Ondo Finance (ONDO) has kicked off a new campaign on Sui’s NAVI Protocol to accelerate the adoption of its yield-bearing stablecoin, USDY. The initiative, running from February 26 to March 12, offers users the opportunity to earn rewards by supplying liquidity for USDY on NAVI Protocol.
The campaign incentivizes participants by rewarding them with NAVX and USDY tokens based on their liquidity contributions. With a total reward pool of $35,000, the top 100 contributors will share $10,000, while another $25,000 will be distributed among 2,500 additional winners. This strategic move is aimed at bolstering USDY’s presence in the decentralized finance (DeFi) ecosystem.
Ondo Finance X NAVI Campaign on Sui Wallet
— NAVI Protocol (@navi_protocol) February 26, 2025
Navigators, join our journey to discover RWAs together with industry leaders @OndoFinance and Sui Wallet.
🔗 https://t.co/yOKAcOm8ls
Explore Ondo’s tokenized US Treasuries on NAVI through Sui Wallet and see how easy it is to leverage… pic.twitter.com/ZtbWY2UnQs
What Sets USDY Apart?
Unlike conventional stablecoins such as Tether (USDT) and USD Coin (USDC), USDY is backed by U.S. Treasury bills and bank deposits, allowing it to generate daily yield for its holders. This yield-bearing nature positions USDY as an on-chain alternative to savings accounts and money market funds, providing a steady return without requiring staking or lock-up periods.
As a stablecoin that earns yield without exposure to crypto volatility, USDY is increasingly attracting interest in the DeFi sector. Its integration across multiple blockchain ecosystems allows users to utilize USDY for lending, borrowing, and trading while earning passive income.
USDY’s Expansion Across DeFi
First introduced on the Sui blockchain in March 2024, USDY has rapidly expanded to other networks, including Cosmos (via Noble) in July 2024, Arbitrum (ARB) in August 2024, Aptos in December 2024, and most recently, Stellar (XLM) in February 2025.
Beyond NAVI Protocol, USDY has been integrated into several DeFi platforms on Sui, such as Aftermath Finance, Cetus, Typus Finance, Bucket Protocol, Turbos, and KriyaDEX. Additionally, it has found traction on other networks through integrations with BounceBit, Injective (INJ), and Drift Protocol on Solana (SOL), where it serves as collateral for perpetual trading.
Also Read: ONDO Gears Up for a 47% Surge: Key Indicators Signal Imminent Breakout
USDY’s Growing Market Presence
According to CoinMarketCap, USDY’s market capitalization stands at approximately $382 million as of February 26, 2025. With increasing adoption and strategic partnerships, Ondo Finance’s USDY continues to solidify its position as a premier yield-bearing stablecoin in the evolving DeFi landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
