Ondo Finance and Axelar have collaborated to introduce Ondo Bridge, a mechanism that enables easy transfers of Ondo tokens across different blockchains. This cross-chain platform aims to meet the growing demand for improved stablecoins in various Web3 ecosystems. Ondo Finance previously released USDY, a tokenized note secured by US Treasuries and bank deposits, to provide a yield-generating stablecoin with enhanced financial structuring and investor protections. Ondo Bridge will support the issuance of these yield-bearing tokens and ensure liquidity and price stability. By partnering with Axelar and utilizing their multi-chain communications primitives, Ondo Bridge offers a "burn-and-mint" system to mitigate risks associated with wrapped assets. The platform also leverages Axelar's programmable cross-chain technology to manage the supply of USDY by burning and minting tokenized representations of real-world assets on different chains. This collaboration aims to provide stablecoin innovators with tools to create better products for their users.
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