Crypto Startup Ondo Unveils Stablecoin Alternative Backed by Money-Market Funds
- Digital token is designed as a stablecoin alternative
- Backed by money-market funds, the token generates yield
Source: ondo.finance
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Ondo Finance Inc., a decentralized platform set up by a pair of former Goldman Sachs Group Inc. associates, is launching a new product that uses money-market funds investing in US government securities to create a yield-generating stablecoin alternative.
Investors in the tokenized money-market fund will receive a digital coin called OMMF, the company said in a blog post Thursday. The details of the fund structure weren’t disclosed, but Ondo said that it will invest only in low-risk money market funds, including those holding US government securities.