Ondo Finance Boosts USDY Adoption with Sui’s NAVI Protocol Campaign
Ondo Finance has teamed up with NAVI Protocol too promote its yield-bearing stablecoin, USDY. The campaign, running from february 26 to March 12, aims to increase USDY’s usage.
Participants can earn rewards by supplying liquidity to USD.The more liquidity they provide, the more points they earn. These points determine their share of the $35,000 reward pool. The top 100 contributors will split $10,000, while the remaining $25,000 will be shared among 2,500 other winners. Rewards will be paid in NAVX and USDY.
USDY is unique because it earns daily interest. It’s backed by US Treasury bills and bank deposits, making it a yield-generating asset.Unlike conventional stablecoins like USDT or USDC, which only hold their value, USDY offers returns without staking or locking.
USDY was first launched on the Sui blockchain in March 2024. It has since expanded to other networks like Cosmos, Aptos, and Arbitrum. It’s also set to launch on the Stellar network soon.
Several Sui protocols, including Aftermath Finance and Cetus, have integrated USDY. It’s also available on platforms like BounceBit and Injective. As of February 26, USDY has a market cap of around $382 million.
