Ondo Finance Shifts $95M Assets to BlackRock's Tokenized Fund

Ondo Finance is transferring $95 million worth of its OUSG assets to the BlackRock USD Institutional Digital Liquidity Fund, bolstering the real-world assets token category. Meanwhile, Ripple's lawsuit faces potential setbacks after Coinbase's defeat in a similar case against the SEC. Despite initial declines, Bitcoin has broken free from its downtrend, rising to $70.7K.

Ondo Finance Moves $95 Million of Assets to BlackRock's Tokenized Fund

New York, NY - October 6, 2022 - Ondo Finance (ONDO), a leading provider of tokenized real-world assets, announced today that it is shifting approximately $95 million of its underlying assets from its OUSG fund to BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). This move is a testament to the growing adoption of tokenized real-world assets, which offer investors exposure to traditional asset classes through blockchain technology.

The BUIDL fund, launched in July 2022, is a closed-end fund that invests in tokenized versions of real-world assets, such as stocks, bonds, and commodities. The fund is designed to provide investors with access to a diversified portfolio of tokenized assets that are traded on a regulated exchange.

Ondo's decision to move its assets to BUIDL is a significant endorsement of the tokenized real-world asset ecosystem. It also demonstrates the increasing demand for institutional-grade tokenization solutions. The move is expected to further fuel the growth of the tokenized real-world asset market, which is projected to reach $24.8 billion by 2026.

XRP Price Slides Below Resistance as Ripple Lawsuit Faces Headwinds

San Francisco, CA - October 6, 2022 - The price of XRP, the native token of the Ripple network, fell slightly to $0.61 on Thursday after a setback in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

On Wednesday, a U.S. court ruled that the SEC's allegations that Coinbase, a leading cryptocurrency exchange, is operating as an unregistered broker are reasonable. This ruling has raised concerns that Ripple could face a similar setback in its own lawsuit with the SEC.

The Ripple lawsuit, which began in December 2020, alleges that Ripple sold XRP as an unregistered security. Ripple has denied the allegations and argued that XRP is a utility token that is not subject to securities laws.

The outcome of the Ripple lawsuit is expected to have a major impact on the cryptocurrency industry. If Ripple prevails, it could provide clarity on the regulatory status of XRP and other digital assets. However, if the SEC prevails, it could hinder the adoption of XRP and other cryptocurrencies.

Bitcoin Bulls Regain Control Amidst Market Volatility

London, UK - October 6, 2022 - The cryptocurrency market experienced a volatile session on Wednesday, with Bitcoin (BTC) initially plunging to $68.5K before rebounding to $70.7K.

The initial drop below $69K confirmed a short-term downtrend, but buyers stepped in to support the price. Bitcoin's subsequent recovery above $70K broke the downtrend and signaled a return to bullish momentum.

The total cryptocurrency market capitalization rose by 1.4% to $2.66 trillion in the past 24 hours. Investors remain cautious, but the market is showing signs of resilience amidst the recent volatility.