DeFi & L1L2 Weekly - 💱 Ondo Finance Successfully Tests Near-Instant Conversion Between USDC and BUIDL
DeFi & L1L2 Weekly - 💱 Ondo Finance Successfully Tests Near-Instant Conversion Between USDC and BUIDLOndo Finance tests instant conversion between BlackRock's BUIDL and USDC. Ethereum’s Pectra upgrade to introduce smart contract functionality to wallets. EigenLayer removes staking caps on LSTs.
Weekly DeFi IndexThis week's market capitalisation index was negative at -29.46%, while volume and volatility indices were positive at +65.83% and +113.84% respectively. Chart of the WeekTokenised asset platform Ondo Finance successfully tested near-instant conversions between Circle's USDC stablecoin and BlackRock's new BUIDL token on 12 April. The transaction involved the redemption of US$250,000 worth of BUIDL tokens for USDC, demonstrating the USDC-to-BUIDL feature introduced by Circle. This development highlights the growing trend of traditional financial institutions like BlackRock entering the asset tokenisation sector, with the BlackRock USD Institutional Digital Liquidity Fund holding cash, U.S. Treasury bills, and repurchase agreements, represented by the Ethereum-based BUIDL token. Ondo Finance was one of the early adopters of the fund, using it as a backing asset for its OUSG token. Consequently, Ondo Finance's governance token ONDO experienced a significant increase of as much as 15% (from $0.77 to $0.89) a few days following the conversion.
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