Ondo Finance has partnered with Plume Network to enhance access to Ondo’s tokenized U.S. Treasuries offerings for a wider audience within the real-world assets finance landscape.
The collaboration between Ondo Finance (ONDO) and Plume Network, a modular layer-1 blockchain focused on RWA finance, aims to enhance RWAfi access. The goal is to make products like Ondo U.S. Dollar Yield (USDY) more accessible throughout the Plume Network.
By leveraging Ondo’s expertise in yieldcoins backed by Treasuries and Plume’s specialized RWAfi infrastructure, both initiatives can streamline onboarding and capital integration. The native issuance of Ondo’s USDY on Plume marks a significant step forward.
Currently, the premier Ondo Finance product, USDY, ranks as the fourth largest tokenized U.S. Treasuries asset, boasting over $450 million in value spread across eight blockchains.
Comparatively, 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, according to data from rwa.xyz.
Bringing USDY to Plume will allow Ondo to provide users with a 4.65% APY, while also promising to widen the yieldcoin’s reach to individual and institutional investors globally. However, it’s important to note that this offering will not be available to U.S. investors.
This partnership not only enhances the RWA use case landscape but also aids in the broader expansion of DeFi. Katie Wheeler, Ondo Finance’s vice president of partnerships, stated in a release that this collaboration is set to benefit the entire sector.
“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 remarked.
Recently, the Plume Network team has finalized several important partnerships and integrations, including collaborations with Google Cloud, Chateau Capital, and on-chain private credit platform Credbull. Additionally, Plume secured $20 million in its Series A funding round, with backing from Brevan Howard Digital, Haun Ventures, and Galaxy Ventures.
