Ondo Finance is marking a milestone for certainly one of its earliest merchandise, as its tokenized Treasury notice, USDY, turns three with a market cap of $2.1 billion.
USDY, brief for U.S. Greenback Yield Token, is a token backed by short-term U.S. Treasuries and financial institution deposits. In accordance with Ondo, it now ranks among the many prime three tokenized Treasuries.
Tokenized Treasuries are blockchain-based variations of presidency debt that allow holders earn yield onchain fairly than by way of a standard brokerage.
Ondo Finance is an organization that builds instruments to deliver institutional-grade monetary merchandise onto public blockchains. It says USDY was one of many first indicators that tokenization may reshape how monetary merchandise are issued, accessed, and used.
Related: Ondo leads tokenized stocks market as Wall Street moves onchain
3 years of progress throughout 6 chains
USDY tracks the worth of the U.S. greenback, however its worth usually sits barely above $1 as a result of the yield every unit earns is added again into the token, lifting its worth over time.
The reserves behind it are held in Treasury payments and financial institution demand deposits, each thought-about money equivalents. Ondo says the token helps permissionless transfers and round the clock minting and redemption.
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Since launching in August 2023, USDY has expanded to run throughout six blockchains and now counts practically 30,000 holders, according to Ondo.
The corporate says the token has seen $8.5 billion in switch quantity over the past three years.
The milestone displays a broader push to maneuver real-world property onchain, a market the place Ondo has positioned itself round institutional requirements.
By maintaining the token compliant whereas preserving the flexibleness of blockchain-based transfers, Ondo is betting that tokenized Treasuries can serve each conventional finance and crypto customers without delay.
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This story was initially revealed by TheStreet on Aug 8, 2026, the place it first appeared in the Innovation part. Add TheStreet as a Preferred Source by clicking here.
