RWA Token ONDO Rallies 15% After Upbit’s Latest Listing Announcement
ONDO, the native token of real-world asset (RWA) tokenization project Ondo Finance, has expanded its availability in the market. Upbit, South Korea’s largest crypto exchange, has listed the token on its platform.
This development gives a significant push for ONDO’s price movements.
ONDO Token Rallies 15% After Upbit Listing Announcement
Today, Upbit announced the listing of ONDO. The announcement detailed trading support for ONDO across KRW, BTC, and USDT markets, along with specific deposit and withdrawal guidelines.
Following Upbit’s announcement, ONDO’s price surged from $1.21 to $1.39, marking a 15% increase in a few hours. However, the price later corrected to $1.29, indicating some stabilization.
Read more: What Are Tokenized Real-World Assets (RWA)?
The on-chain analytics platform SpotOnChain identified significant movements by two crypto whales. According to on-chain data, these whales deposited 2.95 million ONDO tokens (worth approximately $3.86 million) to the crypto exchange Bybit following the listing.
The first whale, with wallet address 0x440, sold 1.95 million ONDO worth $2.55 million. It later achieved an estimated profit of $1.94 million.
Similarly, with wallet address 0xa87, the second whale offloaded 1 million ONDO, worth $1.31 million. This whale recorded an estimated profit of $808,000.
Despite these large transactions, ONDO is indeed the leading cryptocurrency in the real-world asset tokenization category. According to CoinGecko data, ONDO has the highest market capitalization in this sector, at $1.87 billion.
Through strategic partnerships, Ondo Finance continues to promote its flagship product, the US Dollar Yield Token (USDY). Recently, it partnered with Helio and Shopify to make USDY a settlement option for millions of Shopify merchants via Helio’s upgraded Solana Pay plugin. This upgrade enables merchants worldwide to accept cryptocurrency payments, with real-time conversions settling in USDY and other stablecoins.
“Integrating USDY into the Solana Pay plugin is a natural fit, allowing Shopify users to transact with the market-leading yieldcoin,” Justin Schmidt, COO & President of Ondo Finance, remarked.
CoinGecko’s RWA Report 2024 also noted Ondo Finance as one of the most popular issuers of yield-bearing stablecoins. Additionally, DefiLlama data shows, as of June 14, Ondo has a total value locked (TVL) of $534.31 million. This figure represents approximately a 178% increase year-to-date.
Read more: RWA Tokenization: A Look at Security and Trust
The recent surge in ONDO’s price and its expanding partnerships highlight the project’s potential in the real-world asset tokenization sector. Ondo Finance’s innovative approach and strategic collaborations position ONDO as a significant player in the industry, attracting attention from investors and industry participants alike.
The post RWA Token ONDO Rallies 15% After Upbit’s Latest Listing Announcement appeared first on BeInCrypto.