Ondo’s USDY Builds Existing Footprint Across Solana DeFi
The yield-bearing token is used for collateral, lending and cross-chain transfers, with more than $170 million in Solana TVL as of May 1, 2025.
Ondo Finance’s USDY has an established presence across Solana’s decentralized finance ecosystem, where the yield-bearing token is used for trading collateral, lending and transfers between blockchains.
USDY is a tokenized note designed to provide exposure to short-term U.S. Treasuries and bank-deposit assets. It is not a conventional dollar stablecoin. The separate rUSDY format maintains a $1 value through rebasing.
Native deployment on Solana was announced Dec. 19, 2023, with planned availability through venues including Orca and Raydium. Ondo launched a bridge connecting Solana with Ethereum, Arbitrum and Mantle on May 1, 2025. The bridge uses a burn-and-mint process through LayerZero, with transfers conducted on a 1-to-1 basis.
USDY was also made available as collateral on Drift Protocol for margin trading and perpetual contracts. Users could deposit and borrow the token through the protocol, extending its use beyond passive holdings.
USDY had more than $170 million in total value locked, more than 15 integrations and thousands of active users on Solana as of May 1, 2025.
“Integrating $USDY with Drift significantly enhances capital efficiency for perpetual traders on Solana and marks a new era in DeFi,” Justin Schmidt, president and chief operating officer of Ondo Finance, said.
USDY’s portfolio page listed $2.12 billion outstanding and $2.26 billion in underlying assets as of Sept. 17, 2026, at 7:59:59 p.m. ET (Sept. 18, 2026, at 11:59:59 p.m. UTC). The page also listed $2.094 billion in U.S. Treasuries and a 3.91% yield to maturity.
USDY is offered under Regulation S to non-U.S. individuals and institutional investors. It is not offered or sold to U.S. persons and has not been registered under the U.S. Securities Act.
