Ondo Finance has launched a campaign on Sui’s NAVI Protocol to drive adoption of its yield-bearing stablecoin USDY. Ondo Finance ( ONDO ) has launched a new campaign in collaboration with NAVI Protocol, aiming to encourage more people to use its stablecoin USDY, a tokenized US Treasury yield coin by Ondo Finance. Running from Feb. 26 to March 12, the initiative offers participants a chance to earn rewards by supplying liquidity for USD (depositing it into NAVI Protocol). Participants earn points based on their liquidity contributions, making them eligible for a share of the rewards, which will be paid in NAVX and USDY. The campaign has a total reward pool of $35,000. The top 100 participants will share $10,000, while an additional $25,000 will be distributed among 2,500 more winners. USDY is a special type of stablecoin created by Ondo Finance that earns daily interest. Unlike regular stablecoins like Tether ( USDT ) or USD Coin ( USDC ), which just hold their value, USDY is backed by US Treasury bills and bank deposits. Because it’s backed by yield-generating assets, it automatically generates yield for its holders. This effectively makes USDY an on-chain alternative to holding cash in a savings bank account or investing in money market funds. Since USDY earns yield without requiring staking or locking, it’s becoming an attractive stablecoin alternative in DeFi as it allows users to earn yield without taking on crypto volatility risks. Since it operates on the blockchain, it can also be used in DeFi for lending and borrowing. You might also like: US leadership in crypto: The focus is on stablecoins | Opinion USDY was first introduced on the Sui blockchain in March 2024. Later, it was expanded to other networks, launching on the Cosmos ecosystem via Noble in July 2024, the Aptos blockchain in Dec. 2024, and Arbitrum ( ARB ) in August 2024. Earlier in Feb., USDY also launched on the Stellar ( XLM ) network in the coming months. Apart from NAVI Protocol , several other protocols on Sui, namely Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX, have integrated USDY. Among other DeFi platforms, USDY was integrated on BounceBit and Injective ( INJ ), offering users seamless exposure to USDY’s yields. Drift Protocol enabled users to use USDY as collateral for perpetual trading on Solana ( SOL ). According to Coinmarketcap , as of Feb. 26, USDY has a market capitalization of around $382 million. You might also like: US leadership in crypto: The focus is on stablecoins | Opinion
