Summary
- Ondo Finance (ONDO) surged 52.56%% over the past week and was trading at $0.4260.
- Its inclusion in the Depository Trust & Clearing Corp.'s (DTCC) tokenization working group and the completion of a cross-border payments test using tokenized U.S. Treasuries appeared to help drive the gain.
- Santiment said accumulation by large investors lifted the combined holdings of wallets with 1 million to 10 million tokens by about 38.67 million.
Forecast Trend Report by Period
Ondo Finance (ONDO) has surged over the past week.
According to CoinMarketCap, ONDO was trading at $0.4260 as of 10:45 p.m. on May 9, up 6% from a day earlier. That marked a 52.56% gain from a week earlier.
The rally appears to have been driven by news of closer links with traditional finance. The Depository Trust & Clearing Corp. included Ondo Finance on May 4 in a tokenization working group that includes about 50 financial firms.
On May 6, Ondo Finance completed a cross-border payments test using tokenized U.S. Treasuries with JPMorgan's Kinexys, Mastercard and Ripple. Ondo said the test marked the first instance of tokenized U.S. Treasuries being settled in real time across borders and banks outside traditional banking hours.
Large-holder accumulation has also been pronounced. Santiment, an on-chain data analytics firm, said wallets holding between 1 million and 10 million ONDO tokens increased their combined holdings by about 38.67 million tokens over the past month.
DTCC's asset tokenization service is scheduled to begin pilot operations in July before an official launch in October.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
