Ondo Finance's Stablecoin USDY Launches on Arbitrum

According to BlockBeats, on August 28, RWA protocol Ondo Finance announced that its yield stablecoin USDY has been launched on Arbitrum. This development marks a significant step in the expansion of Ondo Finance's offerings within the decentralized finance (DeFi) ecosystem. In addition to the launch, the Arbitrum STEP committee has decided to allocate 6 million ARB tokens, approximately valued at $3.16 million, from the Arbitrum DAO treasury to support the development of Ondo's USDY. This allocation aims to bolster the growth and integration of real-world assets (RWA) on the Arbitrum network, further enhancing its DeFi capabilities.