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Ondo Finance Tests Near-Instant Conversions Between USDC and BlackRock's BUIDL Token

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Ondo Finance,USDC,Blackrock

Ondo Finance, a tokenized asset platform, successfully tested the ability to convert between Circle's USDC stablecoin and BlackRock's BUIDL token. An Ondo wallet redeemed $250,000 worth of BUIDL tokens for USDC, showcasing the USDC-to-BUIDL feature. This news caused ONDO token to surge by 8% before experiencing a slight correction.

) jumped Thursday after the tokenized asset platform tested out the newly introduced ability to do near-instant conversions between Circle's USDC stablecoin and BlackRock's new BUIDL token.

An Ondo wallet on Ethereum redeemed $250,000 worth of BUIDL tokens in exchange for USDC, Etherscan data shows. That was an attempt to try out the USDC-to-BUIDL featureOndo Finance to Move $95M to BlackRock's Tokenized Fund for Instant Settlements for Its T-Bill Token ONDO gained as much as 8% as news about the transaction started circulating on social media crypto circles before paring some of its advance.The BlackRock USD Institutional Digital Liquidity Fund, created with tokenization firm Securitize, holds cash, U.S. Treasury bills and repurchase agreements. Investment in the fund is represented by the Ethereum-based BUIDL token, which provides yield paid out via blockchain rails every day to token holders.

Ondo Finance was one of the early adopters of the fund, using it as a backing asset for its OUSG token.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Krisztian Sandor is a reporter on the U.S.

 

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