Ondo Finance

At a glance

What it does

Ondo runs three product lines, each with a different legal shape.

OUSG, live since 26 January 2023, is a tokenized fund for qualified investors that holds mostly other managers' Treasury funds, BlackRock's BUIDL above all. An OUSG holder pays about 35 bps in total: 15 bps to Ondo and 20 bps to BlackRock through a reduced-rate BUIDL class.

USDY, from August 2023, is a different instrument. A secured note is a loan to an issuer backed by specific assets that a lender can seize if the issuer fails to pay. USDY is such a note, issued by Ondo USDY LLC, a bankruptcy-remote company whose documents allow only five activities, including buying Treasury bills and holding bank deposits. Ankura Trust Company acts as collateral agent for holders. USDY is sold only outside the United States, under Regulation S.

Ondo Global Markets, launched on 3 September 2025, issues tokens for US stocks and ETFs, each backed one to one by the share held at a US broker-dealer. The issuer is a British Virgin Islands special-purpose company, holders' rights sit under Swiss law, and US persons are excluded. The asset list grew from about 100 at launch to more than 430 by June 2026, across Ethereum, Solana and BNB Chain.

How it is different

Ondo sits between funds and wallets. BlackRock, Franklin Templeton and WisdomTree manage the money; Ondo packages it for on-chain buyers and handles distribution. Ondo Nexus, launched in February 2025, lets OUSG holders redeem around the clock against other managers' tokenized Treasury funds.

It has also bought the licences it lacked. In October 2025 Ondo completed its purchase of Oasis Pro, an SEC-registered broker-dealer, alternative trading system and transfer agent. In December 2025 the SEC closed a multi-year investigation into Ondo's products without charges, as CoinDesk reported.

Delivery is the hard part of tokenized stocks, and Ondo has done it under pressure. In June 2026, when exchanges had to refund more than 1 bn USD of orders for a tokenized SpaceX because their shared issuer could not get an allocation, Ondo delivered its SpaceX token on the day of the IPO.

Where it fits

What a tokenized real-world asset actually is uses USDY as the case of a claim on the issuer rather than a share. Who holds the keys reads OUSG's permission design. Tokenized stocks and Robinhood Chain covers Ondo Global Markets against its rivals. Anatomy of a tokenized fund prices OUSG's fee stack. Related profiles: BlackRock, Backed, Robinhood and Securitize.

Risks and open questions

The ONDO token gives governance rights but no contractual claim on the company's revenue. Scheduled unlocks have also raised the circulating supply through 2026, so a holder of the token does not own the business that issues the products.

OUSG's fee waiver has no single expiry date. Ondo's documentation says 1 July 2026, its product page says 1 January 2027, and neither has been reconciled by the issuer.

OUSG has no function that can move a holder's balance, which is unusual. Control runs through a removable KYC registry spread across three multisig wallets. I read those on Ethereum on 4 September 2026; none sits behind a timelock.

Ondo Chain, a permissioned layer-1 for RWAs announced in February 2025, is described by Ondo, but no public source establishes how much is in production.

What to watch next

• US domestic stock tokens: in July 2026 Ondo and Broadridge launched a US custodial model with proxy voting, and full transferability for US holders would open Ondo's largest market.
• Ondo Chain in production: named validators, live assets and published volumes would turn an announcement into infrastructure.
• Fee after the waiver: the rate OUSG charges once the waiver ends shows whether the product earns money on its own.
• Oasis Pro in use: trading tokenized securities on its own US venue would take Ondo from issuer to marketplace.