Quick Take


Weekly DeFi Index

This week, the market capitalisation and volume indices dropped by -6.97% and -15.81%, respectively, while the volatility index grew +9.61%.

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Chart of the Week

Ondo Finance partnered with JPMorgan and Chainlink to execute a cross-chain settlement of OUSG, a tokenised US Treasury security issued by Ondo Finance. The settlement was conducted between the test network of Ondo’s Ondo Chain, a public blockchain for tokenising real-world assets (RWAs), and JPMorgan’s permissioned Kinexys network — and powered by Chainlink’s CCIP for cross-chain interoperability. This test cross-chain settlement is seen as a milestone marking the adoption of RWAs on public blockchains at institutional level.

The value of tokenised US Treasuries on public blockchains has rapidly increased from less than US$1 billion in early 2023 to over $7 billion at the time of writing, with Ondo contributing over $1 billion alone through Ondo Short-Term US Government Bond Fund (OUSG) and Ondo US Dollar Yield (USDY).




News Highlights


Recent Research Reports

Research Roundup Newsletter [April 2025]Wall Street On-Chain Part 3: Trading & LiquidityThe Rise of Crypto Treasury

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DeFi & L1L2 Weekly — 🤝 Crypto.com and Canary Capital launched the Canary CRO Trust; JPMorgan settled a tokenised US Treasury fund on-chain with Ondo Finance and Chainlink 

Crypto.com and Canary Capital launched a US-regulated Cronos fund. JPMorgan settled a tokenised US Treasury fund on-chain. Vitalik proposed a stateless model to reduce the RPC load on Ethereum.

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