- Ondo Finance integrates LayerZero for multi-chain transfers of USDY tokenized belongings.
- USDY, backed by US Treasuries, has a complete worth locked (TVL) of over $600 million.
- The mixing ensures safe and clear cross-chain transactions with LayerZero.
Ondo Finance, a number one tokenized real-world belongings (RWA) platform, introduced its integration with LayerZero, an interoperability protocol designed to facilitate safe and clear multi-chain transfers.
This collaboration will enable Ondo to develop the attain of its flagship yield product, USDY, a tokenized US Treasury asset, throughout a number of blockchains, together with Ethereum, Arbitrum and Mantle.
USDY, which has been quickly gaining traction within the crypto house, presently boasts a market capitalization of over $452 million, making it the third largest tokenized product within the US Treasury.
With over $600 million in whole worth locked (TVL), Ondo's RWA product line is now the most important within the crypto trade, offering traders with a return assured by U.S. 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 create new tokens on totally different networks.
Utilizing LayerZero know-how ensures that each RWA switch is secured with institutional-grade safety, backed by a various set of decentralized verification networks (DVNs) akin to Axelar Community, Polyhedra Community, and LayerZero Labs. This sturdy safety infrastructure is designed to offer institutional traders the boldness to seamlessly transfer their tokenized belongings throughout interconnected blockchains.
The mixing additionally permits USDY holders to simply transfer their tokens between chains utilizing Ondo's native 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 U.S. Treasuries and enhance the effectivity of decentralized finance (DeFi).
As Ondo continues to innovate within the RWA house, the partnership with LayerZero units a brand new customary for safe cross-chain interoperability, paving the way in which for additional development in real-world tokenized asset markets.
