SINGAPORE — Ericsenz Capital has successfully completed the full lifecycle of its inaugural three-month Bitcoin Dual-Currency Note (BTC DCN), from issuance to maturity, marking a significant milestone in the institutional digital assets market in Asia. Going forward, Ericsenz Capital plans to integrate Ondo’s USDY as yield-bearing collateral into future issuances, supported by B2C2’s deep liquidity across digital asset markets.

The BTC DCN is an innovative structured product developed by Ericsenz Capital for investors seeking a regulated route into Bitcoin exposure. In its inaugural three-month offering, investors received a coupon equivalent to an annualised rate of 20%, in exchange for committing to buy Bitcoin at a pre-agreed strike price.

With Ondo onboard, Ericsenz Capital can deploy investor capital into USDY. With over US$2.7 billion in total value locked (TVL) across nine blockchains, USDY is one of the largest and most widely adopted tokenized Treasury assets, enabling eligible non-US individual and institutional investors globally to access the utility of stablecoins together with attractive yield and institutional-grade investor protections. The arrangement marks one of the earliest use cases of a tokenized U.S. Treasury instrument being used as collateral in a Bitcoin-linked structured product.

An institutional innovation in tokenized collateral

More broadly, this development reflects a shift in institutional digital asset markets, with tokenized real-world assets (RWAs) moving beyond passive yield-bearing holdings into productive collateral that can support margining, treasury management and structured investment workflows. It sits at the intersection of two themes: the growth of tokenized RWAs and rising demand for more capital-efficient institutional market infrastructure.

Datuk Ashley Choo, CEO of Ericsenz Capital, said: “Traditional allocators are increasingly focused not just on whether to gain exposure to Bitcoin, but on how to do so within a more structured and risk-conscious framework. Our BTC DCN allows investors to define their entry price in advance while earning a fixed coupon as they wait. By integrating USDY into the collateral structure, we can also help clients improve capital efficiency by allowing otherwise idle collateral to earn Treasury-backed interest.”

David Rogers, CEO Asia-Pacific, B2C2, said: “Yield-bearing tokenized US Treasuries are becoming a natural collateral asset for institutional digital asset markets. We are pleased to provide the institutional liquidity that enables Ericsenz to deliver this structure to its clients. We expect this to be the first of many such collaborations.”

Ian De Bode, President of Ondo Finance, added: “We're seeing growing institutional interest in using tokenized real-world assets as productive collateral within digital asset markets. Ericsenz Capital's use of USDY, supported by B2C2's institutional liquidity, reflects how tokenized representations of short-term U.S. Treasuries can improve capital efficiency while remaining interoperable with on-chain financial systems.”

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Media contact

B2C2, B2C2@eternapartners.com

About Ericsenz Capital

Ericsenz Capital is a MAS-licensed Singapore-based investment firm providing bespoke investment solutions across traditional and emerging asset classes. Founded in 2016, the firm develops and structures opportunities across structured products, private markets, and digital asset solutions. Ericsenz Capital focuses on combining product innovation with regulatory discipline, risk management, and institutional-grade execution.

About Ondo Finance

Ondo Finance is a blockchain-based financial technology leader focused on tokenizing real-world assets and bringing institutional-quality financial products on-chain. By bridging traditional finance and decentralized infrastructure, Ondo aims to make capital markets more accessible, transparent, and efficient.

Important Information

This press release is for information purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any digital assets or to enter into any transaction or trading relationship. Any products and services described are provided by relevant group entities only where permitted, and are subject to applicable laws, regulations, and client eligibility requirements. USDY is offered and sold by Ondo Global Markets (BVI) Limited to non-US persons only and is not available to US persons. Certain statements in this release may be forward-looking, including statements regarding expected client uptake, the development of tokenized real-world asset markets, and the parties’ respective product roadmaps, and may use words such as “may,” “expects” or “is expected to.” Forward-looking statements involve risks and uncertainties, and actual outcomes may differ materially from those expressed or implied. Please see additional important disclaimers related to USDY at https://docs.ondo.finance/general-access-products/usdy/important-notes

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