Ondo Finance Urges SEC to Rethink Nasdaq’s Tokenized Asset Plan
Ondo Finance has raised serious concerns about Nasdaq’s proposed rule change that would allow the trading of tokenized securities on its platform. In a formal appeal to the U.S. Securities and Exchange Commission (SEC), the blockchain-based asset manager requested either a delay or outright rejection of the proposal.
The core of Ondo’s argument revolves around a lack of transparency, particularly with how the Depository Trust Company (DTC) intends to handle blockchain-based settlements. Ondo, which specializes in tokenizing traditional financial instruments, emphasized that without public disclosures on DTC’s blockchain infrastructure, it’s impossible for the public or regulators to assess the system’s fairness. The company also warned that the current proposal could give established financial players an unfair edge, potentially limiting innovation and broader market access.
OpenSea Clarifies NFT Commitment Amid Surging Token Trading
In other crypto news, OpenSea CEO Devin Finzer recently addressed growing speculation that the platform was moving away from non-fungible tokens (NFTs). In a public statement, Finzer reaffirmed OpenSea’s ongoing commitment to NFTs while emphasizing the platform’s broader evolution.
According to Finzer, OpenSea is transforming into a comprehensive marketplace for all on-chain assets—not just NFTs. This shift reflects growing user demand for diverse digital assets and tokenized value. He also revealed that October trading volume on the platform exceeded $2.6 billion, with the majority stemming from token trading. Despite the platform’s diversification, Finzer stressed that NFTs will remain a core component of OpenSea’s long-term strategy.
Japanese Banks Unite to Launch Yen-Pegged Stablecoin
Meanwhile, in Japan, a major development in blockchain finance is unfolding. Three of the country’s largest banks—MUFG, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho—have announced a joint initiative to launch a yen-pegged stablecoin aimed at modernizing corporate financial infrastructure.
The stablecoin will be built on MUFG’s Progmat blockchain platform and is designed to streamline B2B transactions, reduce operational costs, and create a standardized digital currency for domestic use. Mitsubishi Corporation is set to become the first enterprise to adopt the stablecoin for internal settlements, signaling a strong vote of confidence in the project. The collaboration between these major banks could set a precedent for other countries looking to integrate blockchain into mainstream financial systems.
