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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