Analysis: Ondo Finance's 2026 data analysis

How did Ondo Finance reach US$3.6 billion?

As of July 24, Ondo Finance managed approximately US$3.6 billion in tokenized assets, an increase of approximately 40% from the US$2.5 billion reported at the end of January. This makes it one of the few platforms to lead in two areas at the same time: tokenized U.S. Treasuries and tokenized stocks. The growth story is true, but the start of the second half of 2026 shows a strange divergence. Over the past month, the platform's total locked value (TVL) and transfer activity have cooled, while $ONDO tokens have increased by nearly 28%.

How did Ondo reach US$3.6 billion?

This year started with a milestone. On January 23, Ondo announced that its total locked position value exceeded US$2.5 billion, becoming the largest provider of tokenized treasury bonds and tokenized stocks. Token Terminal data at the time showed that TVL grew by about 400% year-on-year and 31% in January alone.

The growth momentum continued into the first half of the year. Ondo Global Markets, a tokenized equity business, crossed $1 billion in TVL on May 11, becoming the first platform in its category to reach this milestone, less than eight months after its September 2025 launch. On the Treasury side, USDY had net inflows of about $1.4 billion in the first half, according to Allium's mid-July analysis.

Today, data tracking platforms are roughly the same. Ondo's official website shows that TVL is US$3.6 billion, DefiLlama statistics are US$3.53 billion, and RWA.xyz shows that the value of distributed assets is US$3.63 billion. The difference is only due to the different tokens and chains included in each platform. All three point in the same direction: strong year-to-date growth, falling only about 2% in the past 30 days.

These assets are distributed across 12 supported chains, with a total of 168 projects integrating Ondo's products. Ethereum accounted for more than half, at $2 billion; followed by Stellar ($533 million), BNB Chain ($354 million), Solana ($299 million), Sei ($258 million) and XRPL ($222 million).

What constitutes the total lockup value?

Three products bear almost the entire weight:

USDY, US$2.16 billion, is the core. This unlicensed yield token is mainly backed by short-term U.S. Treasury bonds, with an annualized yield of 3.55%, and a recent mortgage rate of nearly 106%. It ranks among the world's largest individual tokenized treasury bonds products.

Ondo Stocks(tokenized stock platform, previously known as Ondo Global Markets) exceeded US$1 billion for the first time in May. According to Ondo's official website, it was US$1.03 billion, while Terminal Token statistics were US$948.5 million. It remains by far the largest issuer of tokenized stocks, covering more than 440 U.S. stocks and ETFs on Ethereum, BNB Chain and Solana, with cumulative trading volume exceeding US$20 billion.

OUSG, for institutional-level treasury bonds products, Ondo's official website shows US$408.9 million, and RWA.xyz shows US$478 million. Designed specifically for institutions, it supports 24/7 instant casting and redemption, and its holdings include BlackRock's BUIDL fund. The annualized rate of return is 3.40%, and the 0.15% management fee will be waived until January 1, 2027.

An original footnote has now become a headline. USDY and Ondo Stocks are still not open to U.S. users, which means that all retail growth will come from outside of Ondo's home market. That's about to change: On July 23, Ondo announced that its SEC-registered broker-dealer subsidiary, Oasis Pro Markets, had been authorized by FINRA to provide tokenized stocks, ETFs, mutual funds and IPO securities to U.S. retail and institutional investors.

What is the actual use?

RWA.xyz counted 172,895 Ondo product owners, an increase of nearly 9% in the past 30 days. Ondo Stocks alone has approximately 81,800 independent holders. There are approximately 81,000 monthly active addresses. Transfer activity has cooled, with monthly transaction volume reaching US$2.73 billion, down 29% from the previous month; protocol-grade DEX transaction volume reaching US$585 million in 30 days.

The opposite story is presented in terms of perpetual contracts. Ondo Perps opened to the public on July 7 as a trading venue for U.S. stock perpetual futures after the whitelist phase has generated nearly $2 billion in test trading volume since spring. Over the past 30 days, DefiLlama data showed trading volume of $3.14 billion, including $945 million in the past week, with approximately $47 million in open interest. A points-based reward program launched this week may be boosting, and the venue allows traders to directly connect with Ondo Stocks business with tokenized stocks directly as collateral.

What about fees, income and ONDO tokens?

DefiLlama tracked expenses to US$6.68 million in the past 30 days, annualized to approximately US$57 million. Most of the economic value flows to the holder in the form of income rather than the agreement, especially if OUSG fees are waived. Annualized revenue was close to $13.5 million, and the quarterly trend was upward: $13.26 million in the first quarter increased to $15.3 million in the second quarter.

Tokens have their own stories. The trading price of ONDO is approximately US$0.39, the circulating market value is US$1.92 billion, the fully diluted valuation is approximately US$3.93 billion, 4.87 billion tokens are in circulation, and the maximum supply is 10 billion. The market value is much lower than the platform TVL, and the 24-hour trading volume exceeds US$120 million.

What is Ondo's position in the broader RWA market?

The general environment provides the background. RWA.xyz shows that the total value of distributed real-world assets is US$36.72 billion, an increase of 3.5% in 30 days. Among them, tokenized U.S. Treasury bonds accounted for US$16.08 billion, and Ondo's products totaled approximately US$2.7 billion, accounting for 17%. Tokenized shares totaled $1.88 billion, up 22% in one month, and Ondo was the clear leader.

In a May interview with The Street Roundtable, Ondo CEO and President Ian De Bode predicted that the tokenized stock market could double to $2.5 billion to $3 billion by the end of the year. At the industry's current 30-day growth rate, that goal seems within reach.

This brings the data back to the divergence at the beginning. Platform TVL fell slightly by about 2% in the past month, with transfer volume falling by 29%, while ONDO still rose by about 28%. Traders are paying for growth that has not yet been reflected on the dashboard. Ondo has now been licensed to enter a previously inaccessible market: the United States.