USDY is launched on the Sui network as a new native stablecoin
According to an official announcement on March 1st, Sui Network has locked in a total value of over $500 million within nine months, which further supports the launch of the new stablecoin alternative, USDY, on the network. As a stablecoin alternative, the value of USDY is pegged to the US dollar at a one-to-one ratio while also earning profits for holders. The current plan also includes adding these profits to the token's price. Ondo Finance, the issuer of the USDY stablecoin, supports it with short-term US Treasury bonds and bank demand deposits. The token's name represents US dollar yield, symbolizing its profit-making characteristics. Stablecoins like USDC and USDT, similar to USDY, can also be traded on Sui. However, these are non-native tokens traded on Sui DEXes through smart contracts.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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