Ondo Finance is a crypto project that has secured a seat in the DTCC's tokenization working group, alongside financial giants such as BlackRock, Goldman Sachs, JPMorgan, and Franklin Templeton.

ONDO is one of the most advanced projects in the field of RWA (Real-World Asset tokenization). It has achieved a total TVL exceeding $2 billion through the tokenization of government bonds, equities, and ETFs, and is preparing for the 2026 launch of its RWA perpetual futures platform, "Ondo Perps."

What is ONDO (Ondo Finance)?

Founded: 2021 (Founded by Nathan Allman; he passed away suddenly in May 2026, and the current CEO is Ian De Bode)

Headquarters: New York, USA

Key Products: OUSG (Tokenized US Short-Term Treasuries), USDY (Yield-bearing Stablecoin), Ondo Global Markets (Tokenized Equities/ETFs)

Current Price: Approximately $0.37–$0.43 (as of June 2026) / ATH: $2.14 (early 2024)

Market Cap: Approximately $1.8–$2.1 billion / Ranked 44th–47th on CoinGecko

Total Supply: 10 billion ONDO (4.87 billion currently in circulation)

The 3 Key Products of Ondo Finance

① OUSG: Tokenized US Short-Term Treasuries

OUSG is a tokenized treasury product for institutions that utilizes BlackRock's BUIDL fund as its primary reserve asset. With a TVL of $680 million, it leads the tokenized treasury market alongside treasury funds from Fidelity, Franklin Templeton, and WisdomTree. It is designed for accredited investors and offers an on-chain yield of approximately 4–5% per annum.

② USDY: Yield-bearing Stablecoin

USDY is a dollar-denominated yield product accessible to non-accredited investors outside the US. While OUSG is aimed at institutions, USDY targets a broader retail investor base and operates on the Stellar network alongside PayPal's PYUSD.

③ Ondo Global Markets: Tokenized Equities/ETFs

This is a tokenized equity and ETF platform that surpassed $1.5 billion in TVL in May 2026. It is designed for 24/7 on-chain trading of assets like Apple, Nvidia, and S&P 500 ETFs. With approvals in 30 EU countries and an SEC license acquired through the acquisition of Oasis Pro, it is one of the most regulatorily compliant platforms available. Notably, its tokenized Nvidia stock is considered one of the most sought-after products by institutional investors in the AI×RWA sector, alongside BlackRock's BUIDL fund.

Key Trends in 2026

Participation in the DTCC Tokenization Working Group

Ondo Finance is a member of the DTCC tokenization working group, alongside DTCC, BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Morgan Stanley, Circle, NYSE, and Nasdaq. It coordinates directly with the DTCC×Stellar initiatives mentioned in our XLM article, positioning itself at the core of Wall Street's tokenization infrastructure.

Ondo Perps: RWA Perpetual Futures Platform Launching Soon

Ondo Finance CEO Ian De Bode announced that they will launch ONDO Perps within a few weeks. It is the world's first perpetual futures platform for RWA, designed to allow leveraged trading of tokenized government bonds, equities, and ETFs.

Tokenized Treasury Market Hits $8 Billion ATH (May 2026)

The tokenized US Treasury market on Ethereum reached an all-time high of $8 billion in May 2026. OUSG leads this market alongside BUIDL and BENJI, positioning the project to directly benefit from the expansion of the entire RWA sector.

Risks and Considerations

ONDO Token Value Capture Issue: Fee revenue from OUSG and USDY goes to the Ondo Finance company, and there is no mechanism for it to be directly returned to ONDO token holders. There is a structural challenge where platform growth may not directly translate to token price appreciation.

Selling Pressure from Token Unlocks: Out of the 10 billion total supply, only 4.87 billion are currently in circulation. Future vesting unlocks could create continuous selling pressure.

Intensifying Competition: Major financial institutions such as BlackRock (BUIDL), Franklin Templeton (BENJI), and Securitize are deploying their own RWA products, requiring continuous monitoring of whether Ondo can maintain its unique competitive advantage.

Summary

Ondo Finance is one of the most advanced projects in the RWA tokenization space, having achieved over $2 billion in total TVL across tokenized treasuries, equities, and ETFs. With its participation in the DTCC, the upcoming launch of Ondo Perps, and EU regulatory approvals, momentum remains strong for 2026. While the ONDO token's value capture and unlock pressure remain challenges, it is attracting significant attention from institutional investors as a leading candidate in the RWA sector. You can trade both ONDO/USDT spot and ONDOUSDT futures on WEEX.

FAQ

Q. Are OUSG and ONDO tokens the same thing?

No, they are different. OUSG is a tokenized US short-term treasury bond issued by Ondo Finance and is a financial product for earning yield. ONDO is the governance token for Ondo Finance and is a crypto asset that can be traded on exchanges. There is currently no mechanism for OUSG fee revenue to be directly returned to ONDO token holders.

Q. What is the relationship between Ondo Finance and BlackRock?

They collaborate indirectly, as OUSG utilizes BlackRock's BUIDL fund as its primary reserve asset. However, BlackRock does not own or invest in Ondo Finance. They work together in the DTCC tokenization working group, maintaining a relationship that is both competitive and cooperative.

Q. What is Ondo Perps?

It is an RWA-focused perpetual futures platform that Ondo Finance plans to launch soon. It is attracting attention as the world's first platform that allows leveraged trading of tokenized government bonds, equities, and ETFs. It is a separate product from WEEX's ONDO futures trading and is a platform operated by Ondo Finance itself.

Disclaimer

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