Ondo Finance to Move $95M to BlackRock's Tokenized Fund for Instant Settlements for Its T-Bill Token

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

BUIDL to allow instant settlements for its own U.S. Treasury-backed token , Nathan Allman, CEO of Ondo Finance, said Wednesday in a Telegram interview with CoinDesk.token was backed by BlackRock's iShares Short Treasury Bond exchange-traded fund , which traded only during traditional market hours, opposite to crypto's around-the-clock nature.

"Many investors have been so far hesitant to use OUSG because of the time it used to take to redeem, and given the 24/7/365 and volatile nature of crypto markets and the often sudden need for capital that arises from that," Allman said in the interview."OUSG will become significantly more usable as a store-of-value and collateral asset within the crypto ecosystem."

Ondo has already transferred $15 million of OUSG backing assets to BlackRock's BUIDL over the past days, and plans to move another $80 million by the end of Wednesday, Allman added. Ondo's action marks the first example of a crypto protocol leveraging asset management giant BlackRock's tokenized fund offering, which debuted last week. The fund, represented by the Ethereum-based BUIDL token backed by U.S. Treasury bills and repo agreements, is targeted for white-listed, institutional clients and requires at least $5 million minimum allocation.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 291. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Real-world assets narrative saturates crypto market despite $16 million exploit on CurioOndo Finance (ONDO) is leading the real-world assets (RWA) category in an impressive rally that has seen its market capitalization increase by 17.1% in the last 24 hours.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Frax Finance Targets $100B Value Locked in Singularity RoadmapOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Source: CoinDesk - 🏆 291. / 63 Read more »

Landmark heat rules for California workers are opposed by state finance officialsCal/OSHA has voted to adopt new heat illness prevention standards for indoor workers, despite the objections of state finance officials.
Source: latimes - 🏆 11. / 82 Read more »