The Aptos Foundation has announced the launch of Ondo Finance's income-based stablecoin, Ondo US Dollar Yield (USDY), on the Aptos blockchain. According to reports, USDY is a financial instrument backed by US Treasury bonds that can be used by non-US residents through the Aptos blockchain. The digital asset is not yet registered under the US Securities Act. The Aptos Foundation pointed out in the announcement that stablecoins have advantages in serving underserved communities and democratizing finance.