Ondo Finance launches RWA campaign on NAVI Protocol to drive adoption of USDY

Ondo Finance has launched a campaign on Sui’s NAVI Protocol to drive adoption of its yield-bearing stablecoin USDY. 

Ondo Finance (ONDO) has launched a brand new campaign in collaboration with NAVI Protocol, aiming to encourage extra folks to use its stablecoin USDY, a tokenized US Treasury yield coin by Ondo Finance. Working from Feb. 26 to March 12, the initiative presents contributors an opportunity to earn rewards by supplying liquidity for USD (depositing it into NAVI Protocol). 

Contributors earn factors primarily based on their liquidity contributions, making them eligible for a share of the rewards, which shall be paid in NAVX and USDY. The campaign has a complete reward pool of $35,000. The highest 100 contributors will share $10,000, whereas a further $25,000 shall be distributed amongst 2,500 extra winners. 

USDY is a particular sort of stablecoin created by Ondo Finance that earns each day curiosity. Not like common stablecoins like Tether (USDT) or USD Coin (USDC), which simply maintain their worth, USDY is backed by US Treasury payments and financial institution deposits. As a result of it’s backed by yield-generating property, it robotically generates yield for its holders. This successfully makes USDY an on-chain different to holding money in a financial savings checking account or investing in cash market funds.

Since USDY earns yield with out requiring staking or locking, it’s turning into a lovely stablecoin different in DeFi because it permits customers to earn yield with out taking on crypto volatility dangers. Because it operates on the blockchain, it may also be utilized in DeFi for lending and borrowing.

USDY was first introduced on the Sui blockchain in March 2024. Later, it was  expanded to different networks, launching on the Cosmos ecosystem by way of Noble in July 2024, the Aptos blockchain in Dec. 2024, and Arbitrum (ARB) in August 2024. Earlier in Feb., USDY additionally launched on the Stellar (XLM) community within the coming months.

Aside from NAVI Protocol, a number of different protocols on Sui, specifically Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX, have built-in USDY.  

Amongst different DeFi platforms, USDY was built-in on BounceBit and Injective (INJ), providing customers seamless publicity to USDY’s yields. Drift Protocol enabled customers to use USDY as collateral for perpetual buying and selling on Solana (SOL).

In accordance to Coinmarketcap, as of Feb. 26, USDY has a market capitalization of round $382 million.