Ondo’s tokenized Treasury product USDY available via 1inch

Ondo’s tokenized Treasury product USDY, bringing yield-bearing dollar exposure to one of DeFi’s largest ecosystems, is now available via 1inch.

Tokenized US Treasuries are moving deeper into DeFi. Ondo’s US Dollar Yield Token, USDY, is now natively available on BNB Chain and supported by 1inch. Users can swap USDY through 1inch, while builders can access it through 1inch APIs.

With more than $2.15 bln in total asset value, USDY is one of the largest tokenized US Treasury products onchain. Its expansion to BNB Chain gives the asset access to another major DeFi ecosystem and creates new opportunities for trading, collateral and treasury management.

What is USDY?

USDY is a tokenized note offered by Ondo to eligible non-US individuals and institutions.

It is secured by a portfolio of short-term US Treasuries and bank demand deposits. The underlying assets are held by a collateral agent, while the product is designed to give eligible global investors access to US dollar-denominated yield and institutional-grade protections.

Unlike a conventional dollar-pegged stablecoin, USDY is yield-bearing. Unlike a conventional dollar-pegged stablecoin, USDY's value is not fixed to the dollar. Its price reflects the value of the underlying short-term US Treasuries and cash instruments over time, and can move up or down.

USDY is designed for use across DeFi, including cash and treasury management, lending, borrowing, payments, trading and collateral. On BNB Chain, eligible users can mint and redeem USDY instantly, reducing wait times and making it easier to manage positions. A cross-chain bridge also enables transfers between BNB Chain and other supported networks.

For developers, USDY can serve as a composable yield-bearing asset across BNB Chain applications. It can be integrated into lending markets, trading products, liquidity strategies and treasury-management tools, or used as collateral where supported.

USDY expands to BNB Chain

The BNB Chain launch introduces three key components:

• native USDY on BNB Chain
• instant minting and redemption
• a cross-chain bridge connecting BNB Chain with other supported networks

Native issuance means eligible users can access USDY directly on BNB Chain rather than first acquiring it elsewhere and bridging it across.

Instant minting and redemption reduce waiting periods and make it easier to manage positions. Meanwhile, the bridge allows USDY to move between BNB Chain and other networks in Ondo’s growing multichain ecosystem.

USDY is also available on Ethereum and is tradable there via 1inch, as well.

USDY swaps through 1inch

On 1inch.com, users can swap into or out of USDY through available liquidity on BNB Chain and Ethereum. 1inch routing searches across liquidity sources to find an efficient route rather than requiring users to check individual venues manually.

For wallets, applications and institutional platforms, USDY swaps can also be integrated through the APIs available on 1inch Business.

1inch does not issue USDY or manage its reserves, yield, minting, redemption or cross-chain bridge. Those functions remain with Ondo. The role of 1inch is to provide swap and routing infrastructure that helps users and applications access the token through available onchain liquidity.

Why routing matters for tokenized assets

Issuing an asset onchain is only part of the journey. To become useful across DeFi, tokenized assets also need connectivity and liquidity.

Users need practical ways to enter and exit positions. Developers need infrastructure that allows those assets to interact with wallets, trading interfaces and other applications. Liquidity may be distributed across different venues, making the most obvious route not always the most efficient one.

1inch helps connect USDY with the wider DeFi market by supporting swaps through its aggregation and intent-based infrastructure.

As tokenized Treasury assets expand across chains, this infrastructure can help make them more accessible, portable and useful across the onchain economy.

Explore USDY on 1inch.

Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax or legal advice. USDY is subject to eligibility requirements and may not be available in the US or other restricted jurisdictions. Holding or interacting with tokenized assets involves risk, including the possible loss of funds.