Sui (https://sui.io/), the Layer
1 blockchain which has experienced explosive growth since its inception eight
months ago, today announced that Ondo Finance is expanding into the Sui
ecosystem. The expansion will bring Sui Network’s first native
dollar-denominated token (including stablecoins and interest-bearing stablecoin
substitutes) in the form of Ondo USD Yield or “USDY” — a US treasury-backed and
interest-bearing token issued by Ondo.
Ondo’s
expansion to Sui adds to Sui’s blistering DeFi momentum, demonstrating the
growth and demand for financial applications and native functionality on chain.
Sui’s DeFi volume is up more than 1200% since October and Sui recently broke
into the top 10 DeFi ecosystems as measured by TVL.
Ondo
Finance is the third-largest platform bringing tokenized derivatives of
real-world assets onto public blockchains with $185M in TVL and over $1B worth
of its newly-launched governance token trading in its first week in late
January. In addition to stablecoins, Ondo’s flagship Treasury-backed tokens,
tokenized securities, and real-world assets will create countless new
opportunities for teams building on Sui.
Ondo’s
expansion into the Sui ecosystem also continues a trend of top projects
affirmatively choosing to integrate into Sui. For example, in December 2023,
leading Solana lending protocol Solend announced it would launch a lending
protocol native to Sui and decentralized derivatives exchange Bluefin likewise
shuttered its V1 Arbitrum implementation to focus entirely on Sui.
“The
people who interact with our platform want fast and efficient transactions,
which should be essential for any blockchain project,” said Ondo’s founder and
chief executive officer, Nathan Allman. “Sui’s growth and network performance
offer clear confirmation that its network is the perfect fit for Ondo’s
ecosystem.”
Tokenized
treasury offerings represent tradable tokens backed by real-world assets, and
their presence on Sui is a significant step toward growing DeFi in the
ecosystem and across the industry.
“Ondo is
an amazing addition to the Sui ecosystem, providing a native yield-bearing
stablecoin-like asset that will unlock new opportunities for Sui’s builders and
developers and essential new functionality for the users of their
applications,” said Greg Siourounis, Managing Director of the Sui Foundation.
“Sui’s DeFi volume is already growing at a remarkable rate and Ondo’s
participation will make that trajectory even stronger. I am excited to see how
Sui’s community leverages the real-world assets and innovative financial
products Ondo offers.”