Today crypto startup Ondo Finance says it’s launching a tokenized money market fund with the OMMF token. The latest token is a follow-up to OUSG, Ondo’s tokenized exposure to U.S. Treasuries, which it launched two months ago. Ondo describes itself as a decentralized investment bank.
OMMF offers two benefits, particularly to crypto investors with large stablecoin balances – a better return and 24/7 trading. When interest rates were low, DeFi lending protocols like Aave and Compound offered attractive returns on stablecoin deposits. Currently, those returns are around 2.2% compared to 4.5% upwards on money market funds.
Ondo has yet to announce which money market fund will be tokenized. Its Treasury tokens are backed by ETFs from Blackrock and PIMCO.
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