Ondo Finance Establishes Office in Asia-Pacific, Team Rumored to Sell Tokens Leading to Price Decline

Ondo Finance Establishes Office in Asia-Pacific, Team Rumored to Sell Tokens Leading to Price Decline

Ondo Finance Establishes Office in Asia-Pacific, Team Rumored to Sell Tokens Leading to Price Decline

According to a report by The Block, Ondo Finance, a tokenized securities issuer based in the United States, announced on Monday (22nd) that it has established its first office in the Asia-Pacific region and has appointed Ashwin Khosa, who previously worked at Tether and Bitfinex, as the Vice President of Business Development for the Asia-Pacific region.

Ondo Finance claims to hold nearly 40% of the global market share of tokenized securities. The company currently offers three tokenized products: Ondo US Government Bond Fund (OUSG), Ondo US Money Market Fund (OMMF), and USDY. These tokens allow holders to gain exposure to US assets such as US government bonds and money market funds.

In November 2023, Ondo, in collaboration with the Ethereum modular L2 network Mantle Network, launched USDY, a tokenized note backed by US government bonds and bank deposits. Ondo also launched USDY on the Solana chain in December.

Ondo did not disclose the specific location of its Asia-Pacific office in the statement, and did not immediately respond to The Block’s request for comment.

Team suspected of token dumping
According to data tracked by the on-chain analysis tool Scopescan, a wallet that received 138 million ONDO tokens from Ondo’s multisig address transferred 20 million ONDO tokens (worth about $5.9 million) to exchanges such as Gate and Kucoin this morning. Subsequently, the price of ONDO dropped by about 20% within three hours, presumably due to the team’s token dumping.