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The Aptos Foundation announced the launch of USDY, a yield-bearing stablecoin backed by US Treasurys, on the Aptos blockchain, aiming to democratize finance.
Yield-Bearing USDY Launches on Aptos
The debut of Ondo US Dollar Yield (USDY), a stablecoin from Ondo Finance that bears a yield on the Aptos blockchain, was announced by the Aptos Foundation, which promotes development on the Aptos decentralized network.
The Aptos Foundation has announced that USDY, a cryptocurrency backed by US Treasurys, will soon be accessible to users outside of the US that utilize the Aptos blockchain. The US Securities Act registration for the digital asset is still pending.
The statement was made by the Aptos Foundation, which highlighted the positive aspects of stablecoins in terms of democratizing finance and helping underprivileged communities.
Crypto Firms Buying US Debt
In an odd turn of events, crypto firms and stablecoin issuers are increasingly buying up US government debt.
One such example is Tether, a cryptocurrency that uses US dollars and US Treasury bills to support its value. The stablecoin issuer came clean in 2023 about owning $72.5 billion worth of US Treasury notes.
Growing Interest in US Treasury-Backed Stablecoins
Cointelegraph elaborates that the idea that stablecoins could help the currency has even piqued the interest of Paul Ryan, a former US congressman. In view of geopolitical pressures to remove the dollar from international trade agreements, the former US House speaker emphasized the potential impact of dollar-pegged stablecoins in maintaining demand for the currency. This demand has the ability to prolong the dominance of the US dollar by decades.
A number of cryptocurrency exchanges have recently received green lights from regulators to allow customers to put their money into US Treasury bills; Binance.US was among them in July. Under the terms of the agreement, Binance.US might buy the instruments via a third-party custodian and not reinvest the client's money in Binance.US or any of its affiliates.
Tokenized US Treasury Market Growth
Tokenized US Treasury market value expected to hit $3 billion by 2024 end, according to research expert Tom Wan.
More capital will flow into the tokenized US debt instrument market, the strategist claims, when BlackRock and Securitize sell tokenized Treasury securities.
According to the expert, the biggest tokenized Treasury investment vehicle in the world is now BlackRock's Institutional Digital Liquidity vehicle (BUIDL).
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