Nathan Allman, the founder and CEO of the Real World Assets Protocol Ondo Finance, announced on Twitter that Ondo Finance has officially launched USD Yield (USDY), tokenized notes collateralized with short-term U.S. Treasury bills and bank current deposits. This product is not available to U.S. users and institutions.
USDY is an anonymous note that offers accessibility similar to stablecoins while providing variable yields to holders, with an annual interest rate starting from 5%.
USDY represents a senior secured debt of Ondo USDY LLC, and individuals and institutions can use it on Ondo without any accreditation requirements. USDY can be minted or redeemed daily. After a waiting period of 40 to 50 days, the token can be transferred on-chain.
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