Stablecoin issuer Circle introduced a new smart contract functionality early Thursday. This functionality allows near-instantaneous, around-the-clock redemptions for USDC from BlackRock’s BUIDL fund. Ondo Finance tested its tokenized asset platform’s ability to perform near-instant conversions between Circle’s USDC stablecoin and BlackRock’s new BUIDL token. After this, ONDO, the governance token of the altcoin project, made a splash.
Ondo Finance tested Circle’s new function, altcoin price jumped!
According to Etherscan data, an Ondo wallet on Ethereum used $250,000 worth of BUIDL tokens in exchange for USDC. Ondo Finance CEO Nathan Allman said in a statement that this is an attempt to test the USDC to BUIDL feature announced by Circle on Thursday. “We use OUSG to provide instant 24/7/365 redemption of USDC,” Allman added. OUSG stands for Ondo Short-Term US Government Treasuries token, which is backed by US government securities.
The cryptocurrency market generally follows a horizontal course. However, some tokens maintain their upward momentum. One of these was Ondo Finance’s native token, ONDO. His last move also has an impact on this. ONDO gained approximately 15% from its low for the day as news of the transaction began circulating in social media crypto circles. It then continued to progress by maintaining this level. The token rose from $0.74 to $0.85 in the first reaction. Afterwards, although it lost some altitude, it followed a generally stable course. At the time of writing, ONDO is up over 8% on a daily basis
BlackRock’s Ethereum-based BUIDL token
cryptokoin.comAs you follow from , BlackRock is one of the most powerful financial institutions in the world. Last month, BlackRock made a move to place traditional financial instruments such as bonds, loans or commodities on Blockchain rails. In this context, it has made headlines by entering the asset tokenization race, a sector that is heating up in the crypto industry.
BlackRock, together with tokenization firm Securitize, has created the BlackRock USD Institutional Digital Liquidity Fund. This fund holds cash, U.S. Treasury bills and repurchase agreements. The investment in the fund is represented by the Ethereum-based BUIDL token, which provides returns paid to token holders via Blockchain rails every day. Altcoin Ondo Finance was an early adopter of the fund, using it as the supporting asset for the OUSG token.
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