Ondo Finance's Governance Token Jumps After Testing Instant Conversions Between USDC and BlackRock's BUIDL Token

The governance token for Ondo Finance, ONDO, saw a significant increase in value after the platform tested the ability to convert between Circle's USDC stablecoin and BlackRock's BUIDL token. An Ondo wallet redeemed $250,000 worth of BUIDL tokens for USDC, testing out the new USDC-to-BUIDL feature announced by Circle. Ondo Finance CEO Nathan Allman confirmed that the feature will be used to power instant redemptions of OUSG into USDC. BlackRock recently entered the asset tokenization sector with the creation of the BlackRock USD Institutional Digital Liquidity Fund, which is represented by the Ethereum-based BUIDL token. Ondo Finance was an early adopter of the fund, using it to back its OUSG token.