The scale of USDY, Ondo’s yield-bearing dollar asset, has reportedly risen to around $2.37 billion, surpassing BlackRock’s BUIDL.
This development is worth watching: it shows that competition in the RWA sector depends not only on institutional backing, but also on distribution channels, on-chain access, and the composition of holders. USDY places greater emphasis on access to DeFi use cases, while BUIDL focuses more on accredited investors and institutional capital. The two follow different approaches.
Rankings by scale may fluctuate in the short term, but the trend of bringing Treasury yields on-chain continues to gain validation. Going forward, it will be worth watching the number of new addresses, secondary-market liquidity, and the stability of yields and redemption mechanisms.
#RWA #Ondo #USDY
This development is worth watching: it shows that competition in the RWA sector depends not only on institutional backing, but also on distribution channels, on-chain access, and the composition of holders. USDY places greater emphasis on access to DeFi use cases, while BUIDL focuses more on accredited investors and institutional capital. The two follow different approaches.
Rankings by scale may fluctuate in the short term, but the trend of bringing Treasury yields on-chain continues to gain validation. Going forward, it will be worth watching the number of new addresses, secondary-market liquidity, and the stability of yields and redemption mechanisms.
#RWA #Ondo #USDY