a host of native dApps built on Injective, such as Helix. Users across the Cosmos ecosystem can, for the first time, access this form of non-speculative yield while benefiting from the institutional-grade structural and operational protections of USDY.
Injective is a lightning-fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera, and Mark Cuban.
About Ondo Finance
Ondo Finance provides institutional-grade, blockchain-enabled 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 finance protocols and blockchain solutions.
Ondo’s first core products are tokenized cash equivalents that deliver very low risk, high-quality yield from U.S. Treasuries, money market funds, and similar instruments, offering on-chain investors an alternative to stablecoins where holders rather than issuers earn the vast majority of the underlying asset yield. Ondo also developed Flux Finance, a DeFi lending protocol supporting tokenized treasuries as collateral, recreating treasury repo markets on-chain while creating on-chain utility for Ondo’s tokenized securities.