Key Announcement in Real World Asset (RWA) Tokenization Sector
Dubai, UAE, May 31st, 2024
MANTRA, a prominent entity in the real world asset (RWA) tokenization field of digital assets, revealed a significant onchain development. This milestone event will showcase the collaboration between two major players in the RWA domain, focusing on fostering deep liquidity support for RWA tokenization, a sector within decentralized finance (DeFi) that has attracted notable institutional attention.
MANTRA will introduce Ondo's leading interest-bearing tokenized note, USDY, as a foundational asset during the launch of its blockchain, anticipated later this year. USDY provides investors with exposure to short-term US Treasury yield while offering the benefits of stablecoins. Please note that USDY is not available to US individuals and has not been registered under the US Securities Act.
To commemorate this liquidity achievement, the Ondo Foundation and MANTRA will introduce a multi-chain vault. Contributors of USDC to the vault will gain immediate access to high-quality yield. Participants who retain their holdings in the vault until the mainnet launch of MANTRA Chain will be rewarded with ONDO tokens, mainnet OM coins, and the accrued yield. The vault is set to open to the public in June on Ethereum and Base.
To maintain returns as user participation increases, MANTRA and the Ondo Foundation have designed a rewarding structure that increases rewards as community engagement milestones are reached.
MANTRA's objective is to merge DeFi composability with institutional-grade finance onchain. USDY's robust characteristics include overcollateralization, third-party supervision, and investor protections, positioning it as a pivotal asset in the growing RWA ecosystem.
About Ondo Foundation
Ondo Foundation, a Cayman Islands Foundation Company, is dedicated to promoting financial inclusivity and market efficiency through onchain institutional-grade financial products and services. It operates as a nonprofit entity with no beneficial owners.
About Ondo Finance
Ondo Finance offers institutional-grade, blockchain-driven investment products and services. The company encompasses an asset management division that formulates and oversees tokenized financial products, along with a technology arm dedicated to developing decentralized finance protocols and other blockchain solutions.
Ondo USDY is backed by both the Ondo Foundation and Ondo Finance.
About MANTRA
MANTRA is a security-focused RWA Layer 1 Blockchain that adheres to and enforces real-world regulatory standards. Operating as a permissionless chain, MANTRA enables developers and institutions to seamlessly engage in the evolving RWA tokenization realm by providing advanced technological modules, compliance frameworks, and cross-chain interoperability.
Stay tuned for further updates on this groundbreaking initiative.
