@SeiNetwork has emerged as the dominant chain for @Ondo's flagship yield token, with more than 90% of $USDY's supply now sitting on Sei. According to a recent post from the Sei team, that concentration translates to roughly $259 million worth of the Treasury-backed token held on a single chain.

What Is USDY?

$USDY is Ondo Finance's yield-bearing token backed by short-term U.S. Treasuries and cash equivalents, offering institutional-grade on-chain yield. Each USDY represents a senior unsecured claim on a portfolio held by Ondo USDY LLC, a Delaware bankruptcy-remote vehicle, and accrues interest through a rising redemption value, with holders seeing the token trade at a growing premium to $1.00 over time. The token is designed for non-U.S. individual and institutional investors, combining the accessibility of a stablecoin with the protections of traditional fixed-income products.

According to RWA.xyz, USDY has a total asset value of $2.28 billion, a net asset value of $1.15, and more than 18,000 holders.

Why Sei?

USDY launched on Sei Network as the first permissionless tokenized U.S. Treasury Bill primitive on the chain, giving the network's ecosystem of retail users and institutions direct, permissionless access to a secure, institutional-grade asset backed by short-term U.S. Treasuries and bank deposits.

By deploying on Sei's Parallelized EVM, Ondo leverages infrastructure delivering 400ms time-to-finality and 12,500 TPS, providing the deterministic speed required by global markets. That performance profile makes Sei a natural fit for capital that demands reliable, near-instant settlement.

USDY is also live across several DeFi protocols within the Sei ecosystem at launch, including swaps via @Saphyre_xyz, borrow and lend markets on @TakaraLend and @YeiFinance, and bridging via @LayerZero_Core. That day-one DeFi composability has likely contributed to the rapid accumulation of supply on the chain.

The Sei Network also supports a rapidly growing institutional asset ecosystem, including tokenized funds from BlackRock, Brevan Howard, Hamilton Lane, Laser Digital by Nomura, and Apollo. The $259 million USDY concentration adds further weight to Sei's positioning as a settlement layer for real-world assets.

Sources:
Sei Blog: Ondo's USDY is Live on Sei
RWA.xyz: Ondo U.S. Dollar Yield Metrics
Crypto.news: Ondo Finance's USDY Launches on Sei Network