Ondo

Ondo Finance is the largest pure-play tokenized real-world asset platform, with roughly $3.76b of on-chain AUM across more than 570 live assets. It was founded in 2021 by former Goldman Sachs colleagues Nathan Allman and Pinku Surana and is headquartered in New York, and has been led by CEO Ian De Bode since May 2026. Its flagship products are USDY, a yield-bearing dollar token secured by short-term US Treasuries with about $2.1b outstanding, and OUSG, a tokenized short-term Treasuries fund for qualified purchasers that also comes in a rebasing form (rOUSG) and holds tokenized money market funds from State Street, BlackRock, Fidelity and Franklin Templeton. Ondo Stocks, formerly Ondo Global Markets, offers more than 500 tokenized US stocks and ETFs issued by Ondo Global Markets (BVI) Limited to non-US investors on Ethereum, BNB Chain and Solana, with bridging to HyperEVM. The wider stack includes Ondo Perps, a perpetual futures venue that accepts tokenized stocks as collateral, the Ondo Network, a verifiable execution layer unveiled in July 2026 in place of the previously planned Ondo Chain layer-1, the Ondo Bridge, the Flux Finance lending protocol and the ONDO governance token. Backers include Founders Fund, Pantera Capital and Coinbase Ventures, and former US House Financial Services Committee Chair Patrick McHenry serves as Vice Chairman.

Ondo Capital Management LLC, an SEC-registered investment adviser, manages OUSG, which is issued by Delaware limited partnership Ondo I LP under Regulation D Rule 506(c) to accredited investors and qualified purchasers in reliance on Section 3(c)(7) of the Investment Company Act. USDY was structured as a secured note issued by Ondo USDY LLC with Ankura Trust as collateral agent, and as of December 15, 2025 USDY sits under the Ondo Stocks umbrella with USDC redemptions handled by Ondo Global Markets (BVI) Limited, the BVI entity that issues Ondo tokenized stocks to non-US persons without US Securities Act registration. In October 2025 Ondo completed its acquisition of Oasis Pro, gaining Oasis Pro Markets LLC, an SEC-registered broker-dealer and ATS and a FINRA member, and Oasis Pro TA LLC, an SEC-registered transfer agent. In July 2026 Oasis Pro Markets received FINRA authorizations to offer tokenized equities and funds to US institutional and retail investors, and Ondo has filed written input with the SEC crypto task force including a broker-dealer no-action request.

OUSG carries a 0.15% management fee that Ondo has waived until January 1, 2027, extending the waiver previously set to end July 1, 2026, so OUSG currently generates no management fee revenue, and fund expenses are capped at a further 0.15%. USDY revenue is the spread between portfolio yield and the APY Ondo sets monthly, currently a 3.55% APY against a published portfolio yield to maturity of 3.76% (August 2026), an implied spread of roughly 20 bps. Ondo Stocks earns the difference between quoted buy or sell prices and the platform's execution price on the underlying, with no mint or burn fees, plus float income on USDon, the internal dollar token backed 1:1 by USD in brokerage accounts. Ondo Perps charges reported maker and taker fees of 1.5 bps and 3.5 bps in USDC. The ONDO token carries no fee entitlement today, and a possible DAO fee switch vote in H2 2026 remains market expectation rather than an announced commitment. Sources: https://docs.ondo.finance/qualified-access-products/ousg/fees-and-taxes and https://ondo.finance/usdy