Ondo Finance's official announcements or verified blockchain data

Drift Protocol Partners with Ondo Finance to Integrate Tokenized RWAs and USDY as Collateral into Solana DeFi

Jun 18, 2024, 01:34 PM

Drift Protocol has announced a partnership with Ondo Finance to integrate tokenized real-world assets (RWAs) into Solana's decentralized finance (DeFi) ecosystem. This integration will allow assets such as tokenized treasury bills to be used as collateral on Drift's perpetuals platform. Notably, USDY, a yieldcoin, will now be available as collateral, marking the first time yieldcoins can be used in this manner. USDY holders on Solana can now utilize their assets more efficiently. Drift Protocol, which has $400 million in deposits across more than 20 assets and $80 million in borrowed assets, aims to enhance capital efficiency and utility on its platform. The partnership is expected to bring more assets on-chain, further building Solana’s financial layer. Drift is the only perps platform with multi-asset cross-collateral capabilities.