Ondo Spikes 8% as Ondo Finance Tests Instant Conversion From BlackRock's Tokenized Fund to USDC
Ondo Finance's governance token (ONDO) increased in value after the platform tested the ability to convert Circle's USDC stablecoin and BlackRock's new BUIDL token instantly. An Ondo wallet on Ethereum exchanged $250,000 worth of BUIDL tokens for USDC. The feature was announced by Circle and is being used by Ondo Finance to enable instant redemptions of Ondo Short-Term U.S. Government Treasuries token (OUSG) into USDC. The OUSG token is backed by securities sold by the U.S. government. BlackRock entered the asset tokenization sector last month with the BlackRock USD Institutional Digital Liquidity Fund, which holds cash, U.S. Treasury bills, and repurchase agreements. The fund's investment is represented by the Ethereum-based BUIDL token. Ondo Finance was an early adopter of the fund, using it as a backing asset for its OUSG token.
