Mantle’s Bold Move into Real World Assets
Mantle, recognized as one of the globe’s most expansive DAO-led web3 ecosystems built atop Ethereum’s layer 2 (L2) Mantle Network, has unveiled its strategic move into real world assets (RWAs). This announcement, made just before TOKEN2049, highlights the integration of Ondo Finance’s USD Yield ($USDY) token. Notably, $USDY has earned the distinction of being the inaugural project under Mantle Showcase, a program designed to spotlight projects that resonate with product-market fit and promise maximum value to the Mantle community.
The Rising Significance of RWAs on Blockchain
Blockchain’s potential to revolutionize various sectors is undeniable. Among its myriad applications, RWAs have surfaced as a game-changer, promising substantial advantages for users. Mantle’s foray into the RWA domain is a calculated move, backed by meticulous research and comprehensive due diligence. The primary objective? To offer an unparalleled product experience to its community. With RWAs poised to infuse sustainable yield into Mantle’s expansive DeFi ecosystem, the inclusion of Ondo’s tokenized U.S. Treasuries and other equivalent assets becomes pivotal.
Why Ondo’s $USDY Stands Out
Ondo’s $USDY has been selected for the Mantle Showcase for several compelling reasons:
- Asset Quality & Yield: As the world’s maiden tokenized note backed by U.S. Treasuries and bank deposits from renowned banks like Morgan Stanley, $USDY offers its tokenholders an enticing yield, currently pegged at 5% APY.
- Regulatory Compliance: Prioritizing the safety of Mantle users’ capital, $USDY emphasizes stringent compliance, setting itself apart in investor protection among tokenized RWAs.
- Accessibility: Designed as a tokenized bearer instrument, $USDY ensures a hassle-free acquisition and trading experience, even without direct onboarding with Ondo.
- Market Leadership: Ondo’s dominance in the RWA space is evident, holding a staggering 50% market share in tokenized securities. Mantle perceives $USDY as the beginning of a deeper alliance with Ondo, aiming to introduce a plethora of quality RWAs to its ecosystem.
$USDY’s Potential in the Mantle Ecosystem
Mantle users can acquire $USDY either by directly onboarding with Ondo or through decentralized exchanges (DEXs) on the Mantle Network. With a recent Mantle Governance proposal greenlighting seed liquidity for RWA-yield-backed stablecoins, Mantle is on track to pioneer a blockchain ecosystem where $USDY enjoys substantial DEX liquidity.
Furthermore, $USDY’s potential applications within the Mantle Ecosystem are vast, ranging from collateral for derivatives to automated market making and even payments/settlement.
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Industry Voices
Jordi Alexander, Mantle’s chief alchemist, expressed, “$USDY truly is a game changer for the world of DeFi — For the first time ever, users will be able to access U.S. Treasury yield straight from the tap and directly into their wallet, with a similar ease of access to stablecoins like USDT and USDC.”
Echoing this enthusiasm, Nathan Allman, Founder & CEO of Ondo, shared, “We’re incredibly excited to collaborate with Mantle in introducing $USDY to the market. We admire Mantle’s approach to putting substantial support behind a highly curated set of top-tier protocols and products to deliver the best possible cohesive on-chain ecosystem. We eagerly anticipate introducing other high-quality institutional-grade assets to the Mantle ecosystem in the future.”
