<\/p>\n
Lending protocol Thala will integrate USDY as a collateral asset.<\/p>\n
Leading real-world asset (RWA) protocol Ondo Finance is partnering with the Aptos Foundation, the organization which stewards the eponymous blockchain with a market capitalization of $3.3 billion.<\/p>\n
The first stage of the partnership involves integrating Ondo\u2019s USDY token, which is backed by short-term U.S. Treasuries and bank deposits, on Aptos. USDY has a market capitalization of $3.8M, according to data provider rwa.xyz. Ondo\u2019s short-term U.S. government bond product, OUSG, is the third largest treasury-backed asset in DeFi.<\/p>\n
“Joining forces with Aptos, a platform with deep institutional roots and a clear vision for the future of blockchain, amplifies our ability to deliver groundbreaking financial products,\u201d said Nathan Allman<\/a>, Ondo\u2019s CEO and co-founder.<\/p>\n Ondo\u2019s recently launched governance token has surged nearly 60% in the past two weeks. Aptos\u2019 APT is flat over the same period.<\/p>\n <\/p>\n <\/a><\/p>\n The move combines two teams with backgrounds of working with big tech and finance \u2014 Allman spent two years at Goldman Sachs before founding Ondo. Mo Shaikh<\/a>, Aptos Labs\u2019 CEO, previously worked at Blackrock and Meta.<\/p>\n Ondo has been aggressively expanding its offerings to other blockchains after launching<\/a> its flagship products on Ethereum in January 2023 \u2014 the project launched on Solana in December<\/a> and on Sui<\/a>, which uses Move, the same programming language as Aptos, earlier this month.<\/p>\n