The convergence of traditional finance and blockchain technology is poised to fundamentally upgrade the global financial system, making it more transparent, efficient, and accessible through tokenization and dedicated infrastructure.
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we're at a defining Moment In global
Finance the convergence of traditional
financial services and blockchain
Technology holds the potential for a
fundamental upgrade to our financial
system one that will make markets more
transparent more efficient and more
accessible for
everyone while many of you in this room
and those joining virtually have been
working towards this vision for years we
believe now is the time to begin working
more closely together to make this
reality before we dive into the future
let's take a moment to talk about the
present today's financial markets are an
incredible invention hundreds of years
in the making they fueled global
economic growth democratized access to
Opportunities and wealth
creation yet for all their strengths
they're still plagued by significant
limitations limited
transparency high
costs slow
settlement restricted Market
hours walled
processes and these limitations have
real world World
consequences many of us in this room
have Accounts at a variety of financial
platforms Robin Hood wealthfront
coinbase Bank of America and so
on each of these platforms keeps records
of user ownership in siloed systems and
the underlying Bank deposits Securities
and crypto settle on distinct
rails this fragmentation has a number of
issues moving assets between platforms
is cumbersome and slow taking days if not
not
weeks you can't use your assets across
platforms inter operably for instance
there's no way to take out a loan that's
Cross collateralized by assets on different
different
platforms and because of this there's a
high degree of lockin at any particular
platform for retail investors you can't
shop for custody trade execution lending
and so on on on a peace basis for from different
different
providers and while these challenges are
frustrating and expensive for those of
us in developed markets the consequences
are far more severe
globally billions of people around the
world lack access to highquality
financial assets altogether leaving them
Finance fintech has tried to address
many of these challenges but its
Solutions have been largely
cosmetic take plaid for example it
connects different Financial platforms
by essentially logging into their front
ends and using their apis on your behalf
while helpful this is really a patchwork
solution that doesn't address the root
cause a fragmented outdated Financial
infrastructure what we need is a fundamental
upgrade blockchain technology presents a fundamental
fundamental
solution Bitcoin was the first digitally
scarce asset that could be accessed by
anyone anywhere in the world with just
an internet
connection and decentralized finance
powered by smart contracts breaks down
the siloed records and platform lock in
with defi your assets are stored on
shared blockchain ledgers enabling you
to move your assets from protocol to
protocol seamlessly with just a single
click and for any wallet or application
to be able to take any action with your
assets ultimately what public
blockchains and defi enable is access
access to own own use and create
Financial products and services wherever
want yet defi exists today as a largely
closed system focused on crypto
speculation with little connection to
the real
economy and that's where tokenization
comes in tokenization makes it possible
to combine these benefits of blockchain
Finance stable coins were the first
successful tokenized asset with over
$200 billion worth circulating on public
blockchains we believe the success of
stable coins comes down to one word
access in this case access to a
highquality stable store value like the
US dollar while we in the US often take
this access for granted for billions of
people around the world the ability to
hold a self-coded stable store of value
that can be transferred instantly and
gamechanging at Ando we started our
journey into tokenization by asking how
can we make stable coins even
better the answer tokenize treasuries or
as we call them yield
coins like stable coins they're
accessible globally 247 and programmable
yield our first product o USG targeted
institutional and high Networth
individuals in the crypto ecosystem
making it easy for them to go back and
forth between stable coins and US
Dollars and to use yield bearing assets
as collateral in onchain financial
protocols in order to demon demate this
utility around the time we launched USG
we also developed flux Finance the first
onchain treasury repo Marketplace
allowing o USG holders to pledge their
tokens as collateral and borrow against
them earlier this year with the help of
Black Rock we enabled instant minting
and redemptions for o USG 247 and we
reduced the minimum from $100,000 to
$5,000 broading access even
further while these Innovations were
great access to O USG was still limited
investors and that's why we launched
usdy the first freely transferable yield
coin designed to be usable in Defi and
accessible to retail investors outside the
the
US since then we further broaden access
expanding usdy across multiple chains
including ethereum salana s optos mantle
arbitrum and
Cosmos we also built the Ando bridge to
enable seamless transfers across them
and we helped to integrate usdy in a
protocols and our chain expansion
efforts will continue we recently
announced that o USG is coming to the RP
Ledger and we're excited to also
Stellar the success of this focus on
accessibility and the demand from users
for these types of assets is
undeniable we have the broadest
distribution of any tokenized cash
just as important to us our products
also have by far the largest number of
holders representing more than 80% of
holders over the past couple of years
since we launched o USG we've also seen
countless other asset issuers many of
whom you'll hear from today also issue
and while that's been happening we've
been using our early scale and
distribution to help these other issuers
offer 247 St coin redemptions to their
clients we announced this initiative a
few days ago we're calling it Ando Nexus
and to enable this functionality we've
Diversified our backing Beyond Biddle to
also include tokenized treasuries from
Franklin Templeton Wellington funbridge
and Wisdom
Tree we love this example because it
highlights so much of what we've been
talking about enabling instant
Redemption improving access in time to
more people improving access in reach
via more providers improving access in
Choice all enabled by the composability
of tokenized
this industrywide focus on yield coins
has led to material growth since the
launch of O USG just 24 months ago yield
coins have reached over $3 billion in
assets taking just 22 months what took
stable coins
59 and we view this as an early success
bringing financial markets on chain is a
massive undertaking and we love working
Mission while we're excited by all of
this progress tokenized cash is not
enough the onchain economy Still Remains
almost entirely disconnected from traditional
traditional
Finance the building blocks for broader
reor asset tokenization are finally in
place stable coins and yield coins have
paved the way core defi Primitives have
been battle tested and Regulatory
Clarity is on the
horizon but we are at a pivotal moment
for many years our industry has loudly
touted blockchain's potential to
transform traditional Finance yet Beyond
stable coins there's been little real
impact defi in particular remains a
casino for mem coins and other tokens
with a new Administration in place I
believe we have a 2 to threeyear window
to achieve meaningful adoption for
tokenized real world assets Beyond
stable coins or risk defi remaining
disconnected from the global economy
indefinitely the question then is what
assets outside of tokenized cash make
tokenization of other assets has been
attempted countless times with little to no
no
traction for many years the thinking was
that if you tokenize an illiquid asset
like private funds or loans because
token can be transferred cheaply and
easily that you would magically make
these assets more
liquid this is a fundamentally flawed
thesis in reality it's not technology
that Gates the formation of more liquid
markets in these assets but rather other
factors like info asymmetry pricing
difficulty lack of fungibility and
resistance from
issuers instead we believe that the
assets that benefit the most from
tokenization at least right now are
those that already have deep
liquidity these are large in demand
easily priced assets like the US dollar
that can benefit from tokenization to
make them more globally accessible and
usable as collateral in onchain financial
protocols that's why just a few days ago
we announced the coming of Ando Global
markets at its core Ando Global markets
is a tokenization platform designed to
bring publicly traded us Securities on chain
chain
the platform will enable investors
outside the US to gain onchain exposure
to thousands of us publicly traded
stocks bonds and
ETFs and we're not only going directly
to end investors we are particularly
focused on working with distribution
Partners both in traditional markets and
in crypto in traditional markets we're
working primarily with fintech broker
dealers outside the US that want to
upgrade from their old school brokerage
as a service platforms to a tokenized
backend to save dramatically on cost and
to reach new
users in the crypto space wallets
protocols and other exchanges can
leverage Global markets to offer their
users access for the first time to
Securities here are just a few of the benefits
benefits
that onog Global markets will
offer Global access to over 1,000 public
stocks bonds and
ETFs instant minting and Redemption of
tokens full liquidity token holders will
have access to the same liquidity they
would have access to if they held the underlying
Securities access to trafy margin token
holders will also be able to access Mar
margin at rates typically only available
to clients of institutional Prime brokerage
brokerage
desks free
transferability these are bare tokens
similar to stable coins or usdy that can
be transferred freely outside the US in secondary
secondary
markets and finally usability in defi we
are highly focused on fostering an
onchain Financial ecosystem where these
onog Global markets has been designed
from the ground up to address many of
the issues we previously discussed
limited access High fees and annoying transfer
transfer
restrictions it should be noted that
these are actually the same issues that
existed with Dollar denominated Bank
deposits before the issuance of stable
coins and this is not a coincidence
we've used many of the same principles
from stable coin design to inform what
we've done
here it is no exaggeration to say that
we believe that what stable coins have
done for the dollar onog Global markets
Securities we believe that with the
success of yield coins and the launch of
onog global markets we're entering a new
phase in financial
markets unlike many however we don't
believe that this new phase need operate
outside of regulations destroy
incumbents or fundamentally change the
way markets
operate instead we believe that this
phase represents the next stage in the
evolution of financial markets where the
best of Defi and the best of trafi
combine to create markets that are more
transparent more efficient and more accessible
accessible
you might call it a foundational upgrade
2.0 just like with stable coins it's
likely that the people who will benefit
most are those in Emerging Markets who
have little access to financial markets
today but over time as the benefits are
proven and Regulatory Clarity is gained
adoption will also grow in developed
while improving access to us financial
markets is good for Global Investors we
also believe it is good for
America greater access to us assets will
allow the global demand that already
exists to finally be met bolstering
asset prices and providing companies
with cheaper
financing as you can tell we're
tremendously excited by onog global
2.0 we really look forward to discussing
with all of you here today about how we
can make the promise of Wall Street 2.0 a
a
reality but first we have one more
thing see as we began fleshing out the
design of onog global markets and spent
time with institutional partners we
realized that today's public blockchains
just didn't have the features and
capabilities necessary to truly make
this Vision a
reality to name a few examples liquidity
fragmentation across various chains
high-risk cross-chain bridging volatile
transaction fees volatile Network and
protocol security and Regulatory and
compliance concerns with front running
historically some of these issues have
been addressed through the use of permission
permission
blockchains however it is precisely the
closed off nature of these networks that
nullifies what we see as one of the most
compelling Promises of blockchain
Technology an open Global and
transparent Financial
system over the past year we've been
working hard with various Partners to
develop infrastructure to address these
challenges while preserving
openness today we're excited to finally
announce our new layer one blockchain
designed specifically for bringing
financial markets on chain we call it Ono
chain Ando chain will be a hybrid public
permission chain combining the openness
of public blockchains with the
compliance and security features of permission
permission
chains to share more about andoain I'd
like to introduce Ian deod our chief strategy
strategy
officer Ian used to lead digital assets
at McKenzie and has been working with
our institutional and crypto native
Partners to make sure that Ando chain
meets their needs please join me in
welcoming you [Applause]
hi everyone good morning it's great to
see so many familiar faces in this room
it is my absolute pleasure to present to
you today a piece of transformational
and foundational infrastructure that is
really designed to bring all of you and
I'm really looking at the biggest
institutions in this room on
chain now why are we developing another
blockchain there's quite a few of them
out there already we are intimately
familiar with that so it's a great
question to ask well when we set out to
build the onog GM platform we really set
out to build something that could
combine the best of both traditional
Finance with its incredible deep
liquidity and investor protections with
all the benefits of defi with its Open
Access and Innovation and New Primitives
however as we set out on this Mission we
realized that the necessary condition to
really bring these two worlds together
really did not exist the infrastructure
to bring these two together really was
not present we ran into a variety of
issues many of which I think will sound
pretty familiar to the people in this
room first and foremost Securities don't
really work that well with defi defi was
not designed with Securities in mind
right stuff like uh stock splits or even
dividend payouts the smart contract
accounting really cannot really handle
those issues very well we had
experienced this with you our own assets
o USG and usdy but as we were thinking
about scaling our own footprint to
literally thousands of assets we
realized that the status quo just
couldn't work right we needed a new
ecosystem focused on rwas more on that later
later
second cross chain asset management and
managing the liquidity between all of
those different blockchains it's quite
challenging you know at this point it's
pretty clear that the future of crypto
will be Omni chain but issuing your
assets on each chain in a compliant way
and managing the liquidity between these
various blockchains that takes quite a
lot of time you know o USG and usdy are
live on 10 different chains we have a
full team of blockchain developers and
Ops people that manage that around the
clock again when you're thinking about
scaling to literally thousands of assets
you it just doesn't
work third and this one does not receive
nearly as much attention as I personally
think it should inadequate security and
cost running your network security and
other critical components even like
oracles powered by a cryptocurrency
token that is incredibly volatile that's
actually a pretty expensive way of doing
things and not necessarily the best
security robustness that you want this
may be fine when you're dealing with
cryptocurrencies on chain that are in of
itself incredibly volatile but when
you're thinking of about scaling
literally tens of billions of real world
assets on chain that's not the best security
security
model institutional great onchain
Capital markets really do require a more
stable and robust security
model last but not least the lack of
institutional participation I'm sure
that one sounds very familiar to a lot
of the people in this room and there's
very good reasons for that right
typically related to Regulatory and
compliance reasons but it does make that
there currently is not a very tight
coupling between onchain and offchain
environments and that ultimately
significantly degrades the investor
experience that's possible on chain now
allow me to illustrate that last point
in a little bit more detail imagine the
Ando GM experience that could be if you
actually had a broker dealer powering
the onchain economy and being able to
participate in the onchain economy when
an investor would like to purchase a
security they would simply declare their
intent on chain a broker dealer would
pick up on that intent go and acquire
that security in one of the traditional
exchange venues with Incredible deep
liquidity mint the asset on chain but
probably not stop there on an ongoing
basis this broker dealer would publish
the asset prices on chain just like they
do in traditional finance and post the
proof of reserves on chain they could do
all of that significantly cheaper than
what exists today and with better
investor protections so we timately
realize that that really is the onog GM
experience that we want and that our
investors deserve but it clearly
requires institutions to come onchain
and create a much more tighter coupling
between onchain and offchain
environments as such we realize that in
order to build onog GM in the way that
we want and in the way that investors
deserve and in a way that scales most
importantly we needed to create an En
environment that institutions can
actually run and with it create the
underlying infrastructure that so many
in this room have been waiting for for
all the years that I have known you
enter the Ando chain a fundamental
rethink of how institutions can
participate on chain and how rwas can be
scaled on chain the Ono chain combines
the best of public permissionless
blockchains with private permission
chains while addressing the issues that
I mentioned previously
some of the core features that will that
it will have are number one real world
assets as a gas token and staking
collateral this one's a big one this
means that the Ono chain will enable the
staking of high quality liquid assets
real world assets and a little bit of
crypto but mostly real world assets the
network will be proof of stake but
powered by real world assets this means
that the network security of the Ono
chain will be much less volatile than
other crypto networks and the associated
cost to run the chain will be
significantly less this also means that
you as an institution can participate
and run a node just with the assets that
you're already holding on balance sheet
but this way you may be even to earn
additional yield on them this also means
that you as an institution can actually
run a node without ever having to touch
crypto I'm sure that will make some
people in your compliance and accounting
department extraordinarily
happy finally gas fees are going to be
paid with real world assets as well
ultimately just providing for a better
user experience and investor
experience secondly the Ono chain will
be run by a permission validator set
this means that only known and reputable
and often regulated institutions will be
allowed to run a validator this also
means that when you as an investor come
on chain you can rest assured that your
transactions are not going to be front
run and you can enoy enjoy similar
protections Like You Do In traditional
finance and last but not least vote
extensions the validator set of the auto
chain is not just going to validate
transactions they are also going to do
other critical functions like P publish
the prices of an asset onchain verify
the collateral that is backing onchain
Securities on an ongoing basis and sign
off on bridging transactions whenever they're
they're
requested by designing the Ono chain
this way we enable it to do or we
achieve a few things first and foremost
it can support a much more coste
effective and scalable investor
experience for rear assets onchain the
Ono chain effectively eliminates the
need to pay for and assume security
risks of different providers of chain
security Oracle security asset security
and bridging security theond validator
set will take all of this on and
fundamentally when you think about it
when you're dealing with a real world
asset as opposed to a
cryptocurrency your underlying trust
assumptions are already incredibly
different the Ono chain just Builds on
these different trust assumptions and
Aggregates a lot of those critical
functions that you find on the
blockchain all into the Ando validator
set by doing this it allows rwas to come
onchain in a much more scalable and cost effective
effective
manner we can also support critical
like the minting of an asset on chain
when the security has been purchased
offchain with significantly lower
latency second the Auto Chain enables
rwas to be truly Omni chain for the
first time it will be the first
blockchain to connect both into public
blockchains as well as traditional trfi
environments as a result the Ando chain
is really built to be a Distribution Hub
you can issue your asset on the Ono
chain connect it into your trafi
environment to service it Bridge it to
any other public blockchain that you
want while still managing your assets
across all the chains from one
spot developers similarly will be able
to build their applications on the Ono
chain and seamlessly Connect into other
public blockchain networks but also
trafy environments to ultimately
optimize liquidity in their own
applications last but not least the Ando
chain will catalyze a new ecosystem
focused on real world assets in defi
this ecosystem will allow for
concentrated Innovation to happen both
for protocols but also at the wallet
level to really invest and optimize the
user experience for financial services
in rwa onchain for the first time it's
also going to be possible for rear World
assets to have the same utility
liquidity and
performance as traditional Assets in
other channels historically this has
never been possible in other
ecosystems by Design By inating into the
design of the chain itself for the very
first time rwas are going to be able to
tap into crypto native Primitives such as
as
staking this will open up the door to
new products and Innovations and sources
of additional yield that can even be
investors with that we're incredibly
confident that the launch of the Ono
chain will be a pivotal moment in the
evolution of onchain finance and
bringing financial services
onchain for the very first time
developers are going to be able to
attack so many different Financial
Primitives whether that's margin repo
swaps staking Robo advisory prediction
markets wealth advisory more broadly but
do it across crypto and securities and
real world assets all on one chain I'm
personally incredibly excited to see
what a global group of developers and
the types of innovation that they're
going to be able to drive to really
upgrade our system and innovate in a
meaningful way on how financial services
but make no mistake this will be a long
process even with the right
infrastructure bringing institutions on
chain it's going to take time a lot of
you in this room will require different
regulatory guidance before you can
actually do that we're aware of it but I
am personally very confident that when
you decide to do so we will have made
the infrastructure that makes that
process as seamless as possible and I am
very confident in making that statement
because the Ando chain is not developed
just by Ando itself we're incredibly
fortunate to be advised in the design of
the Ono Chain by many of the logos on
this screen a special thank you for
those of you who have already joined us
in our mission and have committed to
helping us in the design of the chain to
make sure that it meets the requirements
of all the institutions in this room and
for those of you who are still on the
fence come join us it's going to be a
lot of fun than thank [Applause]
you thanks
again we're obviously incredibly excited
to finally be able to share with all of
you what we've been working on you'll
now see that our work on Ando Global
markets and andoain are not separate
initiatives but deeply interconnected
components of a broader strategy to
bring Capital markets on chain Global
markets providing seamless access to
tokenized Securities and Ono chain
providing the infrastructure to enable
their access security and utility at
scale of course we're not building the
future of Finance
alone right after this keynote we'll
host a fir side chat with black rock
leaders in traditional Asset Management
who share our vision for this new world
later you'll hear from asset managers
like Franklin Templeton Fidelity Wisdom
Tree and Wellington Banks like City Bank
and bny melon and financial
infrastructure firms like MasterCard and the
the
dtcc you'll hear from blockchain
innovators like Ripple chain link and
Unis swap these groups have already
shown what happens when you remove
barriers and let digital assets flow
freely now imagine what they can do with
tokenized real
assets finally you'll hear from
Regulators along with the surprised
guest about what the future of all of
US this is the time to build to
experiment and to
collaborate together we can shape a
financial system that's fair faster and
more accessible to
all welcome to the future of Finance
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