Ondo Finance (@Ondo) manages roughly $3.6 billion in tokenized belongings as of July 24, up round 40% from the $2.5 billion it reported in late January. That makes it the uncommon platform main two classes without delay: tokenized US Treasuries and tokenized shares. The expansion story is actual, however the second half of 2026 opens with an odd break up. Platform TVL and switch exercise have cooled over the previous month whereas the $ONDO token has gained shut to twenty-eight%.
How Did Ondo Get to $3.6 Billion?
The yr began with a milestone. On January 23, Ondo introduced it had crossed $2.5 billion in whole worth locked, making it the biggest supplier of each tokenized Treasuries and tokenized shares. Token Terminal information on the time confirmed TVL up roughly 400% yr over yr, with a 31% leap in January alone.
The climb continued by way of the primary half. Ondo International Markets, the tokenized shares arm, crossed $1 billion in TVL on Could 11, the primary platform within the class to hit that mark and fewer than eight months after its September 2025 launch. On the Treasuries aspect, $USDY pulled in round $1.4 billion in internet inflows through the first half, per a mid-July evaluation by Allium.
In the present day, the trackers broadly agree. Ondo’s personal homepage reveals $3.60 billion in TVL, DefiLlama counts $3.53 billion, and RWA(.)xyz reveals $3.63 billion in distributed asset worth, with small gaps all the way down to which tokens and chains every one consists of. All three level the identical manner: robust year-to-date progress, with a pullback of simply over 2% previously 30 days.
The belongings sit throughout 12 supported chains, with 168 tasks integrating Ondo’s merchandise. Ethereum holds simply over half at $2.0 billion, adopted by Stellar at $533 million, $BNB Chain at $354 million, Solana at $299 million, Sei at $258 million, and XRPL at $222 million.
What Makes Up the Complete?
Three merchandise carry almost all the burden:
- $USDY, at $2.16 billion, is the anchor. The permissionless yield token is backed primarily by short-term US Treasuries, pays 3.55% APY, and just lately confirmed a collateralization ratio close to 106%. It ranks among the many largest particular person tokenized Treasury merchandise wherever.
- Ondo Shares, the tokenized equities platform beforehand promoted as Ondo International Markets, first crossed $1 billion in Could and sits at $1.03 billion per Ondo’s personal web page, although Token Terminal counts $948.5 million. It stays the biggest tokenized shares issuer by a large margin, spanning greater than 440 US shares and ETFs throughout Ethereum, $BNB Chain, and Solana, with over $20 billion in cumulative buying and selling quantity.
- OUSG, the institutional Treasuries product, holds $408.9 million per Ondo’s web page, with RWA(.)xyz displaying $478 million. Constructed for establishments with 24/7 instantaneous mints and redemptions, its holdings embrace BlackRock’s (@BlackRock) BUIDL fund. APY sits at 3.40%, and the 0.15% administration charge is waived till January 1, 2027.
One footnote simply grew to become a headline. $USDY and Ondo Shares are nonetheless not out there to US individuals, which means all of that retail progress has come from exterior Ondo’s residence market. That’s set to vary: on July 23, Ondo introduced its SEC-registered broker-dealer subsidiary Oasis Professional Markets had secured FINRA authorizations to supply tokenized equities, ETFs, mutual funds, and IPO securities to US retail and institutional traders.
Who Is Truly Utilizing It?
RWA(.)xyz counts 172,895 holders throughout Ondo merchandise, up virtually 9% over the previous 30 days. Ondo Shares alone accounts for roughly 81,800 distinctive holders per the corporate’s personal dashboard. Month-to-month energetic addresses sit round 81,000. Switch exercise has cooled, with month-to-month quantity at $2.73 billion, down 29% from a month earlier, and protocol-level DEX quantity at $585 million over 30 days.
The perps aspect tells the alternative story. Ondo Perps opened to the general public on July 7 as a perpetual futures venue for US equities, after a whitelist part that had already produced near $2 billion in check quantity since spring. The previous 30 days present $3.14 billion in buying and selling per DefiLlama, together with $945 million previously week, towards modest open curiosity of round $47 million. A points-based reward program launched this week is probably going including gasoline, and the venue lets merchants publish tokenized shares instantly as collateral, plugging it straight into the Ondo Shares pillar.
What About Charges, Income, and $ONDO?
DefiLlama tracks $6.68 million in charges over the previous 30 days, or about $57 million annualized. Most of that financial worth flows to holders as yield relatively than to the protocol, particularly with the OUSG charge waived. Annualized income runs close to $13.5 million, and the quarterly pattern factors up: $13.26 million in Q1 grew to $15.3 million in Q2.
The token aspect tells its personal story. $ONDO trades round $0.39 with a circulating market cap of $1.92 billion and a totally diluted valuation close to $3.93 billion, on 4.87 billion circulating tokens out of a ten billion most. The market cap sits properly beneath platform TVL, and 24-hour quantity tops $120 million.
The place Does Ondo Sit within the Wider RWA Market?
The backdrop helps. RWA(.)xyz places whole distributed real-world asset worth at $36.72 billion, up 3.5% over 30 days. Tokenized US Treasuries account for $16.08 billion of that, with Ondo’s merchandise holding round $2.7 billion mixed, a 17% share. Tokenized shares whole $1.88 billion, up 22% in a month, with Ondo the clear chief.
In Could, Ondo CEO and President Ian De Bode (@iandebode) projected the tokenized fairness market might double to $2.5 to $3 billion by year-end, talking to TheStreet Roundtable. On the sector’s present 30-day tempo, that focus on seems inside attain.
Which brings the numbers again to that opening break up. Platform TVL eased simply over 2% previously month, switch quantity fell 29%, and $ONDO nonetheless gained about 28%. Merchants are paying up for progress the dashboards haven’t printed but. Ondo now holds the licenses to get into the one promote it couldn’t contact thus far: the USA.
Sources:
- Ondo Finance Official product pages with stay TVL, APY, and holder figures for $USDY, OUSG, and Ondo Shares.
- PR Newswire Ondo’s July 23 announcement of Oasis Professional Markets’ FINRA authorizations for US traders.
- DefiLlama Stay protocol information masking Ondo’s TVL, chain breakdown, charges, income, and $ONDO token metrics.
- RWA.xyz Actual-world asset analytics masking Ondo’s distributed asset worth, holder counts, and sector totals.
- Token Terminal Monetary metrics for Ondo together with sector breakdowns and year-over-year TVL progress.
- TheStreet Ian De Bode’s year-end projection for the tokenized equities market.
