After months of trading sideways while its underlying business scaled, the native token of real-world asset (RWA) tokenization platform Ondo Finance is finally catching up.
$ONDO is trading at $0.45, up 29% over the past 24 hours and around 68% on the week, according to CoinGecko. The token’s market capitalization has climbed to $2.2 billion, with 24-hour trading volume jumping to $490 million as the breakout accelerated overnight.
The rally kicked off on May 4, when the Depository Trust & Clearing Corporation revealed timelines for its tokenization service and named Ondo Finance among more than 50 firms in its industry working group.
The group includes BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Morgan Stanley, NYSE Group and Citadel Securities, alongside crypto-native firms Circle, Fireblocks and Robinhood.
“We believe tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency and efficiency to investors,” said Frank La Salla, DTCC President and CEO.
DTCC plans to facilitate initial production trades in July 2026 and launch the service commercially in October 2026. The service will initially cover Russell 1000 constituents, ETFs tracking major indices, and U.S. Treasury bills, bonds, and notes, all assets in which Ondo is already active.
For a project whose business has scaled aggressively while its token price largely stagnated, the working group selection brought a stamp of institutional credibility. Ondo’s TVL doubled past $2 billion in January and stands at $3.68 billion today, per DefiLlama, making it the largest tokenized RWA platform.
Two days later, Ondo, Kinexys by J.P. Morgan, Mastercard and Ripple announced that they had completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund.
In the pilot, Ripple redeemed a portion of its Ondo Short-Term U.S. Government Treasuries (OUSG) holdings on the XRP Ledger, where OUSG has been live since June 2025. Mastercard’s Multi-Token Network routed the fiat settlement instruction to Kinexys, which debited Ondo’s blockchain deposit account and wired U.S. dollars to Ripple’s bank account in Singapore. The blockchain leg cleared in under five seconds, and the entire flow ran outside conventional banking hours.
“This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near-real time and outside traditional banking windows,” said Ian De Bode, President of Ondo Finance.
Ondo has spent the past year branching out beyond Treasuries. Its tokenized stocks and ETFs platform, Ondo Global Markets, launched on Ethereum in September 2025 and has since rolled out across BNB Chain, Solana, and Hyperliquid via Felix.
Tokenized U.S. Treasuries crossed $10 billion in February and now stand at roughly $15 billion, per RWAxyz, with Ondo, BlackRock’s BUIDL and Circle’s USYC the largest issuers.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
