Can the new move of incorporating BlackRock BUIDL into USDV enable VELO to replicate ONDO’s growth trajectory?
By Alex Liu, Foresight News
What is Velo Labs?
Velo Labs, a Thai project led by CP Group, has been developing steadily since its launch in 2018. Its products are committed to providing Web3-based financial solutions, including top liquidity and settlement networks, to achieve secure and efficient value transfer. With the support of Stellar Network and CP Group, its business scope has expanded beyond Southeast Asia and the Pacific, and currently serves global partners.
Velo Labs is committed to bridging and filling the gap between traditional banking infrastructure and Web3, leading the mass adoption of blockchain. Its Web3-based payment network and authorized settlement partner Lightnet have global impact.
The specific product matrix includes:
Quantum : A one-stop remittance network that enhances traditional financial networks with blockchain-enabled remittances.
Universe : Multi-chain DEX, trade global assets on a high-performance decentralized exchange at low cost.
Nova Chain : An affordable general-purpose blockchain with EVM compatibility.
Orbit : A crypto super app tailored for individuals, merchants, corporations and enterprises around the world, dedicated to enhancing global financial connectivity and expanding global accessibility.
Warp : A multi-network cross-chain bridge that allows users to freely move assets across blockchains.
Velo Labs launched its utility token VELO in September 2020, which has been listed on mainstream exchanges such as OKX , Bybit , Bitget , Crypto.com, etc.; its tokens are deployed on Stellar Network and BNB Smart Chain.
Project Progress: Cultivating the Southeast Asian market and promoting the development of digital finance in Laos
Earlier this year, Velo Web3+ Ecosystem partnered with PTL Holding Co. Ltd to drive Laos into a new era of economic growth and digital innovation. Through the signing of a Memorandum of Understanding (MOU), the strategic collaboration solidified by Velo Web3+ Ecosystem underscores Laos’ progressive stance in the global financial landscape, aligning its vision with the Lao National Digital Economy Plan.
Joining forces with the Solana Foundation to create "digital gold"
In April, Velo launched the white paper for its digital gold product, which proposes a new way to hold gold through secure digital tokens, aiming to change investors' interaction with this classic asset. The plan is based on the recently signed memorandum of understanding with the Solana Foundation, using Solana as the blockchain settlement layer and Velo as the core infrastructure and clearing house for digital gold trading in Laos. The partnership improves the efficiency and security of PLG Gold transactions and ensures interoperability and connectivity between blockchains.
Add BlackRock BUIDL to USDV reserves
On September 10, BlackRock announced that it had selected the Velo Labs platform to include its $500 million tokenized U.S. Treasury bond fund BUIDL provided by Securitize into the USDV (Velo ecological stablecoin ) reserve asset pool.
Velo will use Securitize’s stablecoin USDV as the stablecoin of choice for over 1 million users and vendors on the Velo Orbit payment app in Southeast Asia, providing seamless payment transactions and new sustainable earning opportunities.
With the latest collaboration to empower the ecosystem, how will Velo's growth trajectory change? Perhaps we can refer to ONDO, which initially partnered 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 about 600 million US dollars. And despite ONDO's active attempts, it has not been able to expand its Asian business. Velo's deep local influence may make it more competitive in Asia.
Currently, ONDO's market value is about 14 times that of VELO. After the latest positive news is released, will the gap between the two gradually narrow? I believe time will give the answer.
