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Solana’s Tokenized Treasury Soars to $760 Million as Ondo Finance Expands

John KumiBy 0Edited by John Kiguru 20. December 20233 Mins Read
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  • Investors can now access Tokenized real-world assets (RWA) on the Solana blockchain. 
  • This makes it the second layer 1 network behind Ethereum where U.S. Dollar Yield (USDY) can be accessed. 

Solana is currently one of the most popular and adopted coins in the crypto ecosystem based on its on-chain activities. According to a recent report, a Tokenized Real-World Asset (RWA) platform Ondo Finance has extended the reach of its U.S. Treasury-backed tokens to the Solana (SOL) blockchain.

As reported, Solana becomes the first layer 1 network after Ethereum where “U.S. Dollar Yield (USDY) and a tokenized version of BlackRock’s (BLK) short-term Treasury bond exchange-traded fund named OUSG” can be accessed by investors. USDY can also be accessed on the “Ethereum layer 2 network Mantle and OUSG on Polygon.”

US Treasury was recently reported to have contributed immensely to the tokenization boom. As of press time, the market cap of tokenized Treasuries had increased from $110 million to $760 million from January. After the traditional finance giant Franklin Templeton, Ondo is the second largest issuer.

According to Carlos Gonzalez Campo, a Research Analyst, the growth was triggered by the US Treasury yield. This comes as banking giants like JPMorgan and Citigroup are seeking to introduce more traditional assets like bonds on blockchain. 

More on the Solana Recent Development

Nathan Allman, founder and CEO of Ondo Finance believes that Solana has shown its resilience in the DeFi ecosystem with the ongoing development. 

The Solana DeFi ecosystem has demonstrated great resilience and growth potential, thanks to its innovative scaling and low transaction costs. Integrating Ondo’s offerings with Solana not only aligns with our strategic growth but also paves the way for novel decentralized finance applications leveraging tokenized US Treasuries, benefiting a wide array of developers and users.

Recently, Stablecoin issuer Circle Internet Financial also announced that its euro-backed stablecoin EURC is now available on the Solana blockchain. Solana-based digital apps and wallets such as Jupiter Exchange, Meteora, Orca, and Phoenix added support for EURC. The stablecoin was also supported by Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM) blockchains. 

Solana (SOL) is currently trading at $75 after surging by 279.96% in the last three months. The asset has declined by 0.19% in the last 24 hours but has a bullish score of 92/100. Solana has generated a 15% return on investment in the past seven days. 

 

According to a price prediction platform, the asset could finish the year with a minimum price of $91.02. On average, SOL is expected to hit $113.78 before December 31 but could proceed to hit $136.53. 

Solana has been predicted to record a marginal fall at $80 as selling pressure may increase at that level. This is said to be due to short-term double patterns. Subsequently, the price may bounce back to hit $100. One of the main catalysts for Solana’s surge is said to be the listing of Solana SPL tokens by Coinbase pending the airdrop rumors. The decentralized finance (DeFi) and non-fungible token (NFT) in the Solana network have also recorded steady growth with a 12% increase in transactions in just seven days. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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