Ondo Finance (@Ondo) manages roughly $3.6 billion in tokenized assets as of July 24, up around 40% from the $2.5 billion it reported in late January. That makes it the rare platform leading two categories at once: tokenized US Treasuries and tokenized stocks. The growth story is real, but the second half of 2026 opens with an odd split. Platform TVL and transfer activity have cooled over the past month while the $ONDO token has gained close to 28%.
How Did Ondo Get to $3.6 Billion?
The year started with a milestone. On January 23, Ondo announced it had crossed $2.5 billion in total value locked, making it the largest provider of both tokenized Treasuries and tokenized stocks. Token Terminal data at the time showed TVL up roughly 400% year over year, with a 31% jump in January alone.
The climb continued through the first half. Ondo Global Markets, the tokenized stocks arm, crossed $1 billion in TVL on May 11, the first platform in the category to hit that mark and less than eight months after its September 2025 launch. On the Treasuries side, $USDY pulled in around $1.4 billion in net inflows during the first half, per a mid-July analysis by Allium.
Today, the trackers broadly agree. Ondo’s own homepage shows $3.60 billion in TVL, DefiLlama counts $3.53 billion, and RWA(.)xyz shows $3.63 billion in distributed asset value, with small gaps down to which tokens and chains each one includes. All three point the same way: strong year-to-date growth, with a pullback of just over 2% in the past 30 days.
The assets sit across 12 supported chains, with 168 projects integrating Ondo’s products. Ethereum holds just over half at $2.0 billion, followed 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 Total?
Three products carry nearly all the weight:
- $USDY, at $2.16 billion, is the anchor. The permissionless yield token is backed mainly by short-term US Treasuries, pays 3.55% APY, and recently showed a collateralization ratio near 106%. It ranks among the largest individual tokenized Treasury products anywhere.
- Ondo Stocks, the tokenized equities platform previously promoted as Ondo Global Markets, first crossed $1 billion in May and sits at $1.03 billion per Ondo’s own page, though Token Terminal counts $948.5 million. It remains the largest tokenized stocks issuer by a wide margin, spanning more than 440 US stocks and ETFs across Ethereum, $BNB Chain, and Solana, with over $20 billion in cumulative trading volume.
- OUSG, the institutional Treasuries product, holds $408.9 million per Ondo’s page, with RWA(.)xyz showing $478 million. Built for institutions with 24/7 instant mints and redemptions, its holdings include BlackRock’s (@BlackRock) BUIDL fund. APY sits at 3.40%, and the 0.15% management fee is waived until January 1, 2027.
One footnote just became a headline. $USDY and Ondo Stocks are still not available to US persons, meaning all of that retail growth has come from outside Ondo’s home market. That is set to change: on July 23, Ondo announced its SEC-registered broker-dealer subsidiary Oasis Pro Markets had secured FINRA authorizations to offer tokenized equities, ETFs, mutual funds, and IPO securities to US retail and institutional investors.
Who Is Actually Using It?
RWA(.)xyz counts 172,895 holders across Ondo products, up almost 9% over the past 30 days. Ondo Stocks alone accounts for roughly 81,800 unique holders per the company’s own dashboard. Monthly active addresses sit around 81,000. Transfer activity has cooled, with monthly volume at $2.73 billion, down 29% from a month earlier, and protocol-level DEX volume at $585 million over 30 days.
The perps side tells the opposite story. Ondo Perps opened to the public on July 7 as a perpetual futures venue for US equities, after a whitelist phase that had already produced close to $2 billion in test volume since spring. The past 30 days show $3.14 billion in trading per DefiLlama, including $945 million in the past week, against modest open interest of around $47 million. A points-based reward program introduced this week is likely adding fuel, and the venue lets traders post tokenized stocks directly as collateral, plugging it straight into the Ondo Stocks pillar.
What About Fees, Revenue, and $ONDO?
DefiLlama tracks $6.68 million in fees over the past 30 days, or about $57 million annualized. Most of that economic value flows to holders as yield rather than to the protocol, especially with the OUSG fee waived. Annualized revenue runs near $13.5 million, and the quarterly trend points up: $13.26 million in Q1 grew to $15.3 million in Q2.
The token side tells its own story. $ONDO trades around $0.39 with a circulating market cap of $1.92 billion and a fully diluted valuation near $3.93 billion, on 4.87 billion circulating tokens out of a 10 billion maximum. The market cap sits well below platform TVL, and 24-hour volume tops $120 million.
Where Does Ondo Sit in the Wider RWA Market?
The backdrop helps. RWA(.)xyz puts total distributed real-world asset value at $36.72 billion, up 3.5% over 30 days. Tokenized US Treasuries account for $16.08 billion of that, with Ondo’s products holding around $2.7 billion combined, a 17% share. Tokenized stocks total $1.88 billion, up 22% in a month, with Ondo the clear leader.
In May, Ondo CEO and President Ian De Bode (@iandebode) projected the tokenized equity market could double to $2.5 to $3 billion by year-end, speaking to TheStreet Roundtable. At the sector’s current 30-day pace, that target looks within reach.
Which brings the numbers back to that opening split. Platform TVL eased just over 2% in the past month, transfer volume fell 29%, and $ONDO still gained about 28%. Traders are paying up for growth the dashboards have not printed yet. Ondo now holds the licenses to get into the one market it could not touch so far: the USA.
Sources:
- Ondo Finance Official product pages with live TVL, APY, and holder figures for $USDY, OUSG, and Ondo Stocks.
- PR Newswire Ondo’s July 23 announcement of Oasis Pro Markets’ FINRA authorizations for US investors.
- DefiLlama Live protocol data covering Ondo’s TVL, chain breakdown, fees, revenue, and $ONDO token metrics.
- RWA.xyz Real-world asset analytics covering Ondo’s distributed asset value, holder counts, and sector totals.
- Token Terminal Financial metrics for Ondo including sector breakdowns and year-over-year TVL growth.
- TheStreet Ian De Bode’s year-end projection for the tokenized equities market.
