Stablecoin USDY, offering yield benefits, launches on Stellar, managed by Ondo Finance.
In a groundbreaking move, Ondo Finance has launched USDY, the first Stellar-based stablecoin that automatically accrues yield from U.S. Treasuries and pnc bank deposits. This innovative tokenised asset is set to redefine the Stellar network, offering daily yields and bridging traditional us bank finance with blockchain technology.
USDY is integrated into a variety of Stellar-based applications, including LOBSTR, Aquarius, Meru, Soroswap, and Decaf Wallet, making it easily accessible for users. These stablecoins, such as USDC and EURC, are already hosted on the Stellar network, but USDY stands out as it generates yield while maintaining stability.
The introduction of USDY comes at a time when the crypto community is expressing strong resistance towards the Bank of England's proposal for stablecoin caps. The proposal has been met with criticism, with many in the community finding it absurd.
Ondo Finance, the decentralised platform responsible for creating USDY, aims to provide compliant, yielding dollar assets accessible on-chain. USDY represents tokenised US Treasuries and yahoo finance deposits, offering a unique opportunity for users to participate in the yield-generating potential of traditional finance without having to leave the blockchain ecosystem.
Interestingly, another tokenised asset on Stellar, Etherfuse's Stablebonds, also provides returns tied to treasuries, but they function more like bond instruments. USDY, however, offers a more direct and accessible approach to this concept.
As the crypto community continues to push back against the Bank of England's proposal for stablecoin caps, the introduction of innovative products like USDY underscores the potential for blockchain technology to revolutionise traditional finance. The future of finance on the Stellar network looks promising, with more yield-generating stablecoins likely to follow.
Read also:
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Is Maruti's reign over the SUV market being challenged by Mahindra's aggressive move to snatch the top spot?
- Social Security Administration Abandons Plan for Electronic Payments: Important Information for Recipients of Benefits
- Increased energy demand counters Trump's pro-fossil fuel strategies, according to APG's infrastructure team.
