Ondo Finance (ONDO) Flips the 50-Day Moving Average as Its OUSG Stablecoin Proposal Heads to Sky

Ondo Finance's token continued recovering after the developers submitted a proposal to bring the OUSG stablecoin to Sky, formerly MakerDAO.

Ondo Finance’s (ONDO) native token price continued rising on Friday after the decentralized finance (DeFi) protocol submitted a proposal to integrate its OUSG stablecoin into Sky, formerly MakerDAO.

At the time of writing, ONDO trades at $0.7446, up by about 2.2% over the past 24 hours and 13% over the past week. The token has also risen by over 37% since bottoming out at a low of $0.54 on September 12.

Ondo Finance’s token began a downtrend in mid-August after reaching a high of $1.08 on August 15. The token fell by over 50% over the following two weeks as the broader crypto market also pulled back.

However, ONDO started recovering earlier this month after rising from a support level at $0.50. The token crossed the 50-day moving average on September 15 and the 61.8% Fibonacci retracement point.

The Relative Strength Index and the moving average convergence/divergence also continued rising, indicating that the token is gaining momentum.

Furthermore, the volume in the spot market has been rising over the past few days, while the futures open interest reached $107 million, its highest level since August 25.

Ondo Finance is known for its DeFi products, including its two stablecoins pegged to the U.S. dollar, USDY and OUSG. Both stablecoins are backed by U.S. government treasuries and offer holders high monthly rewards.

According to a statement by Ondo Finance’s developers, they collaborated with Blackrock and Securitize to have the OUSG proposal added to the Spark Tokenization Grand Prix. The Grand Prix aims to onboard $1 billion in tokenized assets.

Ondo’s OUSG stablecoin currently has over $227 million in assets and offers holders a monthly APY of 5.11%. The stablecoin is generated from U.S. government treasuries through the Blackrock USD Institutional Digital Liquidity Fund.

OUSG is available to institutional investors and has a minimum subscription size of $100,000. The fund charges a management fee of 0.15%.

Ondo Finance also operates the more popular US dollar yield token, which yields 5.35% and has over $400 million in assets. Unlike OUSG, USDY is available only to institutional investors.

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