Mantle and Ondo Finance jointly launched the RWA-backed USDY yield token

ChainCatcher news, reported by The Block, that the Ethereum Layer2 network Mantle Network has launched a yield-generating token USDY, supported by real-world assets, in collaboration with the tokenized financial product platform Ondo Finance.

It is reported that USDY is similar to USDT or USDC, and is a tokenized note backed by short-term U.S. Treasury bonds and bank demand deposits. Holders receive yields generated from the underlying assets in the form of accumulated token value.