Ondo Finance Launches Campaign for USDY Adoption

Ondo Finance has initiated a campaign using Sui’s NAVI Protocol to promote its yield-bearing stablecoin, USDY.

Campaign Details:
– Duration: February 26 – March 12
– Goal: Encourage more users to earn rewards by supplying liquidity for USD.
– Rewards: Total pool of $35,000:
– Top 100 participants share $10,000.
– Additional $25,000 for 2,500 winners.

About USDY:
– A tokenized US Treasury yield coin, USDY earns daily interest.
– Backed by US Treasury bills and bank deposits, it generates yield without staking.
– An alternative to traditional stablecoins like Tether (USDT) and USD Coin (USDC).
– Operates on the blockchain facilitating lending and borrowing in DeFi.

USDY’s Growth:
– Launched on the Sui blockchain in March 2024, later expanded to other networks:
– Cosmos via Noble in July 2024
– Aptos in December 2024
– Arbitrum in August 2024
– Stellar network launch planned for February.
– Integrated with several DeFi protocols like Aftermath Finance, Cetus, Typus Finance, Turbos, and more.
– Also available on BounceBit and Injective platforms for yield exposure.
– USDY can be used as collateral on Drift Protocol for perpetual trading on Solana.

Market Overview:
As of February 26, USDY‘s market capitalization is approximately $382 million.