Dubai Unveils Major Onchain Product in Real World Asset Tokenization Sector
**MANTRA Announces Major Onchain Product Launch with Ondo’s USDY Token**
Dubai, UAE, May 31st, 2024 – MANTRA, a leader in the real-world asset (RWA) tokenization sector, has unveiled a significant onchain product in partnership with Ondo, marking a pivotal moment in decentralized finance (DeFi). This collaboration aims to deepen liquidity support for RWA tokenization, a domain attracting substantial institutional interest.
The partnership features Ondo’s USDY, an interest-bearing tokenized note offering exposure to short-term US Treasury yields while retaining stablecoin utility, as a genesis asset on MANTRA’s upcoming blockchain. It’s important to note that USDY is not available in the US or to US persons, and hasn’t been registered under the US Securities Act.
To commemorate this liquidity milestone, MANTRA and the Ondo Foundation will incentivize a multi-chain vault, rewarding users who contribute USDC with high-quality yield, ONDO tokens, and mainnet OM coins if they stay until the MANTRA Chain’s mainnet launch. The vault is expected to open in June on Ethereum and Base.
Both entities have planned a rewards structure that increases as community participation milestones are reached, ensuring returns are not diluted with growing participation.
MANTRA aims to merge DeFi composability with institutional-grade finance onchain, featuring USDY’s overcollateralization, third-party oversight, and institutional-grade investor protections. Nathan Allman, CEO of Ondo Finance, and John Patrick Mullin, co-founder and CEO of MANTRA, expressed their enthusiasm for this initiative, highlighting its role in bridging traditional and decentralized finance.
The Ondo Foundation, a Cayman Islands nonprofit, and Ondo Finance are working together to introduce onchain institutional-grade financial products and services. MANTRA, on the other hand, is developing a security-first RWA Layer 1 Blockchain designed for RWA tokenization, offering compliance mechanisms and cross-chain interoperability.
For more information or to join the waitlist, interested parties can visit the official MANTRA website.
[Contact: Christoph Lidman, Marketing Lead, press@mantrachain.io]
