Ondo’s action marks the first example of a crypto protocol leveraging asset management giant BlackRock’s tokenized fund offering, which debuted last week. The fund, represented by the Ethereum-based BUIDL token backed by U.S. Treasury bills and repo agreements, is targeted for white-listed, institutional clients and requires at least $5 million minimum allocation. While the strict requirements prohibits smaller investors to invest in BlackRock’s BUIDL, it allows other platforms such as Ondo to leverage the fund for its own retail-facing offerings.
![Ondo Finance to Move M to BlackRock’s Tokenized Fund for Instant Settlements for Its T-Bill Token Ondo Finance to Move M to BlackRock’s Tokenized Fund for Instant Settlements for Its T-Bill Token](https://www.coindesk.com/resizer/4TWeeTDiPcWERlTdLNYEoYP3cZk=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WQHKACM3BNF2JMJTZ3VORE3UDY.jpg)