Ondo Launches USDY On Arbitrum

• Ondo launches USDY on Arbitrum.

• EF ESP Q2 grant allocations.

• AltLayer deploys Kyoto 2.0.

• Linea surpasses 350k subnames.

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Ondo Finance, a protocol focused on onchain securities, launched its USDY yield-bearing stablecoin on Arbitrum One. USDY is backed by U.S. Treasuries and offers a yield of around 5.3% APY. The integration with Arbitrum enables users to access USDY across the Arbitrum ecosystem, including applications like Camelot and Dolomite. In June, the Arbitrum Stable Treasury Endowment Program (STEP) committee allocated 6 million ARB to Ondo’s USDY stablecoin as part of a strategic investment to diversify the Arbitrum DAO treasury into real-world asset (RWA) products. USDY was developed in partnership with Flux Finance

The EF Ecosystem Support Program released an allocation update of projects that received funding in Q2 2024. A total of $8.4 million was allocated to 94 different projects. The grant categories include community education, cryptography, developer tooling, consensus layer, execution layer, and protocol support. Grant recipients include Summer of Protocols, account abstraction core teams, and L2 Beat.  The EF Ecosystem Support Program (ESP) runs several initiatives focused on providing both financial and non-financial support to teams. Users building projects that enhance Ethereum can visit esp.ethereum.foundation to view funding options.

AltLayer, a rollup-as-a-service provider, launched Kyoto 2.0, an Arbitrum Orbit chain deployed on Espresso's Cappuccino testnet. Kyoto 2.0 enables users and developers to test fast, economically secured preconfirmations provided by Espresso Network. The release also supports the Espresso Sequencing Marketplace. Users can access the network by adding Kyoto 2.0 to their wallets, bridging testnet funds, and deploying contracts. The testnet comes in preparation for Espresso’s upcoming mainnet launch. AltLayer will support Espresso Sequencing for native and restaked rollups on Arbitrum Orbit.

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