What is Ondo Finance (ONDO)?

Ondo Finance is a company that turns traditional financial assets into blockchain tokens. Its products include tokens that track short-term US government debt and tokens that track US-listed stocks. ONDO is a separate crypto token connected to the project, and it is important not to confuse the two.

What is Ondo Finance used for?

Ondo describes itself as building platforms and infrastructure to bring financial markets on chain. Its asset management side issues tokenized products, and its technology side builds DeFi protocols. In plain terms, it is used to hold assets like Treasury funds or stocks in token form, which can be moved on a blockchain at any hour. For the wider idea, see what tokenization is.

Most products require identity checks and are restricted by country, as of October 2026.

How do Ondo's tokenized treasuries work?

Ondo offers two main Treasury-linked tokens:

• OUSG is a tokenized fund for qualified investors. It holds funds from managers such as BlackRock, Franklin Templeton, WisdomTree and Fidelity, plus bank deposits and USDC for liquidity. Its net asset value updates each business day, and minting and redeeming run around the clock.
• USDY is a tokenized note backed by short-term US Treasuries or a short Treasury ETF, or by bank deposits. It is open only to qualifying investors who are not US persons. A version called rUSDY holds a $1.00 price and pays yield as extra tokens instead.

These tokens are not the same as a stablecoin. They are investment products that pass on interest, and they carry eligibility rules.

What are Ondo Global Markets tokenized stocks?

Ondo Global Markets launched on Ethereum on September 3, 2025, with more than 100 US stocks and ETFs. The products now sit under the name Ondo Stocks, issued by Ondo Global Markets (BVI) Limited. Each token carries an "on" suffix, such as TSLAon, and is available on Ethereum, BNB Chain and Solana.

The tokens are backed by the underlying shares held at US-registered broker-dealers, plus cash in transit. Holders get exposure to the total economic return of the underlying securities, but not ownership of the shares themselves. Ondo's docs say they come with no voting rights or other shareholder rights. They are generally offered to non-US investors only. For how this model compares with others, see what tokenized stocks are.

What is the ONDO token used for?

ONDO is a governance token. DefiLlama, which tracks token rights, lists governance as its main right and shows no fee switch, buybacks, burns or dividends for holders. Owning ONDO does not mean owning shares in Ondo Finance the company, and it does not give a claim on the assets inside OUSG, USDY or Ondo Stocks.

In January 2024, 14.3% of ONDO's supply was unlocked for trading. In December 2025, Ondo said the SEC had ended an investigation, begun in 2024, that looked at whether its tokenization complied with securities law and whether ONDO should be treated as a security. The SEC did not confirm the investigation existed. See what a governance token is for how such tokens usually work.