Ondo Finance and Plume Network team up to expand RWAfi use cases

Ondo Finance and Plume Network are teaming up to bring Ondo’s tokenized U.S. Treasuries products to more investors across the real-world assets finance ecosystem.

The partnership between Ondo Finance (ONDO) and modular layer-1 blockchain for RWAfi Plume Network targets RWAfi. According to the two platforms, the aim is to expand access to products such as Ondo U.S. Dollar Yield (USDY) across Plume Network.

By combining Ondo’s expertise in Treasuries-backed yieldcoins, and Plume’s RWAfi-tailored infrastructure, the two projects can simplify onboarding and capital integration. Native 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 U.S. treasuries product with over $450 million in value across eight blockchains.

Hashnote’s short duration yield coin, BlackRock;s BUIDL and Franklin Templeton’s Onchain U.S. Government Money Fund have their current total value locked at $1.8 billion, $621 million and $554 million per data from rwa.xyz.

Launching USDY on Plume will see Ondo 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 U.S. investors.

The collaboration does not just offer an opportunity 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 for the whole 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 said.

The Plume Network team has recently sealed several key partnerships and integrations, including with Google Cloud, Chateau Capital and on-chain private credit platform Credbull. Plume raised $20 million in its series A round backed by Brevan Howard Digital, Haun Ventures, and Galaxy Ventures.