ONDO Price Skyrockets As Over 100 Tokenized Assets And ETFs Are Set For Ethereum Debut
Ondo Finance, a Layer 1 (L1) blockchain protocol, has lately introduced the launch of Ondo Global Markets, designed to allow non-US traders to entry over 100 tokenized US shares and exchange-traded funds (ETFs) on the Ethereum (ETH) blockchain.
Following this announcement, the value of Ondo’s native token, ONDO, surged over 6% near the $1 mark after opening the week at $0.86, aligned with the broader crypto market’s correction.
Founder Calls Ondo Global Markets A ‘Breakthrough’
According to the protocol’s press release, Ondo Global Markets goals to supply one of many largest gateways for world publicity to US markets, significantly for eligible traders within the Asia-Pacific, African, and Latin American areas.
The newly launched platform is now stay on the Ethereum blockchain, with plans to broaden to different networks, together with BNB Chain, Solana (SOL), and Ondo Chain.
The new platform permits each retail and institutional traders outdoors the US to mint and redeem tokenized US shares and exchange-traded funds 24/5, using conventional trade liquidity the place relevant.
These tokenized belongings are reportedly totally backed by the underlying securities held with US-registered broker-dealers.. Investors will profit from whole financial returns equal to these of the underlying shares, together with worth fluctuations, dividends, and company actions, as every token mirrors the efficiency of its asset.
Nathan Allman, the Founder and CEO of Ondo Finance, expressed enthusiasm in regards to the launch, stating, “Ondo Global Markets is a breakthrough in monetary entry.”
He emphasised that the platform permits world traders to faucet into the biggest number of transferable tokenized US shares and exchange-traded funds on-chain, drawing a parallel to how stablecoins have launched the US greenback into the digital realm.
Bridging Traditional Assets And Blockchain Technology
A spokesperson for Ondo Finance highlighted the similarities between tokenized shares and USD-pegged stablecoins, noting that the previous offers the identical total-return publicity as their underlying belongings:
Tokenizing the US greenback created a wholly new stage of worldwide attain and value for {dollars}. Similarly, tokenized Treasuries have exploded in adoption, rising over 7,000% since 2023, as a result of they meet actual wants: 24/7 entry to US dollar-denominated belongings, and the power to carry a stablecoin with yield. Ondo was one of many first movers right here and continues to guide this house, with over $1.4B in TVL throughout 10 chains.
To facilitate this service, Ondo tokenized shares will likely be supported by a big selection of main crypto wallets, exchanges, and infrastructure suppliers, together with Bitget Wallet, Trust Wallet, OKX Wallet, and Chainlink, amongst others.
The spokesperson who spoke with The Defiant believes this intensive assist community permits traders to simply entry and handle their tokenized equities throughout varied on-chain purposes.
When writing, ONDO trades at $0.96, being one of many few tokens recording positive aspects in all time frames. However, regardless of the cryptocurrency’s 60% development year-to-date, it nonetheless trades 54% beneath its $2 report worth.
Featured picture from DALL-E, chart from TradingView.com