Ondo Finance Leads $95 Million Asset Transfer To BlackRock’s BUIDL Fund
Nathan Allman, CEO of Ondo Finance, revealed in a recent interview with CoinDesk that the platform is transferring $95 million worth of assets to BlackRock’s newly launched tokenized fund, BUIDL.
This move aims to facilitate instant settlements for Ondo’s U.S. Treasury-backed token (OUSG), previously backed by BlackRock’s iShares Short Treasury Bond ETF, which operated only during traditional market hours. Allman highlighted that the shift will significantly accelerate subscription and redemption times, addressing concerns among investors about delays and the volatile nature of the crypto market.
Ondo has already moved $15 million of OUSG assets to BUIDL and plans to transfer an additional $80 million by the end of Wednesday. This action marks the first instance of a crypto protocol leveraging BlackRock’s tokenized fund, designed for institutional clients and requiring a minimum allocation of $5 million. Strict requirements exclude smaller investors, but platforms like Ondo can utilize the fund for their retail offerings, marking a significant development in integrating traditional finance with the crypto ecosystem.
Clever Robot News Desk 29th March 2024
