Ondo

Ondo Finance is a real-world asset (RWA) tokenization platform that brings institutional-grade financial products onto public blockchains. Founded in 2021, the company operates through two arms: an asset management division that issues tokenized versions of traditional financial instruments, and a technology division that builds the open-source protocol infrastructure those products run on. Its stated mission is to make institutional-caliber returns and products accessible to a global audience — not just the fund managers and banks that traditionally gatekeep them.

Core Products

Ondo's product line centers on three offerings, each targeting a different segment of the market.

USDY is Ondo's yield-bearing US dollar token backed by short-term US Treasuries. It functions like a stablecoin that pays its holders daily yield — currently around 3.55% APY — derived from the underlying Treasury holdings. With over $2.16 billion in total value locked, USDY is one of the largest tokenized Treasury instruments in existence. It is available across multiple chains including Ethereum, Solana, Aptos, Sui, and Mantle, and is designed for non-US investors seeking onchain dollar exposure with real yield.

OUSG targets qualified institutional investors seeking direct tokenized exposure to short-term US government securities. Backed by BlackRock's BUIDL fund, OUSG offers 24/7 instant minting and redemption — a significant departure from the T+1 or T+2 settlement windows that characterize traditional Treasury fund access. It carries over $378 million in TVL and yields approximately 3.43% APY.

Ondo Stocks (also called Ondo Global Markets) offers tokenized versions of US-listed public equities and ETFs. As of mid-2026, the product covers more than 440 assets with nearly $980 million in TVL. Users outside the United States can gain price exposure to individual stocks and commodity ETFs, with the tokens freely transferable and composable within DeFi ecosystems. The product is built on Ondo's Nexus technology, which enables the instant minting and redemption that makes the tokens liquid enough to be useful in onchain finance.

Solana Presence

Ondo deployed to Solana as part of its multi-chain expansion strategy, recognizing the network's speed, low fees, and growing institutional and consumer user base. Both USDY and Ondo's tokenized equity products are available on Solana Mainnet through dedicated program addresses.

The Solana deployment received a significant boost in June 2026 when Exodus Movement launched Exodus Markets in partnership with Ondo Finance. The integration gives eligible users across select jurisdictions access to more than 200 tokenized stocks and ETFs directly through Exodus's self-custodial wallet on Solana — bringing tokenized equity trading to a broad retail audience without requiring users to navigate separate institutional interfaces. The Exodus partnership places Ondo at the center of one of the most significant expansions of onchain equity access on Solana to date.

Infrastructure and Technology

Ondo's Nexus technology powers the instant minting and redemption capabilities that differentiate its products from earlier tokenized asset efforts that required waiting days for creation or cancellation. The platform is built so that its protocols are designed to eventually operate independently from Ondo the company — each running through separate governance structures managed by external entities.

In July 2026, Ondo unveiled the Ondo Network, a new execution layer architecture that replaced the Ondo Chain Layer-1 blockchain the company had previously announced. The Ondo Network splits execution across three layers: secure hardware enclaves (trusted execution environments, or TEEs) process trades privately at centralized-exchange speeds; a decentralized group of attestors verifies that only approved code runs inside those enclaves and holds asset-moving keys in distributed form; and Ethereum handles final onchain settlement. The first live application on the network is Ondo Perps, which offers perpetual futures on equities and commodities with up to 20x leverage. The pivot from a monolithic L1 to this layered design was driven by discovering that execution speed — not settlement capacity — was the primary friction point between blockchain-based venues and traditional centralized exchanges.

Institutional Partnerships and Regulatory Progress

Ondo has built an unusually dense web of institutional relationships for a crypto-native company. Completed cross-border, cross-bank redemptions of tokenized US Treasuries involved JPMorgan, Mastercard, and Ripple. Ondo became the first RWA provider integrated into Mastercard's Multi-Token Network and launched OUSG on the XRP Ledger with support for Ripple's RLUSD stablecoin.

Equity expansion has followed similar institutional pathways. A deal with SBI Group opens the door to tokenizing Japanese equities. A partnership with Mirae Asset covers the Global X ETF lineup. Broadridge integration adds shareholder voting rights to tokenized stocks — addressing one of the most common objections to tokenized equity products, which is that holders lack the rights that come with actual share ownership.

On the regulatory front, Ondo filed a no-action request with the SEC in April 2026, seeking clarity on blockchain-based securities recordkeeping. In July 2026, reporting indicated the company cleared a major regulatory hurdle toward a US-compliant tokenized stock model featuring BlackRock ETFs and Micron shares — potentially paving the way for domestic availability of products currently restricted to non-US investors. Ondo also acquired Oasis Pro, an SEC-registered broker-dealer, in 2025, giving it a regulated securities business to support its equity tokenization ambitions.

Scale and Governance

Across all products, Ondo's total value locked exceeded $3.6 billion by mid-2026, making it one of the largest RWA platforms by TVL and, by some estimates, the holder of approximately 60% market share among tokenized equity providers. The ONDO governance token has a total supply of 10 billion, with approximately 4.87 billion (48.7%) in circulation as of June 2026, and sits at a market capitalization of roughly $1.52 billion.

The ONDO token governs the platform's decentralized protocol layer and is expected to sit at the center of incentives and governance for the Ondo Network as it matures. The company experienced a significant leadership transition in 2026 with the passing of co-founder and CEO Nathan Allman; Ian De Bode assumed leadership responsibilities.

For Solana users, Ondo represents one of the most substantive bridges between traditional financial markets and onchain infrastructure — offering direct exposure to US Treasuries and global equities without leaving the wallet, custody model, or composability of the Solana ecosystem.