DailySun
Ondo Finance is collaborating with Plume Network to expand the reach of Ondo’s tokenized U.S. Treasuries products within the real-world assets finance ecosystem.
The alliance between Ondo Finance (ONDO) and the modular layer-1 blockchain for RWAfi, Plume Network, aims to enhance RWAfi. Both platforms state that they intend to increase availability of products like Ondo U.S. Dollar Yield (USDY) across Plume Network.
By leveraging Ondo’s proficiency in Treasuries-backed yieldcoins and Plume’s infrastructure tailored for RWAfi, these projects can facilitate easier onboarding and capital integration. The native issuance of Ondo’s USDY on Plume represents a significant step forward.
Currently, USDY from Ondo Finance ranks as the fourth largest tokenized U.S. Treasuries product, boasting a value exceeding $450 million across eight blockchains.
In comparison, Hashnote’s short-duration yield coin, BlackRock’s BUIDL, and Franklin Templeton’s Onchain U.S. Government Money Fund have total locked values of $1.8 billion, $621 million, and $554 million, respectively, according to data from rwa.xyz.
By launching USDY on Plume, Ondo will introduce a 4.65% APY to the platform’s users, promising to extend access to yieldcoin for both global individual and institutional investors. However, this product is not available to U.S. investors.
This collaboration not only enhances RWA use cases but also fosters growth within the DeFi sector. Katie Wheeler, vice president of partnerships at Ondo Finance, remarked that this partnership 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 advantageous for both asset utility and the ecosystem overall,” Wheeler stated.
The Plume Network team has recently formed several important partnerships and integrations, including with Google Cloud, Chateau Capital, and on-chain private credit platform Credbull. Plume successfully raised $20 million in its Series A round, supported by Brevan Howard Digital, Haun Ventures, and Galaxy Ventures.
