Dubai, UAE, May 31st, 2024

MANTRA, a prominent player in the realm of real-world asset (RWA) tokenization within the digital assets industry, has revealed a groundbreaking onchain development. This significant announcement signifies a collaboration between two key players in the RWA domain, aiming to establish robust liquidity support for RWA tokenization, a sector within decentralized finance (DeFi) that has piqued substantial institutional interest this year.

In an endeavor to pioneer liquidity in this domain, MANTRA will introduce Ondo's leading interest-bearing tokenized note, USDY, as a foundational asset when its blockchain makes its debut later in the year. USDY offers holders exposure to short-term US Treasury yield while retaining the stability of stablecoins. It is important to note that USDY is not accessible to US persons and has not been registered under the US Securities Act.

To mark this liquidity milestone, both the Ondo Foundation and MANTRA will incentivize a multi-chain vault, rewarding users who contribute USDC to the vault with immediate access to high-quality yield. Participants who retain their stake in the vault until the launch of MANTRA Chain's mainnet will receive ONDO tokens, mainnet OM coins, and the underlying yield. The public launch of the vault is anticipated in June on Ethereum and Base.

To mitigate the dilution of returns as community involvement grows, MANTRA and the Ondo Foundation have implemented a progressive reward system that escalates alongside achieved participation milestones.

MANTRA's vision is to amalgamate DeFi interoperability with institutional-grade finance onchain. USDY boasts robust attributes such as overcollateralization, third-party oversight, and institutional-grade investor protections, positioning it as a pivotal asset within the burgeoning RWA ecosystem.

Nathan Allman, CEO of Ondo Finance, expressed enthusiasm about the USDY vault's launch on MANTRA, underscoring the organization's commitment to bringing institutional-grade assets to a broader audience. This yield-bearing vault represents a pivotal stride in bridging traditional finance with decentralized finance on a large scale.

John Patrick Mullin, co-founder and CEO of MANTRA, emphasized the significance of enabling Ondo USDY, a leading tokenized US treasury product, as an expansion of the ecosystem. Establishing a fungible interest-bearing liquidity base through USDY is crucial for enhancing the onchain liquidity profile. This cutting-edge product launch is part of MANTRA Chain's overarching strategy to collaborate closely with premier RWA projects, aiming to cultivate the most liquid Layer 1 blockchain specifically tailored for RWAs.

About Ondo Foundation

The Ondo Foundation operates as a Cayman Islands Foundation Company dedicated to ushering in a new era of financial inclusivity and market efficiency through onchain institutional-grade financial products and services. It functions as a nonprofit entity without beneficial owners.

About Ondo Finance

Ondo Finance specializes in providing institutional-grade, blockchain-enabled investment products and services. The institution comprises an asset management division that designs and manages tokenized financial products, alongside a technology arm focused on developing decentralized finance protocols and other blockchain solutions.

Ondo USDY is jointly supported by the Ondo Foundation and Ondo Finance.

About MANTRA

MANTRA stands out as a security-focused RWA Layer 1 Blockchain equipped to adhere to and enforce real-world regulatory requirements. Operating as a permissionless chain, MANTRA empowers developers and institutions to seamlessly engage in the evolving RWA tokenization landscape by offering advanced technological modules, compliance mechanisms, and cross-chain interoperability.