GRVT plans to raise USDY holdings to $100M

Decentralized perpetual futures exchange GRVT plans to increase its holdings of Ondo Finance’s ONDO Treasury token product USDY to as much as $100 million over the next year, The Block reported. GRVT plans to link USDY to Grvt Earn so users can receive the yield generated there without buying USDY directly. Based on the current annual percentage yield of around 3.5%, fully deploying $100 million would generate about $3.5 million in annual gross yield. USDY is a bond token backed mainly by short-term U.S. Treasuries, Treasury ETFs, and bank deposits, and it currently has about $2.14 billion in assets under management.