DeFi
Ondo Finance and Pyth Partner to Integrate Institutional Assets into 65+ Blockchain Ecosystems
Learn how Ondo Finance and Pyth Network are revolutionizing decentralized finance by integrating institutional assets into 65+ blockchain ecosystems. See how their partnership improves on-chain accessibility to traditional assets, benefiting smart contract developers and DeFi users.
DeFi is set to revolutionize financial markets and the financial industry by enabling decentralized access to traditional assets. To fully leverage this potential, on-chain users need seamless access to these assets across various blockchains and decentralized applications.
Ondo Financea leading provider of tokenized real assets, has partnered with Pyth Network to bring this vision to life. Their collaboration has led to the launch of USDY/USD Price Feed by Pyth, now available in over 65 blockchain ecosystems. This milestone enables smart contract developers around the world to consume real-time feeds for Ondo’s yieldcoin, USDY.
This development opens new opportunities for developers and projects to integrate institutional assets on-chain, enhancing the potential of DeFi. Pyth Network’s 100+ proprietary data providers are ready to support more real-world assets as requested by Web3 developers.
“This is a major step forward for developers and projects building the future of finance. Many leading DeFi applications and protocols rely on Pyth as their oracle provider, and this USDY/USD price feed marks an important step toward bridging the fragmented nature of blockchain ecosystems to make institutional assets broadly accessible.” — Katie Wheeler, VP of Partnerships at Ondo Finance.
What is Ondo USD Yield Token?
Ondo’s USDY (US Dollar Yield) is a tokenized note backed by short-term US Treasuries. USDY offers a stable and yield-generating alternative to traditional stablecoins, combining the benefits of on-chain finance with the stability of traditional assets. Backed by safe and liquid assets, USDY offers sustainable yields to institutional and individual participants in on-chain capital markets.
Learn more about USDY here.
Developing the potential of DeFi with USDY
The launch of Pyth’s USDY/USD Price Feed extends USDY’s reach to the EVM, Solana, Move, Bitcoin, and Cosmos ecosystems. This partnership aims to create a unified and interoperable DeFi experience, overcoming the fragmented nature of blockchain ecosystems.
Wider scope: The USDY/USD feed is now live on over 65 blockchains, enabling various on-chain applications to establish markets for USDY. The widespread availability of key assets is fostering a more composable and dynamic DeFi landscape.
Multi-chain synergies: The presence of the USDY/USD flow on multiple blockchains allows DeFi applications to expand their reach and serve new user bases. This helps break down silos in the blockchain world, promoting the free flow of assets between different chains.
Bridging Traditional Finance and Decentralized Finance: This development is crucial to integrate institutional finance into DeFi, bringing increased liquidity, security, and stability. By incorporating traditional assets on smart contract platforms, Ondo is paving the way for more sophisticated DeFi products and services.
Real-time exposure: Pyth Price Feeds provide sub-second updates, allowing on-chain users to track traditional financial markets in near real-time. This feature levels the playing field between DeFi and CeFi solutions, opening up new market opportunities.
The excitement of the ecosystem
Oracle feeds for key assets are essential for blockchain foundations to grow their ecosystems, attract developers, and better serve users. Aptos, Solana, and Mantle foundations are among the first to use the new Pyth USDY/USD feed.
Aptos
Aptos and Ondo Finance are collaborating to tokenize real-world assets. Pyth price feeds for Ondo products will accelerate this initiative.
Solana
Ondo Finance has extended its US Treasury-backed assets to the Solana ecosystem, supporting the broader trend of integrating traditional assets into blockchain platforms. Pyth Oracle feeds enhance Solana’s Tier 1 offerings.
Coat
Mantle and Ondo Finance are working together to advance the movement of real-world assets (RWA), bringing sustainable yields to the DeFi ecosystem. The Pyth USDY/USD flow marks an important milestone in this effort.
DeFi Protocols
Several Pyth ecosystem partners are already integrating this price feed, expanding its reach and usefulness.
Derivative — A dynamic AMM-based perpetual futures DEX on Solana.
FlashTrade — Asset-backed trading with on-demand liquidity on Solana.
Thala — A DeFi hyperapplication and liquidity engine on Aptos.
DePerp — A perpetual trading mini-app in Telegram and a web app on Base.
“Traders on Drift rely heavily on the availability of accurate, real-time price data like USDY. Low-latency price data is critical to Drift’s products, enabling seamless trading on perpetuals and on-chain derivatives. Pyth’s pull oracles significantly reduce the risk of stale prices.” — Chris, Senior Contributor at Drift
“We are excited to launch USDY in Thala pools, allowing users to trade USDY and gain exposure to tokenized Treasury yields. Additionally, USDY will also be whitelisted as collateral for our stablecoin, MOD. This is part of our broader vision to make Thala the liquidity hub for RWA on Aptos.” — Adam Cader, Co-Founder of Thala
“Flash is always looking for innovations in DeFi that bring more sources of real yield on-chain. USDY is a big step in that direction and Pyth’s new price feed allows us to easily integrate it into our pools knowing we are quoting accurate prices for the asset.” Treggs, Head of Risk and Strategy at Flash Trade
And after?
Pyth Network and Ondo Finance are collaborating to help smart contract developers create more accessible and sophisticated decentralized finance solutions.
Developers can explore the available stream prices to see what data feeds, including all of Ondo Finance’s new tokenized products, can be published soon.