Ondo makes major change to USDY on Aptos and Noble

What happened

Ondo Finance will stop minting USDY, its token, on the Aptos and Noble blockchains starting September 8. Larger holders will get a one-year exit window to remove or move their tokens, ending in September of the following year.

Confirmed

Global impact / market context

This change limits where USDY can be used, so investors holding it on those networks may need to move to other platforms. That could reduce activity on Aptos and Noble and possibly lower Ondo's revenue from fees.

Analyst inference

Ondo may be focusing its efforts on other blockchains, which could concentrate usage and cash available. For Aptos and Noble, losing a major token issuer might cut transaction volumes and user interest, while Ondo's own token could gain attention from this shift.

Analyst inference

What to watch

1. Check Ondo's announcements before September 8 for any new blockchain where USDY will be minted, since no new tokens will be created on Aptos or Noble after that date. Confirmed
2. See if large holders move their USDY during the one-year exit window, as their choices could show whether they trust Ondo's future direction and platform choices. Proposed
3. Watch for changes in APT trading activity or price, since reduced token use on Aptos may make investors less interested in that blockchain and its adoption. Analyst inference

Affected assets

• USDY — Ondo US Dollar Yield
• APT — Aptos
• ONDO — Ondo

Evidence

• thestreet.com