Ondo is excited to announce USDY, our market-leading yieldcoin, is now live on Noble, making it accessible to the 90+ chains in the Cosmos ecosystem. This launch introduces the first tokenized treasuries product to the Cosmos ecosystem, furthering Ondo’s mission to make institutional-grade financial products and services available to everyone.
Noble operates as a routing hub between Cosmos appchains, allowing users to securely and trustlessly transfer USDY via the Inter-Blockchain Communication protocol. A number of high-profile Cosmos appchains and projects will be leveraging USDY, including Injective, Osmosis, Helix, Hydro, Kujira, and Pyth, among others.
USDY is designed to offer the convenience of stablecoins coupled with an attractive 5.3% APY. With this launch, USDY can now be used across a variety of Cosmos applications for use cases including trading, as collateral for lending and borrowing, and more.
How to obtain USDY on Noble
Non-US investors can onboard to the primary market here, or, acquire USDY on Cosmos via Noble. After swapping stablecoins for USDY, holders instantly start earning 5.3% APY backed by US Treasury Bills.
Users can verify the current price of USDY, as well as find further information, here.
How to Utilize USDY on Cosmos via Noble
On top of the 5.3% APY yield natively distributed, token holders will soon be able to use USDY tokens in a variety of applications across the Cosmos ecosystem, such as:
- Injective dApps such as decentralized exchanges and money market platforms.
- Helix will enable USDY as a spot asset and as a collateral pair for perpetual markets, allowing users to trade onchain while simultaneously earning yield via USDY.
- Osmosis which will list USDY on its DEX.
- Hydro Protocol which will use USDY as a core component in its Real-Yield Assets – structured assets with different sources of cross-chain yield.
- Kujira which will leverage USDY in its order book and as collateral for borrowing USDC against, allowing users to unlock utility without sacrificing yield.
Oracle Price Feeds
Pyth will have price feeds for USDY on Noble, unlocking use cases where USDY can be used as collateral:
- Primary market price feeds reflecting the price at which users can buy and redeem USDY from Ondo.
- Secondary market price feeds reflecting the price at which USDY is traded across all sources of liquidity both inside and outside of the Cosmos ecosystem.
Multisigs
Ondo uses Keplr multisigs to manage the minting and freezing of USDY.
Recap on USDY
USDY is the world’s first tokenized note secured by a bankruptcy-remote portfolio of US Treasuries. It is accessible to non-US individual and institutional investors and is designed to combine the accessibility of stablecoins with high-quality, US dollar-denominated yield. Key features include:
Broadly Accessible: Tokenized loan that can trade globally in secondary markets to non-US investors
Yield-Bearing: Accrues a variable interest rate, adjusted monthly by the issuer. Yield accrues in the form of a redemption value that increases over time
Daily Liquidity: Non-US investors can both mint and redeem USDY on a daily basis
High-Quality Collateral: Secured by a portfolio of short-term US Treasuries under control agreements
Compliant with Regulations: Issued under a continuous Reg S offering to offshore investors with best practices KYC/AML/CFT procedures
Bankruptcy-Remote: Assets designed to be ring-fenced from a hypothetical Ondo bankruptcy
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