Ondo Finance Partnered with Axelar to Launch Ondo Bridge for Native RWA Token Bridging

RWA protocol Ondo Finance collaborated with Axelar to introduce Ondo bridge, a tool for cross-chain transfer of Ondo RWA tokens, initially supporting bridging of native USDY between Ethereum and Mantle network.

USDY is a tokenized note secured by short-term U.S. Treasuries and bank demand deposits.

The Ondo bridge facilitates burning of USDY on the source chain and minting USDY on the destination chain where USDY is native on both chains. This method reduces risk versus lock-and-mint solutions where the native tokens is custodied by a smart contract on the source chain.

Ondo Finance tops the tokenized securities niche with approximately 50% market share, it has over $200 million in total value locked.