Wintermute and Ondo Finance Partner to Enhance Liquidity for USDY Stablecoin
Wintermute, a leading global market maker, is thrilled to announce its strategic partnership with Ondo Finance, a specialized asset manager focusing on tokenized real-world assets. The collaboration aims to elevate the multi-chain liquidity of Ondo’s US Dollar Yield stablecoin, USDY. This partnership responds to the surging interest from both traditional and crypto financial institutions in tokenized versions of conventional financial assets, addressing the escalating market demand for 24/7 institutional-grade liquidity in these tokens.
President at Ondo Finance, Justin Schmidt, expressed enthusiasm about the partnership, stating, “We are delighted to partner with Wintermute, who needs no introduction. Ondo Finance is an asset manager, not a broker dealer, custodian, exchange, nor other financial entity. As such, we rely upon and partner with the best providers of liquidity and custody to help our clients achieve their goals. Wintermute’s 24/7, global distribution will dramatically help USDY token holders source liquidity and help traditional stablecoin holders to achieve a safe, meaningful yield.”
USDY stands out as the world’s first tokenized note secured by a bankruptcy-remote portfolio of US Treasuries and bank deposits. The collaboration between Ondo Finance and Wintermute introduces a seamless method for investors to buy and sell USDY through Wintermute’s Over-the-Counter (OTC) desk.
Jonathan Chan, Global Head of Business Development at Wintermute, emphasized the importance of addressing liquidity challenges in the rapidly evolving space of Real-World Assets (RWAs) in crypto. “As RWAs in crypto gain traction, liquidity emerges as a critical problem. Addressing this challenge is crucial to increase the uptake and in line with our commitment to creating liquid and efficient markets in crypto, accessible to a diverse range of investors. By enabling the redemption of USDY through our OTC desk, we aim to strengthen its market presence, making it an even more viable option for institutional investors.”
With institutions seeking diversification in their portfolios through assets like tokenized treasuries and private equity, this partnership is poised to usher in the next generation of financial entities into the crypto space. The collaboration effectively bridges the gap between decentralized and traditional financial assets, opening new avenues for institutional investors and reinforcing the market position of USDY.
Wintermute and Ondo Finance are dedicated to fostering the growth of tokenized real-world assets and expanding the liquidity landscape in the crypto market.
About Wintermute
Wintermute is a global market maker providing liquidity in digital assets. Founded in 2017, Wintermute has established itself as a leading player in the cryptocurrency market, contributing to the development of efficient and liquid markets. With a focus on transparency and integrity, Wintermute plays a vital role in enhancing market accessibility for a diverse range of participants.
About Ondo Finance
Ondo Finance is an asset manager specializing in tokenized real-world assets. Committed to providing innovative financial solutions, Ondo Finance leverages blockchain technology to tokenize traditional financial assets, offering increased liquidity and accessibility. USDY, Ondo Finance’s flagship stablecoin, represents a pioneering approach to combining traditional financial stability with the benefits of tokenization.
Image by Adam Nir from Unsplash
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