Share this article
Ondo Spikes 8% as Ondo Finance Tests Instant Conversion From BlackRock's Tokenized Fund to USDC
Stablecoin issuer Circle introduced a new smart contract function earlier Thursday to allow near-instant, around-the-clock redemptions from BlackRock's BUIDL fund for USDC stablecoins.
Updated Apr 11, 2024, 9:58āÆp.m. Published Apr 11, 2024, 9:55āÆp.m.
Ondo Finance's governance token (ONDO) jumped Thursday after the tokenized asset platform tested out the newly introduced ability to do near-instant conversions between Circle's USDC stablecoin and BlackRock's new BUIDL token.
An Ondo wallet on Ethereum redeemed $250,000 worth of BUIDL tokens in exchange for USDC, Etherscan data shows. That was an attempt to try out the USDC-to-BUIDL feature announced Thursday by Circle, Ondo Finance CEO Nathan Allman said in a Telegram message to CoinDesk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We are using it to power instant 24/7/365 redemptions of OUSG into USDC," Allman added. OUSG refers to the Ondo Short-Term U.S. Government Treasuries token backed by securities sold by the U.S. government.
Read more: Ondo Finance to Move $95M to BlackRock's Tokenized Fund for Instant Settlements for Its T-Bill Token
ONDO gained as much as 8% as news about the transaction started circulating on social media crypto circles before paring some of its advance.
From Blackrock to Ondo Finance šš pic.twitter.com/FX5EVI6hRP
ā Pedro DC (@Pedr0_DC) April 11, 2024
BlackRock, one of the world's most powerful financial institutions, made headlines last month by entering the asset tokenization race, a red-hot sector in the crypto industry to place traditional financial instruments such as bonds, credit or commodities to blockchain rails.
The BlackRock USD Institutional Digital Liquidity Fund, created with tokenization firm Securitize, holds cash, U.S. Treasury bills and repurchase agreements. Investment in the fund is represented by the Ethereum-based BUIDL token, which provides yield paid out via blockchain rails every day to token holders.
Ondo Finance was one of the early adopters of the fund, using it as a backing asset for its OUSG token.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
