RWA-Backed $USDY Now Live on Mantle, $mUSD to Follow

11/08/233 min read

Mantleby Mantle




RWA-Backed $USDY Now Live on Mantle, $mUSD to Follow

We're thrilled to announce the arrival of USD Yield ($USDY) token on Mantle following the launch of Ethereum L1 to Mantle Network L2 bridge for $USDY under a collaboration with Ondo Finance, a market leader in institutional-grade, blockchain-enabled investment products and services. A rebasing version, $mUSD, is expected to follow shortly. In case you missed it, Ondo’s $USDY was first unveiled as the inaugural Mantle Showcase app, by virtue of its product-market fit and ability to bring the greatest benefits to the Mantle community.

RWA to Provide Sustainable Native Yield for $USDY and $mUSD

Backed by real world assets (RWA), $USDY is a tokenized note secured by short-term U.S. Treasuries and bank demand deposits. $USDY holders receive yield generated from the underlying assets in the form of increasing redemption value (accumulating token). The $USDY contract is an upgradeable (Transparent Upgradeable Proxy) ERC-20 token. $USDY can now be acquired at Mantle DEXs such as AGNI Finance. Alternatively, users may also onboard with Ondo Finance to mint and bridge $USDY onto Mantle Network.

$mUSD, a rebasing wrapped version of $USDY exclusively on Mantle Network that is designed to maintain a consistent peg to $1, with interest distributed via new token units, will also be issued by Ondo Finance in the ensuing weeks. Users will be able to bridge, swap and wrap $mUSD to Mantle on’s upcoming swapper UI.

Get Access to $USDY Today

For any applications that would like to integrate $USDY, view more details here.

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Additionally, you can also begin your $USDY journey with early adopters within Mantle Ecosystem, namely AGNI Finance. You'll be able to buy and provide liquidity with $USDY to diversify your portfolio and maximize gains accordingly. We're working on adding $USDY to other decentralized exchanges (DEXs) within the ecosystem.

If you'd like to use other assets from other chains to purchase $USDY with, you can do so via Axelar's Squid router. More details can be found here.

Mantle Ecosystem Support and Use Cases for $USDY and $mUSD

Ondo Finance’s $USDY and $mUSD hold vast potential to bring the greatest benefits to the Mantle community and provide the smoothest user experience, particularly in supplying sustainable yield with high-quality assets, having a safe and reliable issuer thanks to Ondo’s focus on legal and regulatory compliance and investor protection, not to mention Ondo’s RWA vertical market leader status with approximately 50% market share in tokenized securities, and allowing the ease of access — with $USDY and $mUSD legally structured as tokenized bearer instruments (similar to stablecoins), making them freely tradable by holders on Mantle Network.

Mantle Governance proposal MIP-26 approved seed liquidity for RWA-yield-backed stablecoins — up to a combined allowance of 60M USDx stablecoins. Significant liquidity will soon be deployed to leading Mantle DEXs, creating convenient and material liquidity for $USDY, and soon $mUSD as well.

$USDY and $mUSD may be employed throughout Mantle Ecosystem as collateral for perpetuals/derivatives and lending protocols, utilized as a yield-bearing stablecoin in an AMM to enhance the economic attractiveness of being a liquidity provider (LP), and used for payments and settlement.

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