Will the inclusion of BlackRock's BUIDL into USDV be able to replicate the growth trajectory of ONDO?

By Alex Liu, Foresight News

What is Velo Labs?

As a Thai project that was once led by the Charoen Pokphand Group, Velo Labs has been steadily developing since its launch in 2018. The company is dedicated to providing Web3-based financial solutions, including top-tier liquidity and settlement networks, to achieve secure and efficient value transfer. With the support of the Stellar Network and CP Group, its business scope has expanded beyond Southeast Asia and the Pacific region, currently serving global partners.

Velo Labs aims to bridge the gap between traditional banking infrastructure and Web3, leading the mass adoption of blockchain technology. Its Web3-based payment network and authorized settlement partner, Lightnet, have a global impact.

The specific product matrix includes:

• Quantum: A one-stop remittance network that enhances traditional financial networks by supporting blockchain-based remittances.
• Universe: A multi-chain DEX that allows trading of global assets on high-performance decentralized exchanges at low cost.
• Nova Chain: An economical general-purpose blockchain with EVM compatibility.
• Orbit: An encrypted super application tailored for global individuals, merchants, companies, and enterprises, aiming to enhance global financial connectivity and expand global accessibility.
• Warp: A multi-network cross-chain bridge that allows users to freely move assets on the blockchain through this multi-chain bridge.

In September 2020, Velo Labs launched its utility token VELO, which has been listed on mainstream exchanges such as OKX, Bybit, Bitget, and Crypto.com. Its token is deployed on the Stellar Network and BNB Smart Chain.

Project Progress

Cultivating the Southeast Asian Market, Promoting Digital Financial Development in Laos

Earlier this year, Velo Web3 + Ecosystem partnered with PTL Holding Co. Ltd to promote Laos into a new era of economic growth and digital innovation. Through the signing of a Memorandum of Understanding (MOU), their strategic partnership emphasizes Laos' progressive position in the global financial landscape, aligning its vision with the national digital economy plan of Laos.

Collaborating with the Solana Foundation to Create "Digital Gold"

In April of this year, Velo released the whitepaper for its digital gold product, which proposes a new way to securely hold gold through digitalized tokens, aiming to change the interaction between investors and this classic asset. This plan is based on the recently signed MOU with the Solana Foundation, using Solana as the blockchain settlement layer and Velo as the core infrastructure and clearinghouse for digital gold trading in Laos. This partnership enhances the efficiency and security of PLG Gold transactions, ensuring interoperability and connectivity between blockchains.

Including BlackRock's BUIDL in USDV Reserves

On September 10th, BlackRock announced that it has chosen the Velo Labs platform to include its $500 million tokenized US Treasury bond fund, BUIDL, into the USDV (Velo's ecosystem stablecoin) reserve asset pool, using Securitize.

Velo will use Securitize's stablecoin USDV as the stablecoin choice for over 1 million users and suppliers on the Velo Orbit payment application in Southeast Asia, providing seamless payment transactions and new sustainable revenue opportunities.

With the latest collaboration empowering the ecosystem, how will Velo's growth trajectory change? Perhaps we can refer to ONDO, which initially collaborated with Securitize and integrated Blackrock's products in March and May. Since then, the reserve assets supporting its stablecoin have increased from $20 million to approximately $600 million. Despite ONDO's active efforts, it has not been able to expand its Asian business, while Velo's deep local influence may make it more competitive in Asia.

Currently, ONDO's market value is about 14 times that of VELO. Will the gap between the two gradually narrow after the latest positive news? Time will surely provide the answer.

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