Ondo Finance to Move $95M to BlackRock's Tokenized Fund for Instant Settlements for Its T-Bill Token
Summary
Ondo Finance is transferring $95 million of assets to BlackRock's new tokenized fund BUIDL to enable instant settlements for its U.S. Treasury-backed token (OUSG). Previously, OUSG was backed by BlackRock's iShares Short Treasury Bond ETF, which only traded during traditional market hours. The move to BUIDL allows Ondo to speed up subscription and redemption time to instant settlement from the previous T+2 days. This makes OUSG more usable as a store-of-value and collateral asset within the crypto ecosystem. Ondo has already moved $15 million of OUSG backing assets to BUIDL and plans to move another $80 million. This marks the first instance of a crypto protocol using BlackRock's tokenized fund offering, which launched last week.
