Ondo Finance and Plume Network Partner to Expand Tokenized U.S. Treasuries Products
Ondo Finance and Plume Network have joined forces to make Ondo’s tokenized U.S. Treasuries products more accessible to investors in the real-world assets finance ecosystem.
The recent collaboration between Ondo Finance (ONDO) and Plume Network, a modular layer-1 blockchain for RWAfi, is specifically focused on expanding RWAfi. Together, the two platforms aim to broaden access to products like Ondo U.S. Dollar Yield (USDY) across Plume Network.
By leveraging Ondo’s expertise in Treasuries-backed yieldcoins and Plume’s RWAfi-tailored infrastructure, the partnership aims to simplify onboarding and capital integration. The native issuance of Ondo’s USDY on Plume is a significant step in this direction.
The flagship project of Ondo Finance, USDY, currently stands as the fourth largest tokenized U.S. Treasuries product with a total value exceeding $450 million 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.
Launching USDY on Plume will bring the 4.65% APY to users on the platform, expanding access to the yieldcoin for global individual and institutional investors. It is important to note that Ondo does not offer this product to U.S. investors.
This collaboration not only opens up opportunities for the expansion of RWA use cases but also contributes to the overall growth of DeFi. Katie Wheeler, Vice President of Partnerships at Ondo Finance, emphasized that the partnership will 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 a boon for both the asset utility and the ecosystem as a whole,” Wheeler stated.
In addition to this partnership, the Plume Network team has secured key collaborations and integrations with industry players such as Google Cloud, Chateau Capital, and on-chain private credit platform Credbull. Plume recently raised $20 million in its Series A round, with backing from Brevan Howard Digital, Haun Ventures, and Galaxy Ventures.