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The real-world asset protocol also introduces instant subscription and redemption for OUSG tokenized funds.
Ondo Finance, a real world asset (RWA) protocol with a total value lock (TVL) of $220 million, has acquired the majority of the assets of the tokenized US Treasury fund OUSG, which was recently launched by BlackRock. The plan is to reallocate it to the USD Institutional Digital Liquidity Fund (BUIDL).
Its flagship fund, the OUSG Fund, has $88 million in assets and provides liquidity exposure to short-term U.S. Treasury securities. According to the project, BlackRock’s adoption of securities tokenization validates ONDO Finance’s original concept of a tokenized U.S. Treasury fund, and that traditional securities tokenization on public blockchains has become a reality in financial markets. It is said that this strengthens the belief that it represents the next evolution of the world.
Asset management giant BlackRock launched BUIDL on Ethereum in early March and has already amassed $245 million in assets, making it the second-largest tokenized U.S. Treasury product, according to rwa.xyz. .
Instant payment
Ondo is also launching instant subscription and redemption for OUSG in response to growing customer demand for faster payment processes. Traditionally, redemptions of OUSGs have taken several business days due to the settlement time of the underlying securities.
Additionally, Ondo introduces a new rebased version of OUSG called rOUSG. It has a fixed issue price and redemption price of $1.00 per share, with daily yield distribution in the form of additional rOUSG tokens.
The protocol’s ONDO token is a major beneficiary of the ongoing tokenized RWA boom, surging more than 10x since its inception in January.
ONDO’s market capitalization was $1.3 billion as of March 28.
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