Ondo
On-chain AUM$3.761b
Platform totals
Live assets572
Chains15
DeFi TVL$71.81m
DeFi TVL / AUM1.91%
Confirmed attestations543 / 572
Primary accessPermissionless (541)
Totals for filtered assets
541
$2.93b
$3.688b
$66.99m
4
| Name | Asset Group | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ondo US Dollar YieldUSDY | Bonds | $1.14 | $1.39b | $2.147b | $18.83m | 1.35% | Ondo | Bond & MMF Funds | MMF, Yield RWA Stable | Permissioned | Asset | RWA | Ondo USDY LLC | Yes | Yes | Yes | Yes | Yes | Yes | |||
| rOUSG (Rebasing OUSG)rOUSG | Bonds | $1 | $376.42m | $376.42m | $0 | 0% | Ondo | RWA Wrappers, Bond & MMF Funds | Single Asset Wrapper, T-Bills | Permissionless | Wrapper | Programmable Finance | Ondo Finance | Yes | Yes | Yes | Yes | Yes | ||||
| Ondo OUSGOUSG | Bonds | $116.14 | $161.83m | $163.79m | $39.06m | 24.14% | Ondo | Bond & MMF Funds | T-Bills | Permissioned | Asset | RWA | Ondo I LP | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Circle Internet Group (Ondo Tokenized Stock)CRCLon | Public Equities | $63.63 | $91.52m | $91.52m | $1.93m | 2.11% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVon | Equity Indices | $781.21 | $72.88m | $72.88m | $3,074 | 0.0042% | Ondo | Stocks & Equities | Equity Basket | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| SPDR S&P 500 ETF (Ondo Tokenized ETF)SPYon | Equity Indices | $774.52 | $44.72m | $44.72m | $4.79m | 10.71% | Ondo | Stocks & Equities | Equity Basket | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Micron Technology (Ondo Tokenized Stock)MUon | Public Equities | $886.04 | $44.09m | $44.09m | $496,930 | 1.13% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | ||||
| NVIDIA (Ondo Tokenized Stock)NVDAon | Public Equities | $219.37 | $42.22m | $42.22m | $221,168 | 0.52% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares Bitcoin Trust ETF (Ondo Tokenized ETF)IBITon | Equity ETFs | $36.44 | $42.11m | $42.11m | $527 | 0.0013% | Ondo | ETFs | ETF Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Invesco QQQ (Ondo Tokenized ETF)QQQon | Equity Indices | $718.22 | $34.61m | $34.61m | $18,143 | 0.052% | Ondo | Stocks & Equities | Equity Basket | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Hims & Hers Health (Ondo Tokenized Stock)HIMSon | Public Equities | $29.73 | $30.63m | $30.63m | $16,489 | 0.054% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares Silver Trust (Ondo Tokenized ETF)SLVon | Precious Metals | $55.63 | $24.69m | $24.69m | $129,198 | 0.52% | Ondo | Stocks & Equities, Gold & Commodities | Equity Basket, Silver | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Alphabet Class A (Ondo Tokenized Stock)GOOGLon | Public Equities | $359.37 | $22.4m | $22.4m | $36,492 | 0.16% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares 20+ Year Treasury Bond ETF (Ondo Tokenized ETF)TLTon | Bonds | $85.72 | $19.31m | $19.31m | $1,582 | 0.0082% | Ondo | Stocks & Equities, Bond & MMF Funds | Equity Basket, Sovereign Bond Fund | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| MicroStrategy (Ondo Tokenized Stock)MSTRon | Public Equities | $96.86 | $18.97m | $18.97m | $61,777 | 0.33% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | ||||
| Intel (Ondo Tokenized Stock)INTCon | Public Equities | $100.18 | $17.81m | $17.81m | $45,937 | 0.26% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares Core MSCI EAFE ETF (Ondo Tokenized ETF)IEFAon | Equity ETFs | $102.59 | $17.46m | $17.46m | $789 | 0.0045% | Ondo | Stocks & Equities | Equity Basket | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Marvell Technology (Ondo Tokenized Stock)MRVLon | Public Equities | $212.83 | $17.08m | $17.08m | $224,383 | 1.31% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | ||||
| Tesla (Ondo Tokenized Stock)TSLAon | Public Equities | $320.66 | $15m | $15m | $247,534 | 1.65% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| iShares Core US Aggregate Bond ETF (Ondo Tokenized ETF)AGGon | Bonds | $100.79 | $14.28m | $14.28m | $866 | 0.0061% | Ondo | Stocks & Equities, Bond & MMF Funds | Equity Basket, Corp Bond Fund | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Strategy Stretch Preferred (Ondo Tokenized)STRCon | Public Equities | $97.44 | $14.03m | $14.03m | $1,437 | 0.01% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | ||||
| SoFi Technologies (Ondo Tokenized)SOFIon | Public Equities | $18.08 | $13.42m | $13.42m | $394 | 0.0029% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| PDD Holdings (Ondo Tokenized)PDDon | Public Equities | $90.97 | $13.06m | $13.06m | $404 | 0.0031% | Ondo | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Ondo Global Markets (BVI) Limited | Yes | Yes | Yes | Yes | Yes | Yes |
About 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.
Profile
- Headquarters
- 2021
- Primary chain
- Ethereum
- Parent platform
- Ondo
- Issuer
- Ondo Finance Inc.
- Oracle
- Chainlink Proof-of-Reserve (OUSG, USDY); Pyth (Ondo Global Markets equity feeds)
Economics & revenue
Asset manager take25 bps
Tokenization platform take25 bps
Performance fee0%
Yield spread retained0 bps
Mint fee25 bps
Redemption fee0 bps
Underlying fund expense0 bps
Recurring service fee$0/yr
Perp maker fee0 bps
Fees last verifiedIssuer-Disclosed
Fee waiver ends2026-08-06
Attestations & milestones
- Attestation frequency
- Continuous (NAV-rebasing) + quarterly audited financials
- Last attestation
- Daily reserves + quarterly audits
- 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.
Revenue methodology & documents
Revenue mix: Mixed (Mgmt Fee + Yield Spread + Quote Spread + Trading Fee)
Verification method: ondo-finance
Chain/share-class variants: Mixed: official docs (live), prospectus-equivalent fund docs, live app verification (perps)
Subsidies or rebates: USDY: $5,000 mint/redeem minimum on Sui/Aptos/Stellar/XRPL/Noble; OUSG mgmt fee waived to 2026-07-01
2027-01-01
Issuer registry, regulation & leadership
Founders and leadership
New York USA
Issuer registry
Ondo Finance Inc., Delaware C-corporation. Operates regulated subsidiaries Ondo Capital Management LLC (SEC-registered investment adviser) and Ondo I LP (Cayman SPV) for OUSG, plus an SPC structure for USDY (Ankura Trust). Headquartered in New York, NY. Founded 2021 by Nathan Allman (CEO. ex-Goldman Sachs Digital Assets, Stanford MBA, Brown BA) and Pinku Surana (CTO. ex-Goldman). Backed by Pantera Capital, Founders Fund, Coinbase Ventures, Tiger Global, Wintermute, BlockTower, and others (~$50M+ raised across rounds).
Regulatory status
Ian De Bode (CEO since May 2026, previously President and Chief Strategy Officer), Patrick McHenry (Vice Chairman), Mark Janoff (General Counsel), Nathan Allman (Founder, CEO until his passing in May 2026), Pinku Surana (Co-Founder)
Entity structure
2021: Founded by Nathan Allman and Pinku Surana, with a $4m seed led by Pantera Capital announced in August | 2023-01: OUSG launches as a tokenized short-term US Treasuries fund | 2023-08: USDY launches as a yield-bearing dollar token for non-US investors | 2024-01: ONDO governance token unlocks for public trading | 2025-09: Ondo Global Markets goes live on Ethereum with 100+ tokenized US stocks and ETFs, expanding to BNB Chain in October and Solana in January 2026 | 2025-10: Oasis Pro acquisition completes, adding SEC-registered broker-dealer, ATS and transfer agent licenses | 2026-05: Founder Nathan Allman passes away and Ian De Bode is named CEO | 2026-07: Ondo Perps launches on the new Ondo Network, Ondo Global Markets rebrands to Ondo Stocks as tokenized equities pass $1b, and Oasis Pro Markets secures FINRA authorizations for US tokenized equities