Mastercard has onboarded Ondo as its first tokenize real-world assets provider for its Multi-Token Network (MTN). Businesses within the network that onboard Ondo’s OUSG will earn yield on their idle cash.

Ondo Finance, a tokenized real-world assets platform, has joined Mastercard’s multi-token network, bringing tokenized US Treasuries to businesses.

In an announcement on Wednesday, Ondo said Mastercard will onboard the RWA platform to its MTN, with Ondo Finance becoming the network’s first tokenized real-world assets provider.

“This partnership represents a landmark moment of connecting private payment network rails to tokenized assets on public blockchain networks. This connectivity will enable the banking ecosystem to move to 24/7 functionality on a global basis, powered by Ondo’s assets and services,” Ian De Bode, chief strategy officer of Ondo Finance, said in a press release.

According to Ondo Finance, integration with Mastercard brings Ondo’s Short-Term US Government Treasuries Fund (OUSG) to users within the MTN. This development means businesses can now tap into the benefits that come with tokenized treasuries.

OUSG integration will allow MTN businesses to earn daily yield through tokenized assets, with subscriptions and redemptions available 24/7. For companies that onboard Ondo, it will mean removing the reliance on stablecoin onramps.

“We’re building on decades of proven success in payments to deliver unparalleled financial flexibility and 24/7 access to businesses worldwide. Our work with Ondo Finance is poised to open new doors in the ever-evolving digital assets ecosystem,” Raj Dhamodharan, executive vice president, blockchain and digital assets at Mastercard, said.

OUSG, a  composable on-chain treasury asset, offers features such as lower fees, round-the-clock redemptions, and daily interest distributions.

The tokenized US Treasuries asset, currently available on Solana, Ethereum and Polygon, is the platform’s second largest by market share.

Per RWA.xyz, OUSG has a market cap of $429 million, behind  Ondo US Dollar Yield (USDY) with $439 million. Hashnote’s USYC, BlackRock’s BUIDL and Franklin Templeton’s BENJI are currently the top three in that order.

OUSG’s assets have reserve backing secured by BUIDL and several other short-term US Treasuries.

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