Ondo Finance Sets Up Office in Asia Pacific Team Selling Tokens Leads to Price Drop

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 tokenized securities market share and currently offers three tokenized products—Ondo Short-Term US Treasury Bond Fund (OUSG), Ondo US Money Market Fund (OMMF), and USDY, which allow holders to gain exposure to US assets such as US treasuries and money market funds. In November 2023, Ondo and the Ethereum modular L2 network Mantle Network launched tokenized notes USDY collateralized by US treasuries and bank deposits, and Ondo also launched USDY on the Solana chain in December. Ondo did not specify the exact location of its Asia-Pacific office in the statement and did not immediately respond to The Block’s request for comment. The team is suspected of selling tokens as per 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 (worth about 5.9 million US dollars) to exchanges such as gate and kucoin this morning. Subsequently, the ONDO price dropped by approximately 20% within 3 hours, likely due to the team selling tokens.