Ondo Finance has crossed $2 billion in total value locked across tokenized Treasuries, equities, and ETFs, making it the largest platform for bringing traditional financial assets on-chain. Founded by former Goldman Sachs digital assets team member Nathan Allman, ONDO powers an ecosystem that lets anyone access U.S. government bonds, stocks, and commodity-linked products through blockchain rails, 24 hours a day.

The protocol's recent MetaMask integration brought over 200 tokenized U.S. securities directly into the world's most popular self-custodial wallet. With Ondo Chain, a purpose-built Layer 1 blockchain, launching in 2026 and the CLARITY Act potentially establishing a regulatory framework for tokenized assets, Ondo sits at the center of what McKinsey, BCG, and Bernstein project could become a multi-trillion dollar market.

What is Ondo Finance?

Ondo Finance operates as a decentralized platform specializing in real-world asset (RWA) tokenization, converting traditional financial instruments into blockchain-based tokens that trade globally with faster settlement, lower costs, and broader access than conventional brokerage accounts.

The company runs through two divisions. The Asset Management arm creates and manages tokenized financial products backed by real assets. The Technology division builds the protocols and infrastructure supporting those products, including Flux Finance (a lending protocol), Ondo Global Markets (tokenized stocks and ETFs), and the forthcoming Ondo Chain.

Key leadership comes from traditional finance backgrounds:

• Nathan Allman (CEO): Former Goldman Sachs digital assets team
• Justin Schmidt (President): Also ex-Goldman Sachs digital assets
• Katie Wheeler: Former BlackRock
• Ian De Bode (Chief Strategy Officer): Former McKinsey partner

This institutional pedigree shapes how Ondo approaches compliance, product design, and partnerships. The protocol works directly with firms like BlackRock, whose USD Institutional Digital Liquidity Fund (BUIDL) backs Ondo's flagship OUSG product, and has secured collaborations with Chainlink for cross-chain settlements.

Ondo's Product Suite

OUSG: Tokenized U.S. Treasury Exposure

OUSG (Ondo Short-Term U.S. Government Bond Fund) gives qualified purchasers liquid exposure to short-term Treasury securities yielding approximately 4.8–5.1% APY. The fund now holds over $770 million in TVL and supports round-the-clock subscriptions and redemptions across Ethereum, Solana, XRP Ledger, and Polygon.

The portfolio draws from tokenized funds managed by some of the largest names in asset management: BlackRock's BUIDL, Fidelity's Digital Interest Token, Franklin Templeton's BENJI, and WisdomTree's Government Money Market Digital Fund. This diversified backing distinguishes OUSG from single-issuer tokenized Treasury products.

USDY: Yield-Bearing Dollar Alternative

USDY targets non-U.S. investors with a permissionless, yield-bearing token backed by short-term Treasuries and bank deposits. Available on nine blockchains, USDY has surpassed $1 billion in TVL and functions as a stablecoin alternative that generates approximately 5.3% APY while the underlying collateral works.

Ondo Global Markets: Stocks and ETFs On-Chain

Launched in September 2025, Ondo Global Markets became the world's largest tokenized securities platform within 48 hours. Users can access tokenized versions of Tesla, Apple, NVIDIA, Amazon, and major ETFs tracking gold, silver, and the Nasdaq. According to CoinDesk's reporting, the February 2026 MetaMask integration extended this access to millions of wallet users worldwide.

At the Ondo Summit 2026, the team also unveiled Ondo Perps for perpetual futures trading on tokenized equities and Ondo Global Listing for day-one IPO access on-chain.

Ondo Chain: Infrastructure for Institutional Finance

Ondo Chain is a Layer 1 blockchain announced in February 2025, designed specifically for tokenized real-world assets. The architecture combines the transparency of public blockchains with the compliance requirements that institutional finance demands.

Core design choices include permissioned validators run exclusively by regulated financial institutions, RWA-backed staking where validators secure the network using tokenized assets with low volatility profiles, integrated oracles with proof-of-reserve systems that verify asset prices and backing through consensus, and omnichain bridging for seamless asset transfers between supported networks.

The permissioned validator model prevents front-running and MEV extraction, providing the execution guarantees institutional traders require. EVM compatibility means developers can deploy existing smart contracts without modification while still benefiting from the compliance-focused architecture.

As TheStreet reported, approximately 77% of Ondo's TVL currently sits on Ethereum, underscoring its role as the primary settlement layer for regulated real-world assets. Ondo Chain aims to complement this by offering purpose-built infrastructure optimized specifically for tokenized securities.

Understanding ONDO Tokenomics

ONDO has a total supply of 10 billion tokens with approximately 4.87 billion (48.7%) currently unlocked.

Supply Distribution:

• Ecosystem Growth: 52.1%
• Protocol Development: 33.0%
• Private Sales: 12.9%
• Community Access Sale: 2.0%

The January 2026 unlock event released approximately 1.94 billion tokens valued at roughly $737 million, increasing circulating supply by 61%. According to DL News, $123 million went to private sale investors including Pantera Capital and Peter Thiel's Founders Fund, with the remaining $614 million earmarked for protocol development and ecosystem growth.

ONDO functions as a governance token within the Ondo DAO, granting holders voting rights on protocol parameters, smart contract upgrades, and economic policies. The token reached an all-time high of $2.14 before declining over 85% to approximately $0.26 as of early February 2026, reflecting both the token unlock dilution and broader market conditions.

Trading ONDO on LeveX

LeveX provides access to ONDO through both spot and futures markets, accommodating different strategies and risk profiles.

Spot Trading allows direct ownership of ONDO tokens. Holding the token enables governance participation within the Ondo DAO and positions holders for potential ecosystem rewards as the platform expands. This approach suits traders building long-term exposure to the RWA tokenization thesis.

Futures Trading provides leveraged exposure to ONDO price movements without token custody requirements. Perpetual contracts work for traders focused on shorter-term opportunities around product launches, partnership announcements, or regulatory catalysts like the CLARITY Act. LeveX futures fees start at 0.02% for makers, and multi-trade mode enables managing multiple ONDO positions simultaneously with independent leverage and risk parameters.

Risks and Considerations

Token supply pressure remains the most immediate concern. With over half the total supply now unlocked and another major release scheduled for January 2027, traders should monitor emission schedules carefully. The 85%+ decline from all-time highs reflects how aggressively early investors have reduced positions.

Regulatory uncertainty around tokenized securities varies by jurisdiction. ONDO's tokenized stocks and ETFs exclude U.S., U.K., and Canadian users, and policy changes in any supported region could restrict access. The CLARITY Act's progress through Congress will significantly influence institutional adoption timelines.

Competition in RWA tokenization is intensifying. Multiple protocols target the same institutional market, and traditional finance firms are building their own tokenization infrastructure. Ondo's first-mover advantage and BlackRock partnership provide differentiation, but maintaining market leadership requires continuous product expansion.

Counterparty dependencies exist throughout the product suite. OUSG's performance depends on the underlying Treasury fund managers. Ondo Global Markets tokens track securities prices but don't confer shareholder rights, dividends, or voting power, creating a structural gap between tokenized exposure and actual ownership.

RWA Tokenization's Leading Protocol

Ondo Finance has established itself as the largest platform for tokenized Treasuries and securities, with products spanning government bonds, yield-bearing stablecoins, tokenized equities, and perpetual futures. The protocol's institutional DNA, from its Goldman Sachs-pedigreed founders to its BlackRock-backed products, positions it uniquely within a sector that major research firms project will reach trillions in value.

The trajectory from here depends on execution across multiple fronts: Ondo Chain's mainnet launch, regulatory clarity through the CLARITY Act, and whether the MetaMask integration translates sustained user growth into meaningful token demand. The 85% drawdown from all-time highs creates both risk and opportunity, with token unlock schedules and RWA adoption velocity pulling in opposite directions.

For traders seeking exposure to real-world asset tokenization, ONDO offers direct participation in the sector's most prominent protocol. Start trading on LeveX spot markets or access leveraged positions through ONDO futures. Explore our Crypto in a Minute series for deeper coverage of DeFi protocols and blockchain infrastructure.