Extra Tokenized Treasurys Arrive on Polygon as Virtual Bond Marketplace Expands

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Ondo Finance, which already provides tokenized U.S. Treasurys at the Ethereum blockchain, expanded the product to the Polygon community.

The corporate has issued its OUSG token, a tokenized model of BlackRock’s temporary U.S. govt bond exchange-traded fund (ETF), natively on Polygon as a part of a “strategic alliance,” in line with a press unlock Thursday.

The company additionally plans to deliver its upcoming yield-generating stablecoin choice, which is a tokenized cash marketplace fund referred to as OMMF, in addition to the Ondo-developed decentralized lending market Flux Finance – pending governance approval – to Polygon, Ondo President and Leader Working Officer Justin Schmidt mentioned in an interview.

The improvement comes as call for for tokenized variations of conventional monetary tools reminiscent of U.S. Treasurys is rising amongst traders, as bond yields have surpassed charges in decentralized finance (DeFi) lending markets. Wealth control company Bernstein forecast that tokenization of real-world belongings (RWAs) may just develop to $5 trillion in marketplace price within the subsequent 5 years.

Tokenized Treasurys has grown to a $600 million marketplace, with Ondo Finance’s OUSG token claiming an important percentage of $140 million since its inception in January. Flux Finance, evolved by way of Ondo’s crew and ruled by way of a decentralized self sufficient group (DAO) via group votes, we could traders take out loans by way of pledging OUSG as collateral. It has $44 million of overall price locked at the platform, in line with DefiLlama.

Ondo’s transfer follows asset control massive Franklin Templeton, which made its tokenized Franklin OnChain U.S. Executive Cash Fund (FOBXX) to be had on Polygon after liberating it on Stellar in 2021.

Polygon is a layer-2 scaling community of Ethereum that permits customers to transact extra cost effectively and quicker than at the mainnet, which is liable to clogging right through instances of prime blockchain process, whilst nonetheless depending on Ethereum’s safety.

“Ondo Finance development on Polygon is a the most important step towards bridging the distance between DeFi and institutional-grade finance,” mentioned Colin Butler, world head of institutional capital at Polygon Labs.

Edited by way of Nelson Wang.

https://www.coindesk.com/markets/2023/07/13/real-world-asset-platform-ondo-finance-expands-tokenized-treasurys-to-polygon/?utm_medium=referral&utm_source=rss&utm_campaign=headlines



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