Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M
27 Março 2024 - 11:00PM
NEWSBTC
BlackRock, one of the largest asset managers globally, has
witnessed notable success with its newly launched tokenized
money-market fund, BUIDL. The fund, which records shared ownership
on the Ethereum (ETH) blockchain, has attracted over $160 million
in just one week since its debut. BlackRock’s BUIDL Fund
According to a Bloomberg report, the BlackRock USD Institutional
Digital Liquidity Fund (BUIDL) primarily invests in cash, US
Treasury bills, and repurchase agreements. The fund rewards its
holders with a cryptocurrency, BUIDL, valued at $1 per token.
Shareholders can transfer these tokens to other validated addresses
using digital wallets approved by Securitize, BlackRock’s partner
for the investment vehicle. The tokenized fund serves several key
use cases, including treasury management for crypto companies,
support for derivatives of Treasury bills, and acting as collateral
for borrowing and trading, thus providing an alternative to
stablecoins. Related Reading: Bitcoin “Liquid Inventory Ratio” Hits
All-Time Low, What It Means It is worth noting that Securitize
Markets, an SEC-registered alternative trading system, plays a
critical role in facilitating the transfer of tokens between market
participants. While the SEC has recently increased its
scrutiny of Ethereum’s native token, ETH, Securitize CEO Carlos
Domingo emphasizes that the investigations should be separate from
the underlying blockchain infrastructure. Domingo also highlights
the battle-tested nature of the public Ethereum blockchain, which
provides a “robust foundation” for tokenization activities. As
previously reported by our sister website, Bitcoinist, BlackRock
has emerged as an advocate for cryptocurrencies and tokenization
within mainstream financial institutions. Chairman and CEO Larry
Fink believes every financial asset will eventually be
tokenized. The company’s iShares Bitcoin Trust (IBIT) has
already attracted more than $13 billion in inflows since its launch
as an exchange-traded fund (ETF) in January. With the BUIDL fund’s
launch, BlackRock continues to demonstrate its willingness to
explore new digital asset solutions. Ondo Finance To Transfer $95
Million In Assets To BlackRock Ondo Finance, a platform
specializing in tokenized real-world assets (RWA), has
moved $95 million worth of assets to BlackRock’s BUIDL fund.
This strategic move enables Ondo Finance to facilitate instant
settlements for its US Treasury-backed token, OUSG. This
makes Ondo Finance a major participant in the BUIDL ecosystem.
According to on-chain researcher Tom Wan, it currently holds $15
million worth of BUIDL tokens, which, in addition to those above
$95 million, will result in a substantial $110 million worth of
BUIDL tokens. Related Reading: Here’s Why The Cardano
Price Is Struggling Below $0.7 The researcher noted that this
collaboration further strengthens the tokenized US Treasury market,
with the potential to reach $1 billion in value. In its
announcement, the team behind the Ondo Finance platform summarized:
We’re excited to see BlackRock embracing securities tokenization
with the launch of BUIDL, especially its broad cooperation with
ecosystem participants. Not only does this further validate our
original concept of a tokenized US Treasury fund, but it also
bolsters our thesis that tokenization of traditional securities on
public blockchains represents the next major step in the evolution
of financial markets. At the time of writing, the native token of
Ondo Finance, ONDO, is trading at $0.909, exhibiting a surge of
over 4% within the past 24 hours. This positive momentum adds to
its impressive price uptrend of 115% recorded over the past 30
days. Featured image from Shutterstock, chart from
TradingView.com
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