Tokenization platform Ondo Finance
has debuted its flagship U.S. treasury-backed token on XRP Ledger (XRPL), giving institutional traders new instruments to handle money on the blockchain.
Certified purchasers can mint and redeem Ondo Quick-Time period U.S. Authorities Treasuries (OUSG) tokens across the clock utilizing Ripple’s U.S. greenback stablecoin RLUSD, the press launch stated. Preliminary provide of the token on XRPL is $30 million to make sure liquidity, the corporations stated.
“This integration strengthens our dedication to offering dependable and composable infrastructure on the intersection of conventional finance and DeFi,” Ian De Bode, chief technique officer at Ondo Finance, stated in a press release.
The enlargement follows Ondo’s announcement in January, concentrating on to go reside in six months, CoinDesk reported then.
Tokenized Treasuries have spearheaded the quickly rising real-world asset pattern, which is bringing conventional monetary devices like bonds, funds and actual property onto blockchain rails. The market worth of tokenized U.S. Treasuries mushroomed to $7.2 billion, up from $1.7 billion a yr in the past, based on rwa.xyz.
These merchandise permit traders to park idle money with out leaving blockchain rails to earn a gradual yield that is unbiased from crypto markets, just like a cash market fund. More and more, they’re additionally used as reserve property for decentralized finance (DeFi) protocols and as collateral in buying and selling and asset administration.
OUSG with $693 million provide is the third largest of its variety following BlackRock’s BUIDL and Franklin Templeton’s BENJI, per rwa.xyz information.
The brand new providing additionally matches into XRP Ledger’s rising ambition to place itself as a hub for tokenized property. This week, Guggenheim Treasury Companies stated it should subject Digital Business Paper on the community, whereas Dubai introduced final month a tokenized actual property platform developed on XRPL as a part of its $16 billion property tokenization purpose.
Learn extra: RWA Tokenization Is Going to Trillions A lot Quicker Than You Suppose
