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

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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.

 

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