Ondo Finance

Ondo Finance designs institutional-grade platforms, assets and infrastructure intended to bring traditional financial markets onto public blockchains. The company is organized around an asset management arm that creates and manages tokenized financial products and a technology arm that develops decentralized finance protocols and market infrastructure; protocols it creates are structured to eventually operate independently of Ondo through separate entities and web interfaces (for example Flux Finance).

Its product set includes OUSG, a qualified-access token providing exposure to short-term US Treasuries with 24/7 instant minting and redemption; USDY, a permissionless yield-bearing tokenized note secured by US Treasuries (and, per third-party coverage, bank deposits, offered in accumulating and rebasing rUSDY forms); and Ondo Stocks / Ondo Global Markets, a platform issuing tokens representing public securities backed 1:1 by underlying shares held at a US-registered broker-dealer, freely transferable and usable in DeFi. USDY and Ondo Stocks are marked as not available in the US. Ondo Nexus is technology that lets issuers of tokenized US Treasuries and stablecoins offer instant minting and redemption to their clients, with integrations referenced across BUIDL, USDC, BENJI, RLUSD, PYUSD, OUSG and ULTRA. On the infrastructure side, Ondo initially announced Ondo Chain, a permissioned EVM Layer-1 for institutional real-world assets, and in July 2026 introduced the Ondo Network, an execution layer that separates trade execution from settlement using off-chain secure hardware enclaves (TEEs) with a decentralized set of attestors controlling which code the enclaves run, while asset transfers settle on a public blockchain. The first application on the Ondo Network is Ondo Perps, a perpetual futures platform.

Third-party coverage describes ONDO as an ERC-20 governance token on Ethereum bridged across multiple chains, and characterizes Ondo as one of the largest tokenized real-world-asset platforms by total value locked.

Founding story

Founded in 2021; Nathan Allman is listed as founder on the company's team page. One third-party profile names the founders as Daniel Shim, Henry Yu and Nathan Allman; another describes Nathan Allman as a former Goldman Sachs digital assets executive. Early company materials note the team includes alumni of Goldman Sachs Digital Assets and Blockchain R&D, Facebook, Microsoft, Symbiont, BadgerDAO, private equity and hedge funds.

Business model

Ondo operates an asset management arm that issues and manages tokenized financial products and a technology arm that builds DeFi protocols and market infrastructure. Investors onboard, connect a wallet and subscribe with stablecoins or, for some products, USD wires, and request redemptions; redemption timing varies by product. Ondo also licenses/offers infrastructure such as Nexus to other issuers of tokenized Treasuries and stablecoins.

According to a third-party profile, Ondo generates revenue from its tokenized asset offerings and associated services on a fee basis tied to minting and redeeming products such as USDY and OUSG; specific pricing is not disclosed.

Traction

Company site figures show Ondo Stocks TVL of $1.03B across 440+ assets with about 179,500 unique holders, USDY TVL of $2.19B at a 3.55% APY, and OUSG TVL of $367.38M at a 3.45% APY. Third-party coverage cites platform TVL of roughly $3.5–3.8 billion, an ONDO market cap near $1.9–2.0 billion at a price around $0.40 in late May 2026, circulating supply of about 4.87 billion of a 10 billion maximum, and an all-time high token price of $2.14 on 2024-12-16.

Latest developments

In 2026 Ondo announced a Broadridge partnership to bring voting capabilities to tokenized stocks (2026-04-28); completed what it described as the first cross-border, cross-bank redemption of tokenized U.S. Treasuries with Kinexys by J.P. Morgan, Mastercard and Ripple (2026-05-06); launched 24/7 minting and redemption for tokenized stocks (2026-06-25); launched Ondo Perps and introduced the Ondo Network execution layer (2026-07-27). Leadership changed after founder Nathan Allman died unexpectedly in late May 2026, with Ian De Bode, previously President, becoming CEO; former US Representative Patrick McHenry is listed as Vice Chairman.