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Ondo Finance Launches OMMF: The Tokenized Money Market Fund

Cointime Official

April 14 (Cointime) - Ondo Finance, a decentralized platform founded by two ex-Goldman Sachs Group professionals, announced the tokenization of money market funds (MMFs) in OMMF.

Investors participating in the tokenized money-market fund will be granted a digital token named OMMF. According to the announcement, OMMF will accept stablecoin and fiat subscriptions and redemptions and will be compatible with 24/7 on-chain financial infrastructure. OMMF will be minted and redeemed for exactly $1, and interest will be distributed to holders daily in the form of new tokens.

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2/ What stablecoins did for cash, OMMF will do for MMFs, unlocking their potential to be used not just as a store of wealth but also as a globally-accessible on-chain collateral and settlement alternative.

3/ Just over two months ago, we launched the world’s first tokenized US Treasuries exposure in OUSG, bringing the risk-free rate on-chain. Our initial focus has been to use OUSG to help large stablecoin holders more easily tap into Treasuries.

4/ Many investors also wanted to use OUSG as a dollar and stablecoin replacement for over-the-counter (OTC) settlement and collateral, but we found that an asset that would stay exactly at a dollar would be better suited for these use cases, leading to the origin of OMMF.

5/ Similar to our tokenized Treasuries, OMMF will accept stablecoin and fiat subscriptions and redemptions and will be compatible with 24/7 on-chain financial infrastructure (e.g. DeFi protocols).

6/ Unlike OUSG, which accumulates in value, OMMF will be minted and redeemed for exactly $1, and interest will be distributed to holders daily in the form of new tokens.

7/ OMMF will also hold small stablecoin reserves on-chain and use those reserves to allow for instant 24/7 subscriptions and redemptions (as long as there are stablecoin reserves remaining, otherwise settlement for redemption is up to T+3).

8/ OMMF complements OUSG in our existing cash management offering, helping start-ups, DAOs, and HNWIs more seamlessly move between stablecoins and yield-bearing cash equivalents like Treasuries and MMFs.

9/ In addition to the typical use of MMFs for extremely liquid and low-risk cash management, we are excited to leverage the cash-like properties of MMFs (i.e. their price stability) to unlock utility for OMMF as a dollar and stablecoin alternative:

10/ Settlement: OTC desks, exchanges, traders, and other institutional counterparties can use OMMF to settle trades denominated in dollars (or stablecoins). This allows parties to earn interest on either side of settlement and better manage risk.

11/ Collateral: OTC desks and other institutional counterparties often collateralize loans using stablecoins (e.g., a BTC loan over-collateralized with USDC). OMMF is a yielding and lower-risk form of collateral that still allows for 24/7 liquidation and settlement.

12/ As the world moves towards a more digital and decentralized future, OMMF represents a longer-term opportunity to provide savers—even outside of the crypto economy—with a superior way to store and transfer wealth.

13/ If you’d like to learn more or subscribe to our products, please reach out at [email protected] or on our website https://ondo.finance/contact.

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