Wellington Management, an asset manager with over $1.3 trillion in assets, has partnered with Standard Chartered-backed Libeara and FundBridge Capital to launch the Delta Wellington Ultra Short Treasury On-Chain Fund, also known as the ULTRA Fund. This new fund will provide a fully on-chain USD treasury solution, with tokenized units expected to be available on multiple blockchain platforms including Arbitrum, Avalanche, and Solana. The initiative aims to enhance intraday redemption capabilities for clients, as noted by representatives from both Wellington and Ondo Finance, which is also involved in the project. The US Treasury has recognized the rise of tokenized US Treasuries, highlighting the positive impact on the US Treasury Bills market and acknowledging Ondo Finance as a notable project in this space.