{"id":84110,"date":"2023-11-13T18:01:39","date_gmt":"2023-11-13T23:01:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ondo-and-axelar-join-forces-for-ondo-bridge-ondo-and-axelar-join-forces-for-ondo-bridge\/"},"modified":"2023-11-13T18:01:42","modified_gmt":"2023-11-13T23:01:42","slug":"ondo-and-axelar-join-forces-for-ondo-bridge-ondo-and-axelar-join-forces-for-ondo-bridge","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84110","title":{"rendered":"Ondo and Axelar Join Forces for Ondo Bridge Ondo and Axelar Join Forces for Ondo Bridge"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>Tokenized secure note issuer Ondo Finance and Web3 cross-chain platform Axelar came together Monday, November 13th to unveil Ondo Bridge, a cross-chain mechanism designed to facilitate easy transfers of Ondo tokens across blockchains.<\/p>\n<h2>\u201cA superior and safer yield-generating stablecoin\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>\u201cDemand for better stablecoins is growing \u2013 and it isn\u2019t limited to a single Web3 ecosystem,\u201d said Nathan Allman, founder and CEO of Ondo. \u201cThe Ondo Bridge enables us to meet that demand wherever it exists, with a superior and safer yield-generating stablecoin.\u201d<\/p>\n<p>In April 2023, Ondo Finance released a USDY, \u201cthe world\u2019s first tokenized note secured by US Treasuries and bank deposits.\u201d\u00a0<\/p>\n<p>\u201cCrypto is all about financial inclusion, and we are thrilled to offer a yield-bearing product with mature financial structuring and investor protections to both individual and institutional investors,\u201d said Nathan Allman, CEO of Ondo Finance, at the time of the note\u2019s release. \u201cUSDY will expand the universe of investors seeking to save and spend in a more global and digitally-native manner by sharing the yield and providing improved transparency and security over conventional stablecoins.\u201d\u00a0<\/p>\n<p>Ondo Bridge will support the issuance of these yield-bearing tokens, fostering liquidity while ensuring price stability.<\/p>\n<h2>\u201cReal World Assets in a safe and efficient manner\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Moreover, Ondo Bridge possesses a \u201cburn-and-mint\u201d system that serves an innovative strategy in regards to mitigating risk from traditionally wrapped assets.\u00a0<\/p>\n<p>\u201cWe have partnered with Axelar and incorporated their state-of-the-art multi-chain communications primitives together with a novel Ondo risk management layer to help Ondo tokenholders bridge Real World Assets (RWAs) in a safe and efficient manner,\u201d states Ondo Finance\u2019s website.<\/p>\n<p>\u201cAxelar\u2019s programmable cross-chain platform will enable Ondo to easily and automatically manage USDY supply, burning tokenized representations of its real-world assets (RWAs) on one chain in order to mint them on another,\u201d read a press release for the new technology.<\/p>\n<h2>\u201cTools to achieve better products for their users\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The program, inspired by Circle\u2019s Cross-Chain Transfer Protocol, promises enhanced security and price stability. Supporting over fifty blockchain networks, the Web3 platform will utilize its own cross-chain liquidity router, Squid, to support the bridge.<\/p>\n<p>According to DefiLlama, Ondo Financed is valued at over $200 million. Currently, USDY is valued at over $35 million.<\/p>\n<p>\u201cNative stablecoins are preferred over wrapped versions, but managing supply across multiple chains is complex,\u201d said Sergey Gorbunov, CEO and co-founder of Axelar Inc. \u201cTogether, Axelar and Ondo are pioneering a solution that gives stablecoin innovators tools to achieve better products for their users.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/ondo-and-axelar-join-forces-for-ondo-bridge.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tokenized secure note issuer Ondo Finance and Web3 cross-chain platform Axelar came together Monday, November 13th to unveil Ondo Bridge, a cross-chain mechanism designed to facilitate easy transfers of Ondo tokens across blockchains. \u201cA superior and safer yield-generating stablecoin\u201d \u201cDemand for better stablecoins is growing \u2013 and it isn\u2019t limited to a single Web3 ecosystem,\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ondo and Axelar Join Forces for Ondo Bridge Ondo and Axelar Join Forces for Ondo Bridge | iFintechWorld<\/title>\n<meta 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