According to Foresight News, Mantle Network has launched the structured protocol Ondo Finance's tokenized bill USDY and plans to introduce its dynamically adjusted (rebasing) version, mUSD. USDY is now available for purchase on Mantle DEX, such as Agni Finance and FusionX Finance. Later today, 10 million USDC will be sent to Agni and FusionX to create a USDY/USDC pool. Users can also mint and cross-chain USDY on the Mantle Network through Ondo Finance.
USDY and mUSD can be used as collateral for perpetual contracts/derivatives and lending protocols within the Mantle ecosystem. They can also be used as yield-bearing stablecoins in AMMs and for payment and settlement. The tokenized bill USDY is backed by RWA and secured by short-term US Treasury bonds and bank demand deposits. mUSD, the dynamically adjusted encapsulated version of USDY, will be exclusively issued on the Mantle Network to ensure its 1:1 peg with the US dollar. Users can cross-chain, swap, and encapsulate mUSD on Ondo through the upcoming swapper UI to Mantle.
