The partnership comes after Sui\u2019s TVL tripled since mid-December.<\/p>\n
Ondo Finance, a project focused on bringing real-world assets on-chain, will deploy its yield-bearing stablecoins onto Sui Network.<\/p>\n
Announced on Feb. 7, the partnership paves the way for USDY, Ondo\u2019s U.S. treasury-backed stablecoin, to launch on Sui. Ondo said it also hopes to deploy other tokenized assets on Sui including securities and additional stablecoins in the future.<\/p>\n
\u201cOur collaboration with Sui broadens Ondo’s reach and introduces Ondo\u2019s reliable, yield-generating assets to a broader audience, fostering innovation and stability across the ecosystem,\u201d\u00a0said<\/a>\u00a0Nathan Allman, CEO of Ondo Finance. \u201cSui\u2019s growth and network performance offer clear confirmation that its network is the perfect fit for Ondo\u2019s ecosystem.\u201d<\/p>\n Ondo describes USDY as a \u201ctokenized note backed by short-term U.S. Treasuries\u201d that accrues yield for tokenholders. Ondo said it expects Sui\u2019s leading DeFi protocols to integrate USDY. However, USDY is not available to U.S.-based persons.<\/p>\n <\/p>\n Greg Siourounis, Managing Director of the Sui Foundation, said USDY will offer a native alternative to traditional stablecoins for Sui users and developers. \u201cI am excited to see how Sui\u2019s community leverages the real-world assets and innovative financial products Ondo offers,\u201d Siourounis added.<\/p>\n Ondo Finance is the third-largest real-world asset protocol with $185M in total value locked (TVL), according to DeFi Llama. Its ONDO governance token is up 6.4% over the past 24 hours, according to CoinGecko.<\/p>\n The news follows meteoric growth for Sui, which now ranks ninth among smart contract networks after surpassing $500M in TVL on Feb. 4.<\/p>\n Sui\u2019s TVL is up 241% since sitting at $150.5M on Dec. 13, currently hosting $513.4M worth of assets. The network\u2019s top five DeFi protocols each boast monthly growth of between 126% and 200%, illustrating Sui\u2019s surging adoption.<\/p>\nSui\u2019s meteoric rise<\/h2>\n