Ondo Finance (@Ondo) managed about $3.6 billion in tokenized property as of July 24, a rise of about 40% from the $2.5 billion it reported in late January. This makes it a uncommon platform to guide in two classes concurrently: tokenized U.S. Treasuries and tokenized equities. The expansion story is actual, however the second half of 2026 begins at an odd juncture. Though platform TVL and switch exercise has subsided over the previous month; $ONDO The token rose practically 28%.
How did Ondo get $3.6 billion?
This yr began with a milestone. On January 23, Ondo introduced that the overall quantity locked has exceeded $2.5 billion, making it the biggest supplier of each tokenized U.S. Treasuries and tokenized equities. In line with Token Terminal information on the time, TVL was up practically 400% year-over-year, with a 31% improve in January alone.
The climb continued till the primary half. Ondo International Markets, the tokenized fairness arm, surpassed $1 billion in TVL on Could eleventh. That is the primary platform in its class to achieve this stage lower than eight months after its launch in September 2025. On the Ministry of Finance aspect, $USDY There have been web inflows of about $1.4 billion within the first half, based on a mid-July evaluation by Allium.
The pursuers now largely agree. Ondo’s personal homepage lists TVL at $3.6 billion, DefiLlama at $3.53 billion, and RWA(.)xyz at $3.63 billion in decentralized asset worth, however there are slight variations by which tokens and chains are included in every. All three point out the identical factor. Which means sturdy year-to-date development and a rebound of simply over 2% over the previous 30 days.
These property span 12 supported chains, with 168 tasks integrating Ondo’s merchandise. Ethereum Simply over half, or $2 billion, adopted. Stella For $533 million, $BNB chain For $354 million, Solana For $299 million, Get used to it For $258 million, XRPL For $222 million.
What does the overall include?
Three merchandise carry virtually all the weight.
- $USDY$2.16 billion is the anchor. The permissionless yield token is primarily backed by short-term U.S. Treasury securities and pays an APY of three.55%, with a latest collateralization charge of practically 106%. It ranks among the many largest individually tokenized Treasury merchandise.
- Ondo inventoryThe tokenized inventory platform, previously touted as Ondo International Markets, crossed the $1 billion mark for the primary time in Could and now stands at $1.03 billion per web page on Ondo, whereas the token terminal rely is $948.5 million. The corporate stays by far the biggest tokenized fairness issuer, with over 440 US shares and ETFs throughout Ethereum. $BNB Chain and Solana have a cumulative buying and selling quantity of over $20 billion.
- OUSGInstitutional Treasury merchandise maintain $408.9 million per Ondo web page, with RWA(.)xyz displaying $478 million. Constructed for establishments with 24/7 immediate minting and redemption, their holdings embody BlackRock (@BlackRock) BUIDL Fund. The APY is 3.40% and the 0.15% administration charge is waived till January 1, 2027.
A footnote turned a headline. $USDY Ondo inventory will not be but accessible to People. Which means all the retail development is coming from outdoors of Ondo’s residence market. That modifications: July twenty third, Ondo introduced Oasis Professional Markets, an SEC-registered broker-dealer subsidiary, had secured FINRA authorization to supply tokenized shares, ETFs, mutual funds, and IPO securities to retail and institutional traders in the US.
Who really makes use of it?
RWA(.)xyz has 172,895 holders throughout Ondo merchandise, a rise of just about 9% prior to now 30 days. Ondo Shares alone accounts for about 81,800 distinctive holders per the corporate’s dashboard. Roughly 81,000 month-to-month lively addresses. Remittance exercise has calmed down, with month-to-month buying and selling quantity at $2.73 billion, down 29% month-over-month, and protocol-level DEX buying and selling quantity at $585 million in 30 days.
The perpetrator tells the alternative story. Ondo Perps opened to the general public as a everlasting futures trade for U.S. shares on July 7, after a whitelisting part that had already generated practically $2 billion in check buying and selling quantity for the reason that spring. Buying and selling quantity per DefiLlama prior to now 30 days is $3.14 billion, together with $945 million prior to now week, and open curiosity is modest at round $47 million. A degree-based rewards program launched this week is probably going to offer additional impetus, with the venue permitting merchants to pledge tokenized shares straight as collateral, which might then be constructed straight into the Ondo Shares pillars.
charges, income, and $ONDO?
DefiLlama is monitoring $6.68 million in charges over the previous 30 days, or roughly $57 million yearly. Most of its financial worth flows to holders as yield relatively than to the protocol, particularly with the OUSG charge being waived. Annual income is sort of $13.5 million, and the quarterly pattern is constructive. $13.26 million within the first quarter elevated to $15.3 million within the second quarter.
The token aspect tells its personal story. $ONDO The transaction worth is roughly $0.39, the circulating market capitalization is $1.92 billion, the absolutely diluted valuation is sort of $3.93 billion, and the variety of circulating tokens is 4.87 billion out of a most of 10 billion. Its market capitalization is considerably decrease than platform TVL, and its 24-hour buying and selling quantity exceeds $120 million.
The place does Ondo match into the broader RWA market?
Background helps. RWA(.)xyz estimates complete real-world diversified property at $36.72 billion, up 3.5% in 30 days. Of this, tokenized U.S. Treasuries account for $16.08 billion, and Ondo merchandise collectively maintain about $2.7 billion, accounting for a 17% share. The full worth of tokenized shares was $1.88 billion, up 22% in a single month, with Ondo being the clear chief.
In Could, Ondo CEO and President Ian de Bode (@iandebode) advised TheStreet Roundtable that it’s anticipated that the tokenized inventory market might double from $2.5 billion to $3 billion by the tip of the yr. On the sector’s present 30-day tempo, this objective appears inside attain.
This returns the numbers to the preliminary cut up. Platform TVL fell by simply over 2% final month, with switch volumes down 29%. $ONDO Nonetheless, it rose by about 28%. Merchants are paying a value for development whose dashboards should not but printed. Ondo presently holds a license to enter the US, the one promote it was beforehand unable to enter.
supply:
- Ondo Finance Official product web page together with reside TVL, APY, and holder figures $USDYOUSG, Ondo Inventory.
- PR Information Wire Ondo introduced on July 23 the FINRA authorization of Oasis Professional Markets to U.S. traders.
- Defilama Ondo’s TVL, chain breakdown, charges, income, and $ONDO token metrics.
- RWA.xyz Actual-world asset evaluation overlaying Ondo’s diversified asset worth, variety of holders, and sector totals.
- token terminal Ondo’s monetary metrics, together with sector breakdown and year-on-year TVL development.
- The Avenue Ian De Bode’s year-end predictions for the tokenized inventory market.
