Ondo Finance and Plume Network Partnership
Ondo Finance and Plume Network are collaborating to enhance access to Ondo’s tokenized U.S. Treasuries products, particularly the U.S. Dollar Yield (USDY), within the real-world assets finance ecosystem.
Goals of the Partnership
The partnership between Ondo Finance (ONDO) and Plume Network, a modular layer-1 blockchain focused on real-world asset finance (RWAfi), aims to broaden the availability of Ondo’s USDY. By leveraging Ondo’s expertise in Treasuries-backed yield coins and Plume’s tailored infrastructure, the collaboration seeks to simplify onboarding and capital integration, with native issuance of USDY on Plume being a significant step forward.
Current Market Position
As a flagship project, USDY ranks as the fourth largest tokenized U.S. Treasury product, boasting over $450 million in value across eight blockchains. For context, comparable offerings like Hashnote’s short-duration yield coin, BlackRock’s BUIDL, and Franklin Templeton’s Onchain U.S. Government Money Fund have total values locked at $1.8 billion, $621 million, and $554 million, respectively.
Benefits of Launching USDY on Plume
Through its launch on Plume, USDY promises a 4.65% annual percentage yield (APY) for users, aiming to extend accessibility to both individual and institutional investors globally. However, Ondo does not provide this product to U.S. investors.
Industry Impact
This partnership is not only aimed at expanding RWA use cases but also contributes to the overall growth of the decentralized finance (DeFi) sector. Katie Wheeler, Vice President of Partnerships at Ondo Finance, emphasized that the collaboration would significantly benefit the entire industry.
> “Plume is creating a network effect of opportunities for RWA issuance, and having a composable, yield-bearing asset to power this economy is a boon for both the asset utility and the ecosystem as a whole,” Wheeler stated.
Plume Network’s Recent Activities
Recently, Plume Network has formed several significant partnerships and integrations, including collaborations with Google Cloud, Chateau Capital, and on-chain private credit platform Credbull. Additionally, Plume raised $20 million in its Series A funding round, which included investments from Brevan Howard Digital, Haun Ventures, and Galaxy Ventures.
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