Ondo Is Using LayerZero To Make Its Yieldcoin Fully Fungible Across Multiple Blockchain Networks
Anna Martynova
Ondo Finance, a tokenized real-world asset (RWA) protocol, is leveraging LayerZero to make its flagship yieldcoin fungible across multiple blockchain networks. Users can now access Ondo’s US Dollar Yield Token (USDY) and its tokenized US Treasury bond product across multiple blockchain ecosystems without having to issue new tokens or swap assets across chains.
According to Ondo, LayerZero’s integration of the Omnichain Fungible Token (OFT) standard makes USDY a compelling alternative to traditional stablecoins like USD Coin and Tether USDT. USDY yieldcoin is now fully fungible across Ethereum, Mantle, and Arbitrum, with more networks planned to be added soon.
Ondo’s USDY is a yield token designed to allow users to earn around 4.9% annual percentage return (APR). Each USDY token is backed by bank deposits and short-term treasury bills, according to Ondo. USDY has a total value locked (TVL) of over $450 million and is available on eight blockchain networks, including Ethereum and Solana, according to DefiLlama.
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