Ondo Finance launched three tokenized portfolio products built on investment strategy models provided by BlackRock, available on Ethereum and BNB Chain. The products are restricted to eligible non-US investors and represent a new category of on-chain instrument that blends traditional asset management infrastructure with tokenized delivery, with BlackRock supplying the model and Ondo handling product management and distribution.
For Armada's crypto-repo desk, these tokens sit adjacent to the tokenized T-Bill collateral category already in scope. If counterparties such as family offices or institutional holders seek to pledge these tokens as repo collateral, Armada will need to assess their legal structure, redemption liquidity, and whether Fireblocks supports their custody. The BlackRock model backing adds credibility but does not resolve questions around settlement finality or collateral enforceability.