Ondo Finance adds $95 million to BlackRock’s BUIDL, bringing total AUM to $240 million Ondo Finance adds $95 million to BlackRock’s BUIDL, bringing total AUM to $240 million
BlackRock's tokenized fund — the first on a public blockchain — is growing rapidly.
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Updated: Mar. 27, 2024 at 11:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ondo Finance, a tokenized real-world asset company, announced plans to add $95 million of its own assets to a tokenized fund from BlackRock.
In a blog post on March 27, the company said it would move a “substantial portion” of the assets behind its OUSG token to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
That amount represents OUSG’s entire total value locked (TVL), according to the asset’s official overview. The same page suggests that some of the funds may also be held in BlackRock’s FedFund (TFDXX), the USDC stablecoin, and other investments.
The OUSG token provides liquid exposure to short-term US Treasuries. The company said that the latest developments “[validate its] original concept of a tokenized US Treasury fund” and demonstrate that the tokenization of traditional securities is a significant step forward for financial markets.
Reliance on BUILD is part of Ondo’s broader strategy to provide instant, 24/7 settlement and redemptions.
BUIDL has attracted $240 million
The latest news comes alongside a Bloomberg report indicating that BlackRock’s BUIDL attracted $240 million in its first week of operations.
Real-time data from Arkham Intel suggests that BUIDL’s Ethereum address has a balance above $100 million, primarily consisting of USDC that seeded the fund. Some of the balance — more than $141,000 — appears to come from crypto donations from the community rather than assets related to the fund.
BlackRock launched its BUIDL fund on the Ethereum blockchain on March 19, as indicated in a regulatory filing. A later public announcement on March 20 stated that the fund tokenizes assets in the form of the BUIDL token, which allows qualified investors to earn US dollar yields via a subscription with Securitize Markets.
The fund invests 100% of its assets in cash, US Treasury bills, and repurchase agreements. BlackRock called the fund the “first tokenized fund issued on a public blockchain.”
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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