Ondo sought institutional-grade liquidity for USDY, a tokenized note backed by U.S. Treasuries and bank deposits.
The partnership expanded institutional access and secondary-market liquidity for USDY.

Principal algorithmic trading, OTC liquidity and token-market infrastructure.
Estimated regulated-industry mix
Wintermute trades digital assets across centralized, decentralized and traditional venues, provides bilateral OTC execution, supports token liquidity, operates DeFi infrastructure, curates on-chain vaults and invests in early-stage crypto companies. The company is headquartered in London, England, United Kingdom. Its team brings together expertise in Token Liquidity, Pre-Listing Liquidity, CEX Liquidity, DeFi Liquidity, Prediction Markets, and Traditional Assets to support clients from strategy and setup through implementation and ongoing delivery.
Founded Wintermute and leads its algorithmic trading, OTC, liquidity and venture strategy.
Leads group operations, strategy execution and organizational scale.
Leads Wintermute's high-performance trading technology and engineering strategy.
Leads compliance across Wintermute's global principal-trading activities.
Leads finance, controls and financial strategy.
Leads early-stage investment and strategic portfolio support.
Leads OTC trading and expansion into new institutional markets, including prediction contracts.
No binding public price was located.
Own-account liquidity across listed and pre-listing token markets with transparent performance reporting.
No binding public price was located.
Pricing may vary by scope, market, media spend, and third-party costs. Data was sourced from public materials or confirmed by the vendor.
Ondo sought institutional-grade liquidity for USDY, a tokenized note backed by U.S. Treasuries and bank deposits.
The partnership expanded institutional access and secondary-market liquidity for USDY.
Stacks required uninterrupted liquidity and transparent measurement across trading venues.
A Stacks contributor describes real-time transparency and uninterrupted liquidity as a material improvement.
The ecosystem required a partner combining market liquidity with deep DeFi knowledge.
Douro Labs identifies Wintermute as its preferred partner for ongoing Pyth Network collaboration.

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