Ondo Finance Founder and CEO Nathan Allman tweeted that Ondo Finance has officially launched USD Yield (USDY), a tokenized note backed by short-term US Treasuries and bank current deposits. However, USDY is not available for purchase or use by users and institutions in the United States. After purchase, USDY can be transferred on-chain within 40 to 50 days.
USDY is an anonymous note that provides similar accessibility to stablecoins while offering variable interest rates starting from 5%. It is a senior secured debt of Ondo USDY LLC, and individuals and institutions can collaborate directly with Ondo without any certification requirements. Users can mint or redeem USDY with Ondo on a daily basis.