Ondo's founder Nathan Allman stated that introducing Ondo Finance's products to Cosmos "will bring vastly improved utility and liquidity to appchains and their users, all while offering exposure to yielding instruments."
The asset issuance chain Noble has partnered with tokenized real-world asset (RWA) platform Ondo Finance (ONDO) to bring its tokenized U.S. Treasury services for the ecology of Cosmos (ATOM).
The first locally issued asset by Ondo through Noble will be USDY, a tokenized note secured by short-term U.S. The end of this year's second quarter is the goal date for Treasury bonds with a 5.2% annual yield, a representative. At the moment, USDY is accessible on Sui, Solana, Ethereum, and Mantle.
As a result of Ondo's entry into the Cosmos ecosystem, its token offers will be incorporated into more than 90 blockchains, increasing the uptake of its US-backed products. Treasury bonds as a yield-producing asset for payments, savings, and collateral.
Known as the "internet of blockchains," Cosmos is a network that facilitates interoperability across several blockchains, such as dYdX (DYDX), Celestia {{TIA}}, Sei (SEI), and Injective (INJ). Ondo intends to utilize Noble, an application-specific chain in the ecosystem that is intended to issue native digital assets, as a "routing hub" for liquidity in the Cosmos network.
The founder of Ondo Finance, Nathan Allman, stated, "Having Noble as our issuance partner will bring greatly improved utility and liquidity to appchains and their users, all while offering exposure to yielding instruments."
One of the biggest participants in the $1.2 billion tokenized Treasury market is Ondo Finance, whose tokenized offerings have drawn over $300 million in deposits since their launch in early 2023. The market has grown significantly over the past year as cryptocurrency investors and digital asset companies look for safe ways to park their blockchain-based cash holdings and earn a yield.
April 2024, Cryptoniteuae