The startup #ONDO Finance, specializing in real assets, is launching the United States Dollar Yield (USDY) fund on the #SEİ network. This is the first tokenized product based on U.S. Treasury bonds issued on a scalable blockchain, the company announced on Thursday.

The project emerged in 2021 and focuses on institutional financial instruments on-chain — among them the OUSG fund associated with BlackRock BUIDL, and the tokenized money market OMMF focusing on reliable income-generating assets.

$ONDO is closely related to the World Liberty Financial project, which is supported by the Trump family. In February, the structure acquired nearly half a million dollars in ONDO tokens as part of replenishing its strategic reserve. This deal coincided with the launch of the Ondo Chain network and the Ondo Global Markets platform. Currently, ONDO is the twelfth largest asset in the World Liberty portfolio.

Ondo is among the largest projects in the tokenization of real assets — it currently manages about $1.4 billion. The company's main product is USDY. This instrument is backed by short-term U.S. Treasury bonds and bank deposits, and its yield is approximately 4.25% per annum. In fact, it combines the stability of a stablecoin with real income.

"USDY is exactly the type of reliable and universal income-generating instrument that opens up new opportunities for developers creating the future of on-chain applications," noted Justin Barlow, executive director of the Sei Development Foundation.

Ondo announced the acquisition of the blockchain startup Strangelove to enhance the technical aspect of the project and expand operations with real assets. The company also agreed to acquire Oasis Pro — a broker-dealer licensed platform that will help enter the market for tokenized stocks.

What is Sei

$SEI is an EVM-compatible first-level blockchain network built on Cosmos SDK. According to the developers, it uses parallel order execution and batch processing, allowing block finalization in 400 milliseconds.

The network has been actively developed since 2022: at that time, Sei raised $5 million in a seed round led by Multicoin Capital. In 2023, the startup closed a Series A round of $30 million — after which its valuation reached $800 million.

This year, the team launched a non-profit organization called Sei Development Foundation, based in the USA. Its goal is to develop the project's ecosystem and increase recognition, especially in the context of easing regulatory policies.

The company #Circle also invested in Sei — this happened against the backdrop of the launch of support for $USDC on this network.

Currently, the SEI token is trading at $0.36 — almost three times lower than its peak ($1.14). The total market capitalization, considering full issuance, is $3.6 billion. There are 5.6 billion tokens in circulation out of a possible 10 billion.

As for ONDO, its price has increased by more than 10% in the last 24 hours and reached $1.04.

USDY is only available outside of the USA and other restricted jurisdictions. This token has previously been issued on the Arbitrum, Ethereum, Mantle, and Solana networks. The OUSG fund, backed by BUIDL from BlackRock, operates on Ethereum, Polygon, Solana, and XRP Ledger.