Ondo’s tokenized Treasury fund presents 24/7 entry to short-term U.S. Treasuries.
Ondo Finance, a decentralized finance (DeFi) platform centered on real-world belongings (RWA), has deployed its flagship product, Ondo Brief-Time period U.S. Authorities Treasuries (OUSG), on the XRP Ledger (XRPL).
With this transfer, Ondo – which has a complete worth locked (TVL) of $1.3 billion – goals to convey OUSG to XRPL’s institutional person base. In line with a press launch considered by The Defiant, customers will acquire around-the-clock entry to short-term Treasuries on XRPL, a Layer 1 (L1) blockchain, using Ripple’s stablecoin, RLUSD.
OUSG presently has a market capitalization of $629 million, up 27% over the previous month, in line with RWA.xyz. In the meantime, RLUSD boasts a market capitalization of $389 million.
“Ondo’s OUSG going live on the XRPL demonstrates that tokenized finance is no longer theoretical, it’s maturing in real markets,” stated Markus Infanger, the SVP of RippleX. “Institutions can now access high-quality assets like US Treasuries on public blockchains, with the compliance and efficiency they need.”
Infanger added that this represents a step ahead in bringing trusted monetary belongings right into a 24/7 market, enabling “greater liquidity, operational efficiency, and faster access to capital.”
The transfer additionally comes because the tokenized real-world belongings (RWAs) market just lately surpassed $23 billion in on-chain worth, a 3% enhance from final month, in line with RWA.xyz. Tokenized Treasuries account for over $7 billion of that determine. Main the pack is BlackRock’s BUIDL tokenized Treasury fund, which boasts a market capitalization of almost $2.9 billion.
Earlier this yr, Ondo Finance unveiled a number of new initiatives, together with Ondo Chain, the protocol’s personal Layer 1 blockchain.
The platform’s ONDO token is up 4% prior to now week however down 17% within the final 30 days. In the meantime, Ripple’s XRP is down 4% over the previous month.
