Ondo Finance will debut US Finance Fund (USDY) tokenized on the SEI blockchain

Designer of institutional grade platforms, assets and infrastructure, Ondo Finance has introduced a new approach to moving traditional assets into the blockchain.

Building on SEI’s infrastructure for digital asset exchange, this demonstrates further collaboration among industry peers, bridging the gap between Web2 and Web3.

The first in the industry

The Decentralized Finance (DEFI) platform Ondo announced yesterday at the X The Pioneering Project. The US Dollar Yield (USDY) is a tokenized memo backed by the short-term US Treasury Department and bank deposits.

In Tradfi, the US Treasury Department has long stood as a “safe shelter.” Once symbolization is introduced, bond ownership becomes easier and more efficient due to fractionation.

The network allows developers and users to access RWAs containing yields, seamlessly integrated into SEI’s growing Defi stack. Regardless of use cases, whether it’s a collateral, payment rail, or a base tier yield primitive, USDY strengthens the network’s position in the RWA-enabled on-chain finance space.

Here’s an excerpt from Ondo’s blog post:

“USDY is the first tokenized financial asset in the SEI network and the growing modular blockchain ecosystem, bringing institution-grade on-chain yields to users for the first time.”

Ondo’s ongoing progress on Defi Space follows the selection of Ondo token’s World Liberty Financial as a strategic asset reserve marked with a $470,000 purchase.

According to Defillama data, SEI network choices occur when they are growing significantly, as they are approaching $700 million in total (TVL).

Compared to the same time last year, the protocol’s TVL was around $85 million, representing an increase of around 700%.

Justin Barlow, executive director of the SEI Development Foundation, said:

Tokenization of increasing assets

The RWA market has experience Significant growth in RWA.xyz data shows an increase in total value It has grown to over $11.6 billion to over $24 billion in just one year.

Crypto Space’s famous name is trending, and Cardano is using Argentina’s mining sector to convert property rights into lithium and digital tokens.

ChainLink has been integrated into Australian bank ANZ to enable secure cross-chain exchange of RWAS via Cross-Chain Interoperability Protocol (CCIP).

Fidelity Investment, one The world’s largest asset manager It also includes approximately $5.9 trillion in assets under management (AUM). Tokenized race, It reportedly researches stable financial products and tokenized financial products.