Ondo Finance launches tokenized notes USDY backed by U.S. Treasury bonds and bank deposits

ChainCatcher news, structured protocol Ondo Finance founder and CEO Nathan Allman tweeted that Ondo Finance has officially launched the tokenized note USD Yield (USDY), backed by short-term U.S. Treasury bonds and bank demand deposits. U.S. users and institutions are unable to use USDY, which can be transferred on-chain 40 to 50 days after purchase. USDY is an unregistered note that offers accessibility similar to stablecoins while paying holders a variable yield, with an annual interest rate starting at 5%. USDY is a senior secured debt of Ondo USDY LLC, and individuals and institutions can directly collaborate with Ondo without any certification requirements, minting or redeeming USDY daily.