Coin columns · Ethereum City (Capital)
Ondo (ONDO): Governance Token of a Leader in Tokenized Treasuries
The RWA firm behind OUSG, USDY and tokenized US stocks
ONDO is the governance token used to steer the ecosystem of Ondo Finance, a company that turns US Treasury funds and US stocks into blockchain tokens and one of the best-known names in real-world-asset tokenization.
1. Who built it
Ondo Finance was founded in the US in 2021 by Nathan Allman, a Goldman Sachs alumnus, and Pinku Surana. It began with DeFi products, but from 2023 it focused on tokenizing traditional assets such as US Treasuries, known as real-world assets (RWAs).
The ONDO token came out of sales including a 2022 CoinList offering and became freely tradable in January 2024. Its total supply is fixed at 10 billion, and it is used to vote on the direction of the Ondo ecosystem. On the Crypto Nation map, ONDO stands in Ethereum City (the capital), where it was first issued.
2. How it works: Treasury tokens and stock tokens
Ondo’s products keep real assets with legal entities and custodians and represent shares of them as tokens. Key examples are OUSG (January 2023), a Treasury fund token for qualified investors, and USDY (August 2023), a yield-bearing dollar token for non-US investors; both require identity checks (KYC) to mint or redeem.
In September 2025 Ondo opened Ondo Global Markets, tokenized US stocks and ETFs for non-US investors, and renamed it Ondo Stocks in July 2026. It started on Ethereum and also trades on BNB Chain and Solana. Crucially, ONDO gives no claim on these products’ revenue; it is a governance token.
3. Milestones
In 2024 OUSG put assets into BlackRock’s tokenized fund BUIDL and introduced instant minting and redemption in stablecoins. In October 2025 Ondo completed its acquisition of Oasis Pro, which holds an SEC-registered broker-dealer, an alternative trading system (ATS) and a transfer agent, widening its base for regulated tokenized securities.
In July 2026 it unveiled Ondo Perps, a perpetual-futures venue that accepts tokenized stocks as collateral, and Ondo Network, which replaced its planned Ondo Chain layer 1. Beyond Ethereum, USDY is issued on Sui, Aptos, Stellar, the XRP Ledger and other chains.
4. Things to know
Because ONDO carries no right to product revenue, Ondo’s business success does not flow directly into the token, and holding ONDO does not make anyone eligible for Ondo’s products. A large part of supply is allocated to the team, investors and ecosystem and unlocks on a schedule, so unlock dates tend to draw attention.
Tokenized assets keep their value only if the off-chain entities, custodians and brokers behind them work properly. Eligibility and available countries differ by product, and changes in US securities law or other rules can narrow a service. Tokenized stocks may also lack shareholder rights such as voting.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.