MANTRA, a real-world asset (RWA) tokenization platform, has unveiled a new RWA savings vault, an on-chain product backed by Ondo’s USDY, as per the information shared with Finbold on June 3.
The new project brings together two prominent players in the RWA sector to bolster liquidity for RWA tokenization, a facet of decentralized finance (DeFi) that has recently garnered considerable institutional interest.
High-quality yields with a new multi-chain vault
To mark the new liquidity milestone, MANTRA and the Ondo Foundation are incentivizing a multi-chain vault.
Users who contribute USD Coin (USDC) to the vault will gain immediate access to high-quality yields.
Those who stay invested until MANTRA Chain’s mainnet launch will also receive ONDO tokens and mainnet OM coins along with the underlying yield.
The vault is expected to open to the public in June on Ethereum (ETH) and Base.
Institutional-grade DeFi composability
MANTRA’s mission is to merge DeFi composability with institutional-grade finance on-chain.
USDY’s features, such as over-collateralization, third-party oversight, and institutional-grade investor protections, make it a cornerstone asset for the growing RWA ecosystem.
To manage returns effectively as participation increases, MANTRA and the Ondo Foundation have designed a ratcheting schedule of increasing rewards distributed as community participation milestones are achieved.
Nathan Allman, CEO of Ondo Finance, expressed his enthusiasm about the project, stating,
“We are excited to see the USDY vault launching on MANTRA, furthering our mission to bring institutional-grade assets to the world. This yield-bearing vault is an exciting step in our journey to bridge traditional finance and decentralized finance at scale.”
— Nathan Allman, CEO of Ondo Finance
John Patrick Mullin, co-founder and CEO of MANTRA, further commented on the plan to create the most liquid Layer-1 blockchain built specifically for RWAs:
“Enabling Ondo USDY, the market-leading tokenized US treasury product, marks a significant expansion of our ecosystem. Having a fungible interest-bearing base layer of liquidity via USDY is critical to enhancing our on-chain liquidity profile. This cutting-edge product launch is part of MANTRA Chain’s broader strategy to work closely with all leading RWA projects to create the most liquid Layer-1 blockchain purpose-built for RWAs.”
— John Patrick Mullin, co-founder and CEO of MANTRA
The launch of MANTRA’s new blockchain
MANTRA’s new blockchain, set to launch later this year, will feature Ondo’s flagship interest-bearing tokenized note, USDY, as its genesis asset.
USDY offers holders exposure to short-term US Treasury yields while retaining the utility of stablecoins.
Not being registered under the US Securities Act, USDY is not available for sale in the US or to US citizens.
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