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On March 25th, the RWA protocol ondo finance's token ONDO broke through $0.9, reaching $0.93 at the time of writing, with a 24-hour increase of 29%. In addition to ONDO, other RWA protocol tokens have also seen impressive gains.
Recently, RWA protocol tokens have seen a general increase, with many project tokens continually reaching new all-time highs.
Among them, Ondo Finance's token ONDO broke through $0.9 and is currently trading at $0.9050, with a 24-hour increase of 22.96%. ONDO has risen by over 110% in the past week. Ondo Finance is a Web3 service company that creates and manages institutional-grade financial products, including US Treasury bonds and money market funds. Ondo builds DeFi protocols around these products to meet the income needs of organizations, DAOs, and high-net-worth individuals.
Ondo Finance, founded by Nathan Allman in 2021, has raised $24 million from investors including Pantera Capital, Founders Fund, Coinbase Ventures, and Tiger Global. The team members have rich backgrounds in institutions and protocols such as Goldman Sachs, Fortress, Bridgewater, and MakerDAO.
The Layer1 network Realio Network's token RIO, which focuses on the issuance and management of RWAs, has also followed suit, with a 108% increase in the past week. The real estate token investment market Propchain's token PROPC has seen a 61.9% increase in the past week, with a 29.1% increase in the past 24 hours.
Why has the RWA track attracted funds quickly recently? The community believes it is related to the launch of the tokenized fund BUIDL by BlackRock last week.
On March 21st, BlackRock launched its first tokenized fund issued on public blockchains—the BlackRock Institutional Digital Liquidity Fund (BUIDL). BUIDL will be subscribed through Securitize Markets, LLC, providing qualified investors with the opportunity to earn USD income. BlackRock will pay daily accrued dividends directly to investors' wallets in the form of new tokens. The fund will invest 100% of its assets in cash, US Treasury bonds, and repurchase agreements, allowing investors to earn income while holding tokens on the blockchain.
The company Securitize, which collaborated with BlackRock this time, is a digital asset securities company that focuses on RWAs and has a large business scale. In 2019, it obtained SEC transfer agent registration qualification and received a $48 million investment led by blockchain capital and tactical value under Morgan Stanley's investment management team in 2021.
In 2022, Securitize provided tokenized investment funds for the US-based KKR fund; last year, Securitize announced that it would provide tokenization services to the private credit fund of asset management company Hamilton Lane.
Therefore, cooperation with Securitize undoubtedly reminds the market of BlackRock's optimistic attitude towards the RWA track. As a representative of traditional finance, BlackRock's Bitcoin ETF holdings have reached $15 billion. Entering the RWA is an important strategic move for BlackRock to embrace digital assets after ETFs, and it has become an important driving force in the RWA track in the crypto field. |
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Post time 9-4-2024 07:54:25