Ondo Finance and Plume Network are working together to bring Ondo’s tokenized US Treasuries products to more investors in the real-world asset finance ecosystem.
The partnership between Ondo Finance (ONDO) and modular layer-1 blockchain for RWAfi Plume Network focuses on RWAfi. According to the two platforms, the goal is to expand access to products like Ondo US Dollar Yield (USDY) through Plume Network.
By combining Ondo’s expertise in government bond-backed yieldcoins and Plume’s RWAfi-aligned infrastructure, the two projects can simplify onboarding and capital integration. Original issuance of Ondo’s USDY on Plume is a step in that direction.
The flagship Ondo Finance project USDY is currently the fourth largest tokenized US Treasuries product with a value of over $450 million across eight blockchains.
Short-term Hashnote, BlackRock’s BUIDL and Franklin Templeton’s Onchain US Government Money Fund have their current total values pegged at $1.8 billion, $621 million and $554 million as of dates from rwa.xyz.
By launching USDY on Plume, Ondo will bring the 4.65% APY to the platform’s users. It also promises to expand access to the yieldcoin to global individual and institutional investors. However, Ondo does not offer this product to US investors.
The partnership not only provides 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, noted in a statement that the partnership will be a boon to the entire industry.
“Plume creates a network effect of RWA issuance opportunities, and having a compoundable, yield-bearing asset to power this economy is a boon for both the asset business and the ecosystem as a whole,” Wheeler said.
The Plume Network team has recently completed several key partnerships and integrations, including with Google Cloud, Chateau Capital and on-chain private lending platform Credbull. Plume raised $20 million in its Series A round, backed by Brevan Howard Digital, Haun Ventures and Galaxy Ventures.
