Ondo Monthly Spotlight: June 2024

Welcome to the Monthly Spotlight from Ondo Finance, where we delve into the latest developments from the forefront of real-world asset tokenization. This month, Ondo Finance became the first tokenized US Treasuries provider to surpass $500M in TVL, with multiple projects integrating USDY for a variety of use-cases.

May Spotlights ⬇️

1. 🏆 Ondo Finance Becomes First Provider To Surpass $500M in TVL
2. 💸 Arbitrum STEP Committee Recommends Diversification Into USDY
3. 🎙️ Subcommittee Hearing on the Tokenization of Real-World Assets
4. 🏦 Case Study: Saving Billions in Perpetual Funding with USDY
5. 🤝 Ondo Finance Strengthens Team with Key New Hires
6. 🌐 Ondo Ecosystem Expansion
7. 📆 Upcoming Events

🏆 Ondo Finance Becomes First Provider To Surpass $500M in TVL

TVL across Ondo Finance’s yield-bearing products surpassed $500M, marking the first time a tokenized US Treasuries provider has hit this milestone. Since this benchmark was crossed, TVL has grown to $550M, driven by demand for high-quality yieldcoins. We extend our heartfelt thanks to all our fantastic partners and clients for their contributions to this remarkable growth. Continue Reading.

💸 Arbitrum STEP Committee Recommends Diversification Into USDY

The Arbitrum DAO’s Stable Treasury Endowment Program Committee has recommended a diversification of 6M ARB from the Arbitrum DAO Treasury into USDY. Out of 30+ applications, the Committee recommended six products, with over 17% of the funds set to be allocated to USDY, second only to BlackRock’s BUIDL.

We are proud that the high-quality nature of USDY has been recognized and appreciate the Committee's thorough diligence process. We look forward to the Arbitrum community vote, and stand ready to further extend collaboration efforts. Continue Reading.

🎙 Subcommittee Hearing on the Tokenization of Real-World Assets

Ondo Finance supported the Digital Assets, Financial Technology and Inclusion Subcommittee Hearing, “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets”.

Alongside other members of the Tokenized Asset Coalition, we wrote to Chairman Hill and Ranking Member Lynch, offering our support and urging policymakers to create a supportive environment for this transformative technology.

🏦 Case Study: Saving Billions in Perpetual Funding with USDY

Just as in traditional markets, the derivatives market is a major segment within the digital asset ecosystem. To give an idea of its scale, in April 2023, Uniswap, one of the most popular decentralized spot exchanges, celebrated crossing $2 trillion in cumulative trading volume since its launch in 2018. By comparison, crypto derivatives volume averaged $2 trillion per month during the 2023 bear market.

Crypto derivatives markets enable traders to speculate on future price movements without needing to own the underlying assets. Traders use crypto derivatives to hedge their risk and express views — supporting the efficient functioning of the ecosystem. Continue Reading.

🤝 Ondo Finance Strengthens Team with Key New Hires

The Ondo Finance Team continues to expand, making recent key hires throughout June across marketing, sales, and legal. We’re delighted to welcome:

• Ben Grossman as our Senior Director of Marketing. Ben joins Ondo Finance from Stellar, where he led product and developer marketing, events, and grants initiatives. Before that, he led marketing teams at Amazon.
• Rania Rahardja as our Director of Sales for the APAC Region. Rania comes to us from her recent roles in business development at Gemini and Nansen. She began her career in digital banking, corporate ventures, and the CEO Office at Barclays Bank.
• Josh Craven as our Talent Acquisition Lead. Having previously run his own recruitment agency, Josh worked with leading blockchain ecosystems and crypto asset service providers, successfully placing candidates across 20+ countries and four continents.
• Ovidiu Olea as our Head of Institutional Cash Management. Ovi brings extensive experience in traditional finance and the digital asset industry, focusing on payments and treasury management. He has over 15 years of experience with Citi, HSBC, and his own startup.
• Mark Janoff as our General Counsel. Mark comes from Orrick, Herrington & Sutcliffe LLP, where he was Blockchain/Crypto Counsel. Previously, Mark was Chief Business Officer and General Counsel at Brava and began his career as an engineer at MIT Lincoln Laboratory.

🌐 Ondo Ecosystem Expansion

The Ondo Ecosystem Directory – a list of the institutions, protocols, and networks aligned with our mission of delivering institutional-grade financial products onchain continues to expand. Notably, Drift, Helio, Anchorage Digital, and MANTRA joined the Ondo Ecosystem this month, among others.

Commenting on their respective integrations:

Cindy Leow, Co-Founder of Drift, stated, “Drift’s mission is to build a fully onchain platform where traders can trade any asset using any collateral. This partnership with Ondo Finance brings us closer to that vision, adding more utility to tokenized real-world assets and improving capital efficiency for traders.”

Stijn Paumen, Co-Founder & CEO of Helio, commented, "Ondo’s product offerings complement our own, while Solana's low fees and fast transactions make it perfect for consumer payments. Shopify merchants can now easily install Solana Pay, offering faster-than-card crypto payments while transacting in $USDY.”

Nathan Mccauley, Co-Founder and CEO Anchorage Digital, expressed, "Anchorage Digital is excited to extend custody support to USDY and OUSG."

John Patrick Mullin, CEO and Co-Founder of MANTRA expressed his enthusiasm, stating, “The USDY vault launch represents a strategic advancement for MANTRA within the RWA tokenization space. By introducing this unique solution, we are strategically expanding the yield portfolio available to crypto participants. This empowers them to seamlessly integrate our RWA yield-bearing product into their DeFi strategies. Our collaboration with Ondo Finance serves to bolster our ecosystem, in line with our long-term vision of establishing a scalable infrastructure for RWA tokenization.”

📆 Upcoming Events

Nathan Allman, Ondo Finance Founder and CEO, will be a headline speaker at Korea Blockchain Week September 3-4.

The Ondo Finance Team will be attending EthCC, with Katie Wheeler, VP of Partnerships, speaking at the Injective Builder House July 10, discussing “Real World Assets in Action: Bridging Traditional Finance and Blockchain.”

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⚠️ Important: USDY is not, and may not be, offered, sold, or otherwise made available in the US or to US persons. USDY also has not been registered under the US Securities Act of 1933.