The Ondo Finance Debuts $ 693M Treasury token on XRP Ledger in the middle of the RWA Trend
Tokenization platform ondo finance
is debuting the US Treasury flagship supported by the token to the XRP Ledger (XRPL), which provides new tools to the institutional investor to manage cash in the blockchain.
Qualified buyers can mint and redeem the ondo short-term US Government Treasury (OUSG) tokens around the clock using the US Dollar Stablecoin RLUSD, the press release said. The initial supply of token to XRPL is $ 30 million to ensure liquidity, companies said.
“This integration strengthens our commitment to providing reliable and composable infrastructure at the intersection of traditional finances and DEFI,” Ian de Bode, chief official of the Ondo Finance strategy, said in a statement.
Expansion follows Ondo’s announcement in January, targeting to live in six months, CoinDesk reported Then.
Tokenized treasures lead to the rapidly growing trend of the real-world asset, bringing traditional financial instruments such as bonds, funds and real estate to the blockchain railroads. The market value of the tokenized US Treasury is breastfeeding $ 7.2 billion, from $ 1.7 billion a year ago, according to rwa.xyz.
These products allow investors to park idle cash without leaving blockchain metals to earn a stable yield independently from crypto markets, similar to a monetary market fund. In particular, they are also used as assets for decentralized financial protocols (DEFI) and as collateral in trade and ownership management.
OUSG with $ 693 million supply is its third largest type following Blaidrock’s Buidl and Franklin Templeton’s Benji, per rwa.xyz Data.
The new offer also fits the growing ambition of the XRP Ledger to position itself as a hub for tokenized assets. This week, Guggenheim Treasury Services Says This will release digital commercial paper on the network, while Dubai announced Last month a tokenized real estate platform developed in XRPL as part of the $ 16 billion goal of the tokenization of the owner.
Read more: RWA tokenization will go to trillion faster than you think
