USDY, a tokenized U.S. Treasury product, reaches $2.1 billion in market capitalization after three years of growth.
Ondo Finance’s USDY, a tokenized Treasury note, has reached a $2.1 billion market capitalization three years after launch. The product, backed by short-term U.S. Treasuries and bank deposits, ranks among the top three tokenized Treasuries by size.
USDY tracks the U.S. dollar but trades slightly above $1 due to embedded yield. It operates across six blockchains and has processed $8.5 billion in transfer volume, with nearly 30,000 holders. The token supports 24/7 minting and redemption, reflecting broader adoption of onchain real-world assets.
The milestone underscores growing institutional interest in blockchain-based financial products, offering yield and liquidity outside traditional brokerage systems.