Bittime - A new crypto asset called USDY, issued by Ondo Finance , can now be used on the Sui blockchain network.
USDY is interesting because its value is pegged to the United States (US) dollar and the interest comes from US government bonds (US Treasury).
This is the first native USDY token on the Sui network, which is renowned for its high speed and unlimited scalability.
The presence of USDY on Sui opens up many new opportunities for decentralized finance (DeFi) application developers to create more sophisticated financial products.
Several DeFi protocols that have been integrated with USDY include Aftermath Finance, Cetus, NAVI Protocol, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX.
Ondo Finance itself is a large company in the crypto asset sector that brings real world assets (RWA) to the blockchain world.
With the presence of USDY on Sui, users can transact crypto assets whose value is supported by trusted US government bonds.
This is a big step forward for the development of DeFi, not only on Sui but also as a whole.
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Why Sui?
Sui is a next-generation blockchain that offers high speed, security, and ease of use.
This network is specifically designed to make digital asset ownership more accessible. With the rapid growth of DeFi on Sui, USDY's presence further complements this ecosystem.
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What is Sui Blockchain?
Sui is a Layer 1 blockchain network that focuses on fast, private, secure and easily accessible digital asset ownership for everyone. Sui technology allows transactions to run parallel, finalization in seconds, and ownership of diverse assets directly on the blockchain.
With horizontal scalability for processing and data storage, Sui supports a wide range of applications at high speed and low cost.
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Similar to Ethereum and Bitcoin, Sui as a Layer 1 blockchain provides the basic infrastructure for validation and transaction systems.
However, Sui's advantages over other Layer 1 blockchains are its focus on instant transaction finalization, low latency, and high transaction speed.
In short, Sui seeks to increase its scalability without compromising security by using a combination of the Move programming language, transaction parallel processing, and a delegated proof-of-stake consensus mechanism .
In this way, Sui enables fast, private, and secure ownership of digital assets for everyone.
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What is Ondo Finance (ONDO)?
Ondo Finance is a decentralized finance (DeFi) protocol focused on “Institutional-Grade Finance”.
In short, Ondo aims to provide institutional quality financial products and services through blockchain technology. In other words, Ondo wants to build a decentralized, open and permissionless investment bank.
Currently, Ondo Finance offers core financial products in the form of pools of funds (such as US government bonds and money market funds) that have low risk, stable interest and high scalability.
In the blockchain world, Ondo products are becoming an attractive alternative for crypto investors to regular stablecoins. Why? Because through Ondo products, investors who hold the assets, not the issuer, will get most of the profits from the underlying assets.
Ondo Finance provides blockchain-based investment products and services for institutions. Ondo has an asset management division that creates token-based financial products and a technology division that develops DeFi protocols and other blockchain solutions.
Ondo's first core product is a token whose value is pegged to the US dollar and whose interest comes from safe assets such as US government bonds. It offers crypto investors an alternative to regular stablecoins.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ondo Finance (ONDO) Price Prediction, Will It Rise? Check out the analysis here
Ondo Finance Presents Ondo Global Markets, a Liquidity Solution for Real World Assets
Ondo Use Blockchain as Middleware for Traditional Securities Trading
Aptos Collaborates with Ondo Finance: Establishes Strategic Efforts in RWA Tokenization
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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