Ondo

Ondo Finance brings US Treasuries, money market funds, and public equities onchain as freely transferable, yield-bearing tokens, giving both retail and institutional investors access to high-quality assets without the friction of legacy custody or market hours.

The Problem Ondo Solves

Traditional fixed-income and equity exposure comes with structural limits: access restricted to business hours, minimum investment thresholds that exclude smaller participants, geographic barriers, and settlement delays measured in days rather than seconds. Meanwhile, the stablecoin market holds trillions of dollars that earn no native yield for holders. Ondo Finance was founded in 2021 on the thesis that blockchain settlement can remove these constraints while preserving the credit quality of the underlying assets.

By mid-2026, the platform held over 3.7 billion dollars in total value locked across its product suite, commanding more than 70% of the tokenized equities market by share.

Core Products

USDY: The Permissionless Yieldcoin

USDY (US Dollar Yield Token) is a tokenized note secured by a portfolio of short-term US Treasuries, currently yielding approximately 3.60 to 3.91% APY. It operates under Regulation S, making it available to non-US individuals and institutional investors on a permissionless basis without the KYC gates that restrict access to OUSG.

Unlike a standard stablecoin, USDY accrues value daily. Holders can choose between an accumulating version (where the share price rises over time) or a rebasing variant (which maintains a stable per-token price and incrementally mints new tokens to convey yield). The yield follows the token regardless of whether it is held passively, pledged as collateral in a lending protocol, or otherwise deployed in DeFi.

Third-party attestations are published daily, and the token sits in a bankruptcy-remote structure that legally separates the backing collateral from Ondo Finance corporate obligations. USDY is live on Solana alongside Ethereum, Arbitrum, Aptos, Sui, Mantle, BNB Chain, and more than a dozen other networks.

OUSG: Institutional Treasury Access

OUSG is the permissioned counterpart to USDY, designed for accredited investors and qualified purchasers. Rather than holding Treasuries directly, the OUSG backing portfolio is diversified across four institutional on-chain money market vehicles: BlackRock USD Institutional Digital Liquidity Fund (BUIDL), State Street Galaxy Onchain Liquidity Sweep Fund, Franklin Templeton OnChain US Government Money Fund, and Fidelity Treasury Digital Fund, with USDC and bank deposits held for immediate redemption liquidity.

Minting and redemption run 24/7 with no platform fees above a 5,000 dollar minimum, settling near-instantly via USDC. Current yield is approximately 3.46% APY, paid through daily accrual. OUSG is deployed on Ethereum, Polygon, Solana, and the XRP Ledger.

In early 2026, the SEC formally closed a multi-year investigation into Ondo Finance without filing any charges, removing a significant regulatory overhang for the protocol and its institutional customers.

Ondo Global Markets (Ondo Stocks)

Launched in September 2025, Ondo Global Markets offers tokenized exposure to more than 260 US-listed equities and ETFs, including SPY, QQQ, NVDA, TSLA, and GOOGL, primarily targeting non-US investors. Users deposit stablecoins or wire USD; the platform issues freely transferable onchain tokens representing fractional economic interest in the underlying security.

The product crossed 1 billion dollars in TVL by May 2026, and a 24/7 minting and redemption feature launched in June 2026 removed the weekend and after-hours settlement gaps that traditional brokerage access imposes. US regulators formally opened markets to tokenized stock trading in September 2026, a milestone Ondo Finance leadership cited as validation of the product thesis.

Nexus Technology

Nexus is the white-label infrastructure layer, enabling other issuers of tokenized Treasuries and stablecoins to access Ondo's instant minting and redemption rails. Third-party issuers can license the Nexus stack rather than rebuilding settlement plumbing independently.

Ondo Network

In July 2026, Ondo Finance pivoted away from its earlier plans for a standalone layer-1 blockchain (previously called Ondo Chain) and launched Ondo Network, a hybrid platform that separates trade execution from settlement. Orders are matched in a private, high-speed environment that keeps trading activity confidential from competitors, while finalized asset transfers settle on public blockchains.

The first live application is Ondo Perps, which lets users trade perpetual futures using tokenized assets such as USDY or tokenized equities as collateral. Spot markets, lending protocols, and expanded settlement infrastructure are on the roadmap. CEO Ian de Bode described the pivot as reaching the conclusion that the actual needs of institutional participants in 24/7 tokenized markets require private execution combined with public settlement, not a monolithic blockchain.

Team and Backing

Ondo Finance has assembled leadership with deep traditional finance and policy backgrounds. Chief Policy Officer Allison Parent joined in August 2026, previously serving as Executive Director of the Global Financial Markets Association. CFO Adam Schlisman joined in August 2026 from Blockchain.com. Institutional relationships with BlackRock, Goldman Sachs, Franklin Templeton, and Fidelity underpin the OUSG backing assets, with each managing on-chain fund products integrated directly into the collateral stack.

International expansion is active: a deal with SBI to tokenize Japanese stocks was announced in July 2026, and USDY launched on BNB Chain in August 2026.

Solana Ecosystem Fit

Both USDY and OUSG are live on Solana mainnet, with two program addresses registered in the Solana Compass grid. Solana's low transaction costs and high throughput suit the frequent small-value mints, redemptions, and daily yield accrual events that characterize USDY use in DeFi, particularly in lending protocols and liquidity pools where USDY serves as productive collateral. Ondo Finance is among the most significant RWA issuers active in the Solana ecosystem by total assets, bringing billions in Treasury-backed and equity-backed value into a network that was previously dominated by native crypto assets.