According to The Block, Ondo Finance, a tokenized securities issuer based in the United States, announced on Monday (22nd) that it has established its first office in the Asia-Pacific region and has appointed Ashwin Khosa, who previously worked at Tether and Bitfinex, as Vice President of Business Development for the Asia-Pacific region.
Ondo Finance claims to hold nearly 40% of the global tokenized securities market share. The company currently offers three tokenized products – Ondo US Treasury Bond Fund (OUSG), Ondo US Money Market Fund (OMMF), and USDY. These tokens allow holders to gain exposure to US assets such as US Treasury bonds and money market funds.
In November 2023, Ondo and Ethereum-based Layer 2 network Mantle Network launched USDY, a tokenized note collateralized by US Treasury bonds and bank deposits. Ondo also launched USDY on the Solana chain in December.
Ondo did not specify the exact location of its office in the Asia-Pacific region in the statement, nor did it immediately respond to The Block’s request for comment.
Team suspected of token dumping
According to data tracked by the on-chain analytics tool Scopescan, a wallet that received 138 million ONDO tokens from Ondo’s multisig address transferred 20 million ONDO tokens (worth about $5.9 million) to exchanges such as Gate and KuCoin this morning. Subsequently, the price of ONDO dropped by about 20% within 3 hours, suspected to be due to the team’s token dumping.
