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MANTRA Launches Savings Vault with Ondo’s USDY

MANTRA Launches Savings Vault with Ondo's USDY

TL;DR

  • MANTRA launches new savings vault with Ondo USDY, backed by short-term US treasuries.
  • Early investors will receive additional rewards, including mainnet ONDO and OM tokens.
  • The vault will be publicly available in June 2024 on Ethereum and Base Chain.

MANTRA has announced the launch of a new incentivized savings vault featuring Ondo USDY, a tokenized note backed by short-term US treasuries and bank deposits.

This initiative represents a significant step in building liquidity for real-world asset (RWA) tokenization, an area within decentralized finance (DeFi) that has garnered considerable institutional interest in recent times.

Ondo USDY will be a genesis asset on the MANTRA mainnet, scheduled for release later this year. This token provides holders with exposure to short-term US Treasury yields, packaged similarly to stablecoins. However, it is important to note that USDY is not available for offer, sale or distribution in the United States or to U.S. persons, and is not registered under the United States Securities Act.

John Patrick Mullin, CEO and co-founder of MANTRA, highlighted the importance of this integration, highlighting that having a base layer of fungible and interest-bearing liquidity through USDY is crucial to improving the liquidity profile on the chain. This launch is part of MANTRA Chain’s broader strategy to collaborate closely with leading RWA projects and create a highly liquid layer 1 blockchain, designed specifically for RWAs.

To celebrate this milestone and reward early adopters, MANTRA and the Ondo Foundation will incentivize a multi-chain USDY vault. This will allow USDC contributors to access short-term US treasury yields with low risk. Additionally, those who stay invested until the MANTRA mainnet launch will be rewarded with mainnet Ondo (ONDO) tokens and OM coins, in addition to the underlying performance.

MANTRA Launches Savings Vault with Ondo USDY

MANTRA Rewards and Participation Details

Nathan Allman, CEO of Ondo Finance, expressed his excitement about the launch of the USDY vault on MANTRA, stating that this represents an exciting step in their mission to connect traditional finance with decentralized finance at scale. The Ondo Foundation, a Cayman Islands non-profit company, is dedicated to promoting financial inclusion and market efficiency through on-chain institutional financial products and services.

To avoid dilution of rewards as more users participate, a progressive rewards scheme will be implemented, where rewards will increase as community participation milestones are reached.

MANTRA, known to be a Layer 1 blockchain with a focus on security and regulatory compliance, seeks to bridge composability and institutional-grade finance on-chain. USDY’s robust features, including top-notch custodians, secure yield generation, and tokenized fungibility, offer a vital component to the growing RWA ecosystem.

Interested users can join the waiting list for the USDY vault and be part of this innovative proposal that seeks to revolutionize the DeFi space by integrating real-world assets and decentralized financial solutions.

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