The post BounceBit CeDeFi V2 Now Integrates Ondo Finance’s USDY As First RWA Asset appeared on BitcoinEthereumNews.com.

Key Points: BounceBit CeDeFi V2 integrates Ondo Finance’s USDY as the first treasury-backed real-world asset (RWA) in the platform. USDY, backed by U.S. Treasuries, manages over $450 million in total value locked (TVL) across multiple blockchains. BounceBit, a leading CeDeFi infrastructure with backing from Binance, has just announced that its platform is integrating USDY, the US Dollar Yield stablecoin offered by Ondo Finance. Read more: BounceBit Review: The First Bitcoin Restaking project on Binance Megadrop  BounceBit CeDeFi V2 Integrates USDY for Treasury-Backed Stablecoin Rewards The development brings the first treasury-backed real-world asset to the BounceBit ecosystem- a significant milestone in the journey toward convergence between traditional finance and decentralized innovation. USDY is a flagship product of Ondo Finance, representing a bankruptcy-remote portfolio of U.S. Treasuries. For non-U.S. investors, this is an avenue to access high-quality USD-denominated yields with the convenience of a stablecoin. Currently hosting more than $450 million in total value locked across chains, the token boasts a highly competitive 4.65% APY. BounceBit CeDeFi V2 introduces an independent USDY vault. The development makes the platform even more appealing since users are able to gain treasury-backed stablecoin rewards inside a compliant, regulated framework. New Yield Strategies and Features Enhance BounceBit Platform Flexibility The CeDeFi V2 upgrade also brings multi-chain support for Ethereum, Binance Coin, Solana, and Bitcoin, allowing users to avoid bridging funds through BounceBit’s chain. BounceBit CeDeFi V2, since its launch on November 12, has witnessed a significant uptick in activity with a two-fold increase in platform inflow amounting to $20 million. New features to come with the new upgrade include the Auto, Fixed and Manual yield strategy options, increased APY rewards, and improved user flexibility. Thereby, over $10 million was bridged into the platform in the first hour of the delivery of the upgrade. DISCLAIMER: The information on this…

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Filed under: News - @ December 10, 2024 6:16 pm