Ondo Finance Partners With Pyth Network To Expand USDY Access To Over 65 Blockchain Ecosystems
In Brief
Ondo Finance partnered with Pyth Network to introduce USDY-USD price feed, allowing developers to access real-time data for Ondo’s USDY.
Tokenized real-world asset (RWA) provider Ondo Finance announced its partnership with the Pyth Network to introduce the USDY-USD price feed, that will be available across more than 65 blockchain ecosystems, allowing smart contract developers worldwide to access real-time data for Ondo’s market-leading yieldcoin, USDY.
“This is a huge unlock for developers and projects building the future of finance,” said Katie Wheeler, VP of Partnerships at Ondo Finance. “Many leading DeFi applications and protocols rely on Pyth as an oracle provider, and this USDY/USD price feed marks a significant step towards cutting through the fragmented nature of blockchain ecosystems to make institutional assets widely accessible,” she added.
The launch will pave the way for the unlocking of Ondo USDY to developers and projects building the future of finance and improving access to institutionalized assets on-chain. Currently, the price feeds support United States Dollar Yield (USDY), and Pyth Network, with its extensive network of over 100 first-party data providers, is well-positioned to offer feeds for other RWAs based on demand from Web3 developers.
Ondo’s USDY is a tokenized note backed by short-term United States treasuries, providing a stable and yield-generating alternative to traditional stablecoins. USDY combines the advantages of on-chain finance with the stability of traditional assets. Supported by highly secure and liquid assets, USDY offers a sustainable yield for both institutional and individual market participants seeking to engage in on-chain capital markets.
Ondo Finance Expands USDY Reach With Pyth USDY-USD Price Feed Integration
Moreover, the introduction of the Pyth USDY-USD price feed expands the reach of USDY to the EVM, Solana, Move, Bitcoin, and Cosmos ecosystems. This partnership also represents another move toward addressing the fragmented nature of blockchain ecosystems, promoting an interoperable and unified decentralized finance (DeFi) experience.
It offers wider reach, enabling a broader spectrum of on-chain applications to create markets for USDY, and provides multi-chain expansion opportunities for DeFi applications seeking to serve the same markets to new user bases. Additionally, it facilitates the movement of institutional finance into the DeFi space, enhancing liquidity, security, and stability to the market. It also offers real-time exposure to traditional capital markets, bridging the gap between DeFi and centralized finance (CeFi) solutions for Ondo’s tokenized products.
Notably, Aptos, Solana, and Mantle Foundations are among the initial ecosystem leaders who will utilize the newly launched Pyth USDY-USD feed. Additionally, several partners within the Pyth ecosystem are already incorporating this price feed, further enhancing its reach and utility. These partners include Drift, FlashTrade, Thala, and DePerp.
Ondo Finance is a DeFi protocol dedicated to making institutional-grade financial products and services accessible to a wider audience. It accomplishes this by integrating real-world financial instruments into the blockchain ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
