Ondo Finance Announces Ondo Nexus, a New Technology Initiative Designed to Unlock Instant Liquidity for Third-Party Issuers of Tokenized Treasuries

Ondo (ONDO) price jumped to a high of $1.4450, up 60% from its lowest level this week, bringing its market cap to $4.57 billion and its fully diluted valuation to $14.5 billion.

Ondo Finance’s (CRYPTO: ONDO) token rebounded on Wednesday after the Web3 company announced the launch of a new technology initiative.

The cryptocurrency traded as high as $1.4450, up 60% from its lowest level this week. At the current price, ONDO has a market cap of $4.57 billion and a fully diluted valuation of $14.5 billion.

Ondo Nexus unveiled

The coin price surged after the developers announced the launch of Ondo Nexus, a technology initiative that will unlock instant liquidity for third-party issuers of tokenized treasuries.

The initiative will leverage OUSG’s (Unstoppable United States Government Bond) instant minting and redemption capabilities. It will enhance liquidity and utility for tokenized treasuries.

Ondo is set to announce its partnership with major U.S. firms, including Franklin Templeton, WisdomTree (NASDAQ: WETF), Wellington Management, and Fundbridge Capital. It will also involve its existing partners, such as BlackRock (NYSE: BLK) and PayPal (NASDAQ: PYPL), in launching Nexus.

“1/ Today, we're excited to announce the launch of Ondo Nexus, a new technology initiative designed to unlock instant liquidity for third-party issuers of tokenized Treasuries. Leveraging OUSG’s instant minting and redemption capabilities, Ondo Nexus enhances the liquidity and… pic.twitter.com/nxUByooycQ

The announcement comes a day after the Securities and Exchange Commission charged crypto exchange Gemini and its founders, Tyler and Cameron Winklevoss, over the sale of the unregistered securities token.

The regulator has faced pressure from companies like BlackRock to introduce clear rules on digital asset tokens. BlackRock CEO Larry Fink has urged the SEC to swiftly approve the tokenization of stocks and bonds.

This growth has pushed several tokenization cryptocurrencies higher in 2023. For example, Mantra price soared by nearly 5,000% in the last 12 months, pushing its market cap to over $5 billion.

Ondo price soared as the company became a major player in the fast-growing real-world asset (RWA) tokenization industry. The industry is expected to expand significantly in the coming years.

Ondo Finance ecosystem soared to over $638 million, up from less than $1 million in February last year. Most of these funds are in Ondo US Dollar Yield Token (USDY), with the rest in the Ondo Short-Term US Treasuries Fund.

Ondo price analysis

On the daily chart, the ONDO token price bottomed at $0.9235 on Monday as most cryptocurrencies declined.

The coin has since recovered some of those losses and is now approaching a key resistance level at $1.4760, which marks the upper handle of a cup and handle pattern that formed between June and November last year.

Also, Ondo has been forming a falling wedge pattern, which is characterized by two converging downward-sloping trendlines. It is one of the most well-known bullish chart patterns.

Moreover, the coin has moved marginally above the bottom Bollinger on the Murrey Math Lines tool.

As a result, we expect a strong bullish breakout with the next key level being $2.15, which represents an all-time high and is more than 50% from the current price.