Summary
Ondo is the first crypto protocol to use BlackRock’s tokenized fund offering, which is only available to institutional clients with a minimum $5 million allocation. Ondo allows smaller investors to access the fund through its retail-facing platform.
Key Points
1. Ondo is the first crypto protocol to utilize BlackRock’s tokenized fund offering, which is represented by the Ethereum-based BUIDL token backed by U.S. Treasury bills and repo agreements.
2. BlackRock’s fund is targeted towards white-listed institutional clients with a minimum allocation of $5 million, making it inaccessible to smaller investors.
3. Despite the strict requirements, platforms like Ondo are able to leverage BlackRock’s fund for their own retail-facing offerings, allowing broader access to retail investors.