USDY Goes Live on BitGo's Go Network: Bringing Yield to Institutional Balances
Ondo is bringing USDY, our United States Dollar Yield token, to BitGo’s Go Network, a secure, real-time, settlement platform, bringing flexible cash management tools to institutional finance, with over 1,500 participating institutions and enterprises enrolled in the Go Network. This integration enables users to hold USDY in BitGo’s secured and insured custody and settle USDY directly with counterparties on the network, introducing a yield bearing asset as collateral. In bringing USDY to the Go Network, we’re unlocking a more efficient and secure pathway for institutions and enterprises to access stable, yield-generating digital assets.
Tapping into Go Network’s Institutional Infrastructure
Built on the strength and security of BitGo’s regulated custody, Go Network enables clients to mitigate risk and streamline their settlement processes while utilizing productive assets. Assets are secured in cold storage with BitGo Trust Company, Inc. or BitGo Singapore Pte. Ltd., insured up to $250M, not exposed to counterparties or exchanges. Go Network provides clients with:
- Instant, free delivery vs payment (DVP) and transfers to Go Network clients: Institutions can now transfer USDY, among over 200+ over digital assets and USD, to counterparties for free, with instant transfers, never leaving regulated custody or assuming further counterparty risk.
- Off-Exchange Settlement (OES) with partner trading venues: Through the Go Network’s Off-Exchange Settlement feature, participants can securely deploy USDY on connected platforms for trading, liquidity provision, or other financial activities.
Integrating Ondo’s tokenized US treasuries into the Go Network gives institutions access to manage their custodied balances in a yield-bearing asset with institutional-grade, streamlined operations. Where the Go Network makes interparty settlement seamless and instant, USDY makes access to yield from US treasuries equally frictionless.
Unlocking Yield for Go Network Participants
By providing short-term US Treasuries-backed digital assets, Go Network participants now have access to institutional-grade, dollar-denominated products that offer yield. For institutions using the Go Network, the addition of USDY unlocks several key benefits:
- Yield-Generating Cash Management Alternative: USDY offers a reliable asset with the advantage of earning yield from real-world financial instruments, providing an alternative to traditional cash management options like stablecoins.
- Flexible RWA Deployment Across Platforms: Through the Go Network’s Off-Exchange Settlement feature, participants can securely deploy USDY on connected platforms for trading, liquidity provision, or other financial activities.
- High-Quality Custody and Compliance: BitGo’s multi-signature wallet architecture and regulated custodial services ensure that USDY holders benefit from an institutional-grade framework.
A Broader Vision for DeFi, Institutions, and Tokenized Real-World Assets
The integration of Ondo’s US Treasuries products into the Go Network reflects Ondo Finance’s mission to bridge traditional finance with DeFi in a trusted and compliant manner. As institutions increasingly seek to access the benefits of blockchain technology while maintaining the safeguards of traditional finance, composable solutions with safeguards, like USDY, become essential, and when empowered by infrastructure specifically tailored toward institutional clients, blockchain becomes a clear improvement over the incumbent financial technology.
BitGo and Ondo Finance together aim to provide a compliant and efficient pathway for institutions to manage real-world assets onchain. This integration furthers the accessibility of yield-bearing assets and lays the groundwork for a more robust and interconnected digital finance ecosystem.