Ondo Spikes 8% as Ondo Finance Tests Instant Conversion From BlackRock's Tokenized Fund to USDC

Ondo Finance's governance token (ONDO) jumped Thursday after the tokenized asset platform tested out the newly introduced ability to do near-instant conversions between Circle's USDC stablecoin and BlackRock's new BUILD token. An Ondo wallet on Ethereum redeemed $250,000 worth of BUILD tokens in exchange for USDC, Etherscan data shows. ONDO gained as much as 8% as news about the transaction started circulating on social media crypto circles before paring some of its advance. Investment in the fund is represented by the Ethereum-based BUILD token, which provides yield paid out via blockchain rails every day to token holders.

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