Ondo Finance's USDY has exceeded $170 million in total value locked in Solana's DeFi ecosystem as of May 2025, where it supports lending, trading collateral and liquidity applications. USDY is a yield-bearing tokenized note linked to short-term U.S. Treasuries and bank deposits, distinguishing it from conventional $1 stablecoins such as USDC or USDT. The Solana expansion gives holders more ways to deploy the asset rather than simply hold it, while advancing Ondo's broader effort to make tokenized real-world assets usable in DeFi. That strategy also includes tokenized equities and new institutional minting routes. Solana's fast settlement, low transaction costs and active DeFi market support distribution, although deeper liquidity remains important during redemptions and market stress.