Cue the latest tokenisation deal.
Ondo Finance, a key player in putting real world assets onchain, is bringing its flagship USDY token to Sei, a layer 1 blockchain striving to become Wall Street’s DeFi execution layer, the ventures said on Thursday.
The token is secured by short-term US Treasuries. The integration marks the first time tokenised US Treasury bills will go live on Sei. The move provides the chain with a foothold in one of crypto’s buzziest sectors.
And this isn’t just about chasing yield.
For Sei, it’s a bid to become a platform for dollars, bonds, and other traditional instruments coming onchain and trading in real time.
Megatrend
What began as an experiment is becoming one of the most competitive races in crypto.
Asset management giants such as Franklin Templeton and BlackRock are embracing tokenisation as analysts project the market has the potential to balloon to a staggering $19 trillion over the next decade.
The hoped-for megatrend may be more hype than reality at the moment, but if RWA players are right the race is just beginning.
Unlike stablecoins that are used to transfer crypto into fiat currencies, Ondo’s USDY offering performs like a bond by paying holders a 4.25% annual yield.
“We see USDY on Sei as part of a broader movement to democratise access to institutional-grade financial products,” he said.
Sei’s high-speed transactions will help, Allman said.
The timing is fortuitous. The US Congress is working in passing long-desired rules for stablecoins, which should open the door for institutional adoption.
Moreover, tokenised treasuries have become one of crypto’s hottest sectors in 2025.
BlackRock’s BUIDL fund crossed $1 billion. Circle’s recent acquisition of Hashnote — the second-largest tokenised fund — was called “the firing gun” for a wave of TradFi entrants.
Sei joins a growing list of blockchains competing for this market, alongside Plume, Ethereum, and Solana. Nearly $13 billion in RWAs are now deployed across DeFi, up from just $3 billion a year ago, according to DeFiLlama.
All bidding to get their chance to tokenise real-world assets on their chain.
