ChainCatcher reported that according to Cointelegraph, the Aptos Foundation announced the launch of Ondo Finance's yield-based stablecoin Ondo US Dollar Yield (USDY) on the Aptos blockchain.

According to reports, USDY is a financial instrument backed by U.S. Treasury bonds that can be used by non-U.S. residents through the Aptos blockchain. The digital asset has not yet been registered under the U.S. Securities Act. The Aptos Foundation pointed out in the announcement that stablecoins have advantages in providing services to underserved communities and democratizing finance.