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Governance Tokens

RWA Perps

Bridge/Interop TVLList Your Assets Docs

Ondo

On-chain AUM$3.764b

Platform totals

Live assets595

Chains16

DeFi TVL$66.07m

DeFi TVL / AUM1.76%

Confirmed attestations550 / 595

Primary accessPermissionless (548)

Totals for filtered assets

548

$2.921b

$3.681b

$64.94m

Assets Rankings

Name	Asset Group
Ondo US Dollar YieldUSDY	Bonds	$1.15	$1.464b	$2.224b	$17.74m	1.21%	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	$339.17m	$339.17m	$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	$116.53	$147.78m	$148.08m	$39.19m	26.52%	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	$90.83	$110.11m	$110.11m	$370,929	0.34%	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	$774.61	$69.92m	$69.92m	$3,454	0.0049%	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	$770.44	$45.23m	$45.23m	$4.68m	10.35%	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	$975.66	$38.87m	$38.87m	$253,174	0.65%	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	$218.65	$36.45m	$36.45m	$519,868	1.43%	Ondo	Stocks & Equities	Stock Backed	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes	Yes	Yes		Yes	Yes
Invesco QQQ (Ondo Tokenized ETF)QQQon	Equity Indices	$717.57	$31.63m	$31.63m	$18,066	0.057%	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	$27.48	$29m	$29m	$2,086	0.0072%	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	$43.66	$26m	$26m	$990	0.0038%	Ondo	ETFs	ETF Backed	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes	Yes	Yes		Yes	Yes
iShares Silver Trust (Ondo Tokenized ETF)SLVon	Precious Metals	$58.17	$25.7m	$25.7m	$256,904	1%	Ondo	Stocks & Equities, Gold & Commodities	Equity Basket, Silver	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes	Yes	Yes		Yes	Yes
MicroStrategy (Ondo Tokenized Stock)MSTRon	Public Equities	$130.47	$25.4m	$25.4m	$79,497	0.31%	Ondo	Stocks & Equities	Stock Backed	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes		Yes		Yes	Yes
Alphabet Class A (Ondo Tokenized Stock)GOOGLon	Public Equities	$339.08	$19.9m	$19.9m	$149,897	0.75%	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	$84.5	$18.8m	$18.8m	$2,418	0.013%	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
Intel (Ondo Tokenized Stock)INTCon	Public Equities	$102.9	$18.04m	$18.04m	$45,605	0.25%	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	$98.23	$16.74m	$16.74m	$744	0.0044%	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	$236.03	$16.52m	$16.52m	$72,450	0.44%	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	$364.93	$16.51m	$16.51m	$568,306	3.44%	Ondo	Stocks & Equities	Stock Backed	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes	Yes	Yes		Yes	Yes
Strategy Stretch Preferred (Ondo Tokenized)STRCon	Public Equities	$103.25	$14.82m	$14.82m	$1,015	0.0069%	Ondo	Stocks & Equities	Stock Backed	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes		Yes		Yes	Yes
iShares Core US Aggregate Bond ETF (Ondo Tokenized ETF)AGGon	Bonds	$99.7	$14.1m	$14.1m	$856	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
iShares Core S&P Total US Stock Market ETF (Ondo Tokenized ETF)ITOTon	Equity ETFs	$168.22	$12.7m	$12.7m	$1,029	0.0081%	Ondo	Stocks & Equities	Equity Basket	Permissionless	Asset	RWA	Ondo Global Markets (BVI) Limited	Yes	Yes	Yes	Yes		Yes	Yes
SoFi Technologies (Ondo Tokenized)SOFIon	Public Equities	$17.3	$11.96m	$11.96m	$878	0.0073%	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.

Tokenized TreasuriesTokenized StocksBond & MMF FundsStocks & EquitiesPermissioned

Website Docs Protocol page

Profile

Founded: 2021
Headquarters: New York, USA
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

Revenue confidenceIssuer-Disclosed

Fees last verified2026-08-06

Attestations & milestones

Attestation frequency: Continuous (NAV-rebasing) + quarterly audited financials
Last attestation: Daily reserves + quarterly audits

2021Founded by Nathan Allman and Pinku Surana, with a $4m seed led by Pantera Capital announced in August
2023-01OUSG launches as a tokenized short-term US Treasuries fund
2023-08USDY launches as a yield-bearing dollar token for non-US investors
2024-01ONDO governance token unlocks for public trading
2025-09Ondo Global Markets goes live on Ethereum with 100+ tokenized US stocks and ETFs, expanding to BNB Chain in October and Solana in January 2026
2025-10Oasis Pro acquisition completes, adding SEC-registered broker-dealer, ATS and transfer agent licenses
2026-05Founder Nathan Allman passes away and Ian De Bode is named CEO
2026-07Ondo 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

Revenue methodology & documents

Revenue model: Hybrid

Revenue mix: Mixed (Mgmt Fee + Yield Spread + Quote Spread + Trading Fee)

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

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

Terms and conditions Governance whitepaper

Issuer registry, regulation & leadership

Founders and leadership

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

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

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.

Entity structure

Ondo Finance Inc., a Delaware corporation, operates the platform and is the sole member of both the general partner of Ondo I LP, the OUSG issuer, and Ondo Capital Management LLC, the SEC-registered adviser to OUSG. Ondo Global Markets (BVI) Limited issues Ondo tokenized stocks, and since December 15, 2025 USDY sits under the same Ondo Stocks umbrella after formerly being issued by Ondo USDY LLC with Ankura Trust as collateral agent. Oasis Pro Markets LLC (SEC-registered broker-dealer and ATS) and Oasis Pro TA LLC (SEC-registered transfer agent) are the US-regulated subsidiaries acquired in 2025. The planned Ondo Chain layer-1 was superseded in July 2026 by the Ondo Network, a verifiable off-chain execution layer that powers Ondo Perps, the tokenized perp venue.

Issuer source Oracle proof