Ondo Brings Treasury-backed Stablecoin to Aptos

Lending protocol Thala will integrate USDY as a collateral asset.

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.

The first stage of the partnership involves integrating Ondo’s 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’s short-term U.S. government bond product, OUSG, is the third largest treasury-backed asset in DeFi.

“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,” said Nathan Allman, Ondo’s CEO and co-founder.

Ondo’s recently launched governance token has surged nearly 60% in the past two weeks. Aptos’ APT is flat over the same period.