Ondo Finance
Ondo Finance is a New York-based tokenization platform that brings US Treasuries, stocks, and ETFs onchain for non-US institutional and professional investors, operating across seven blockchains with Nexus mint/redemption infrastructure powering flagship tokenized Treasury and stablecoin issuers.
- Company typePrivate
- Founded2021
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Ondo Finance does
Ondo Finance is a New York-based, venture-backed tokenization platform founded in 2021 that brings US real-world assets — short-term US Treasuries, US-listed stocks, and ETFs — onchain for non-US institutional and professional investors. The company operates a platform-plus-modules architecture: Ondo Global Markets offers 430+ tokenized US stocks and ETFs across Ethereum, Solana, BNB Chain, XRP Ledger, Sui, Aptos, and Sei with synchronous 24/5 (and increasingly 24/7) mint/redeem tied to US market hours; USDY is a permissionless yieldcoin backed by short-term US Treasuries; OUSG is an institutional-only tokenized Treasury fund with 24/7 instant mint/redeem; Nexus is B2B infrastructure that powers instant mint/redemption for flagship tokenized Treasury and stablecoin issuers including BUIDL (BlackRock), USDC (Circle), BENJI (Franklin Templeton), RLUSD (Ripple), PYUSD (Paxos), OUSG, and ULTRA. Layered products include Flux Finance (DeFi protocol bounding OUSG collateral via Chainlink SHV oracle), Ondo Chain (a permissioned L1 purpose-built for asset managers), and Ondo Perps (a perpetuals platform launched June 2026 for leveraged trading of tokenized US stocks/ETFs).
Ondo's business model blends transaction-fee spread capture on mint/redeem operations of Global Markets tokens (median 1.00 bps vs. underlying order book, per 691,078 transaction observations), yield-based revenue on the short-term Treasuries backing USDY and OUSG (less distribution fees), and contact-based enterprise revenue from Nexus infrastructure deployments. Distribution spans institutional rails (Clearstream, 360X, DTCC working group, Talos/Gate, Broadridge for proxy voting), centralized exchanges (Binance Wallet, OKX, KuCoin, Blockchain.com, MEXC), and DeFi/wallet channels (Exodus Markets, MetaMask, PancakeSwap, LI.FI, Felix/Hyperliquid, LayerZero bridging). The company is barred from offering products to US persons and serves qualified/professional investors across 30 EU/EEA countries, Switzerland, the UK, and ADGM.
The company is operationally led by CEO Ian De Bode following the May 2026 death of founder Nathan Allman; former US Congressman Patrick McHenry serves as Vice Chairman, and John Hoffman (ex-Invesco ETF head, ex-Grayscale MD) was hired in June 2026 to lead product portfolios. Ondo has raised $20 million in a Series A (April 2022) co-led by Founders Fund and Pantera Capital, holds ~70% market share among tokenized equity issuers with $18B+ cumulative trading volume, and is positioned for US entry via its 2025 Oasis Pro broker-dealer acquisition and 2026 SEC no-action request.
Ondo Finance firmographics
Firmographics- Name
- Ondo Finance
- Legal name
- Ondo Finance Inc.
- Website
- https://ondo.finance
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Ondo Finance is a New York-based tokenization platform that brings US Treasuries, stocks, and ETFs onchain for non-US institutional and professional investors, operating across seven blockchains with Nexus mint/redemption infrastructure powering flagship tokenized Treasury and stablecoin issuers.
- Ownership category
- akta.pro rank
Ondo Finance industry classification
Industry- Product category
- Tokenized Real-World Asset Platform
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)
- akta.pro secondary industries
- Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)
Keywords
Where Ondo Finance is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Ondo Finance business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Others
Revenue model
- Tokenized Asset Issuance (USDY, OUSG, Global Markets): Issues and services tokenized U.S. Treasury products and tokenized stocks/ETFs. Generates spread-based revenue on mint/redeem operations of Global Markets tokens, and earns on the underlying short-term Treasury yield backing USDY and OUSG (less distribution fees).
- Nexus Technology (B2B Mint/Redemption Infrastructure): Provides Nexus technology to issuers of tokenized US Treasuries and stablecoins (BUIDL, USDC, BENJI, RLUSD, PYUSD, OUSG, ULTRA) to enable instant minting and redemption. Contact-based enterprise offering rather than a self-serve product.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | USDY — permissionless yieldcoin (variable APY, monthly) |
| Other | Pay-as-you-go | OUSG — institutional short-term US Treasury token (variable APY) |
| Transaction based/ take rate | Pay-as-you-go | Ondo Global Markets — tokenized US stocks/ETFs |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
Ondo Finance product offering
Product offeringCore offering
Ondo Finance is an institutional-grade tokenization platform that issues and services tokenized versions of US Treasuries, US stocks, and ETFs on public blockchains. Its core offerings include USDY (a permissionless yieldcoin backed by short-term US Treasuries), OUSG (an institutional tokenized short-term US Treasury fund with 24/7 minting and redemption), and Ondo Global Markets (a tokenized US equities and ETFs platform with 430+ assets). The company also provides Nexus technology enabling instant minting and redemption for major tokenized asset issuers (BUIDL, USDC, BENJI, RLUSD, PYUSD, OUSG, ULTRA).
Product overview
Ondo Finance operates a platform-plus-modules architecture for institutional-grade tokenized finance. The core is Ondo Global Markets, a tokenized equities and ETFs platform that brings traditional public securities onchain with tokens freely transferable and usable in DeFi; this sits alongside two flagship yield-bearing products — USDY (the permissionless yieldcoin for non-U.S. retail) and OUSG (institutional-only short-term U.S. Treasuries with 24/7 minting and redemptions). Layered on top is Ondo Nexus technology, which enables issuers of tokenized U.S. Treasuries and stablecoins to offer instant minting and redemption; Flux Finance, a DeFi protocol historically bounding OUSG collateral via SHV oracle; the Ondo Chain, described as purpose-built infrastructure for institutions; and the forthcoming Ondo Perps perpetuals platform for leveraged trading of tokenized U.S. equities. Together these products bridge traditional broker-dealer custodial controls and public blockchain programmability for institutional and eligible non-U.S. investors.
Differentiator
Problem solved
Functional benefit
Brands
- Ondo Global Markets: Platform bringing traditional public securities onchain with tokens freely transferable and usable in DeFi; offers 430+ tokenized U.S. stocks and ETFs across multiple chains.
- USDY
- OUSG
- Ondo Perps
- Nexus
Products and services
- Ondo Global Markets Platform that brings traditional US public securities onchain as freely transferable tokens usable in DeFi, with tokens synchronized to U.S. market hours and tight price linkage (median 1.00 bps spread) to the underlying order book. Not available to US persons; offered to qualified/professional investors in the UK, Switzerland, and EEA under FMA Liechtenstein prospectus; certain tokens admitted on Nest Exchange in ADGM.
- USDY
Quantifiable outcome
- Median spread of 1.00 bps vs. underlying US order book for Ondo Global Markets tokens (Feb 2–Apr 7, 2026; 691,078 observations)
- +4 more outcomes
Companies that use Ondo Finance
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
Ondo Finance technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration24 records
Feature5 records
Ondo Finance partnerships and signals
Strategic signalPartnerships
26 partnerships are on record, tiered core strategic, core distribution, core technology, flagship strategic, minor distribution and core ecosystem.
- Mirae Assetcore strategicStrategic partnership to tokenize ten Global X ETF products on blockchain — first time an Asian financial giant has moved traditional ETF products onto a decentralized network.
- MEXCcore distributionMEXC listed five (and subsequently nine) Ondo tokenized stock trading pairs covering U.S. AI, semiconductor, energy, and optical-communications companies (e.g., CCJON, TTMION, RMBSON, SYMON, KEELON, plus Cerebras, Corning, Dell, Nokia, etc.), providing 24/7 on-chain equity access to 40M+ users.
- LI.FIcore technologyOndo tokenized stocks and ETFs integrated into LI.FI protocol, giving access to 1,000+ wallets, protocols, and applications via gasless, intent-based execution on Ethereum and BNB Chain (Solana planned).
- Binance Walletcore distributionOndo tokenized US stocks integrated into Binance Wallet, providing Binance's 280M users access to 100+ tokenized US securities.
- Exodus Movementcore distributionPartnership to launch Exodus Markets, enabling self-custodial wallet users to trade 200+ tokenized stocks, ETFs, and real-world assets on Solana via Ondo's tokenization infrastructure.
- Blockchain.comcore distributionBlockchain.com integrated 173 Ondo tokenized stocks and ETFs, expanding its catalog of tokenized traditional assets to 430+ offerings across Ethereum, Solana, and BNB Chain. Rollout initially in the EEA and Africa/South America.
- LayerZerocore technologyOndo integrates its tokenized stocks and ETFs via LayerZero across 260+ assets with $850M TVL and $17B cumulative volume bridged. Ondo's bridge uses a multi-DVN configuration with at least 3 DVNs and an Ondo-built DVN that fails closed.
- DTCC (Depository Trust & Clearing Corporation)core strategicOndo was selected to join a DTCC-led industry working group alongside BlackRock, Goldman Sachs, Franklin Templeton, JPMorgan, and Circle to standardize onchain capital market infrastructure; DTCC plans to tokenize Russell 1000 stocks and Treasuries in July 2026 pilot.
- OKXcore distributionOKX launched a tokenized stock trading service via collaboration with Ondo Finance, enabling users to buy/sell 260+ U.S. stocks (Apple, Nvidia, Tesla, Google, etc.) using USDT/USDC, with a minimum investment of $20 and 24/5 trading.
- Kinexys by J.P. Morganflagship strategicOn May 6, 2026, Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. Kinexys debited Ondo's Blockchain Deposit Account and settled USD to Ripple's Singapore bank via J.P. Morgan's correspondent banking network.
- Mastercardflagship strategicOn May 6, 2026, Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. Mastercard's Multi-Token Network routed the fiat settlement instruction from Ondo to Kinexys.
- Rippleflagship strategicOn May 6, 2026, Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. Ripple redeemed a portion of its OUSG holdings on the XRP Ledger.
- KuCoin Web3core distributionKuCoin Web3 Wallet integrated Ondo Global Markets, enabling access to 260+ tokenized U.S. equities and ETFs within its self-custodial wallet (Ethereum and BNB Chain).
- Broadridge Financial Solutionscore strategicPartnership to enable proxy voting for holders of more than 250 Ondo tokenized stocks and ETFs via Broadridge's ProxyVote platform. The integration lets token holders review regulatory filings and submit voting preferences for underlying shares.
- Clearstreamcore strategicOndo, Clearstream, and 360X alliance to embed Ondo's tokenized US stocks and ETFs into Clearstream's regulated post-trade infrastructure, providing custody, settlement, and collateral-management services to institutional investors across 30 EU/EEA countries.
- 360Xcore strategicOndo, Clearstream, and 360X alliance; 360X's ESMA-regulated digital-asset venue actively trades Ondo's tokenized US stocks and ETFs (initial batch includes AAPLon, AMZNon, GOOGLon, MSFTon, NVDAon, TSLAon).
- Talos (via Gate)minor distributionInstitutions can access Ondo tokenized stocks via Gate through Talos infrastructure.
- Felix (Hyperliquid)minor distributionHyperliquid ecosystem gains access to 260+ Ondo tokenized stocks via Felix.
- Franklin Templetoncore strategicPartnership to tokenize 5 Franklin Templeton ETFs (growth, large cap, fixed income, equity income, gold) — first time tokenized FT-managed ETFs were available onchain. BENJI money-market fund is also enabled by Ondo's Nexus minting/redemption technology.
- BlackRockcore ecosystemOndo's Nexus technology powers instant minting and redemption for BlackRock's BUIDL tokenized U.S. Treasury fund; Larry Fink (BlackRock CEO) quoted endorsing tokenization on Ondo's homepage; Ondo participates in DTCC working group alongside BlackRock.
- Goldman Sachscore ecosystemGoldman Sachs appears in Ondo's ecosystem partner logos; Nathan Allman (Ondo's founder, deceased May 2026) was a former Goldman Sachs digital assets professional; Goldman Sachs participates in DTCC working group.
- Aoncore ecosystemAon supports Ondo in meeting the emerging onchain needs of institutional investors, with risk-management and controls expertise for tokenized investment products. Glenn Morgan (Aon SVP Digital Asset Practice Leader) is quoted on Ondo's homepage.
- Wellington Managementcore ecosystemWellington Management appears in Ondo's ecosystem partner logos; Matt Higginson (Partner and Global Leader of Digital Assets) is quoted on Ondo's homepage regarding Ondo Chain innovation.
- Solana Foundationcore technologySolana is one of Ondo Global Markets' supported chains for tokenized stocks and ETFs.
- Ethereum Foundation / Ethereumcore technologyEthereum Mainnet is the primary chain for Ondo Global Markets tokens and the focus of Ondo's SEC no-action request for tokenized entitlement recordkeeping.
- BNB Chaincore technologyBNB Chain is one of Ondo Global Markets' supported chains.
Scale indicators9 records
Recent moves8 records
Expansion highlights4 records
Ondo Finance competitors and assessment
Company assessmentDirect peers
- Securitize: Securitize is a tokenization platform that issues and manages digital securities and tokenized funds, with a strong institutional focus similar to Ondo. Both companies compete in bringing traditional securities onchain with regulatory compliance, though Securitize has historically focused more on private funds while Ondo emphasizes public equities, ETFs, and Treasuries.
- Centrifuge: Centrifuge is an RWA tokenization platform that brings real-world assets (primarily private credit and trade finance) onchain. Like Ondo, it operates at the intersection of traditional finance and DeFi, though Centrifuge focuses on private credit markets whereas Ondo focuses on public securities and tokenized Treasuries.
- Maple Finance: Maple Finance is an institutional on-chain credit platform that tokenizes real-world lending positions. While its core focus is on-chain lending rather than tokenized equities, Maple is regularly grouped with Ondo as a leading RWA platform and competes for institutional capital seeking onchain yield exposure.
- xStocks (Kraken-backed): xStocks is a tokenized equities platform backed by Kraken, offering tokenized versions of US stocks and ETFs on multiple chains. It is one of the most direct competitors to Ondo Global Markets, with overlapping catalog, distribution channels (Bitget, Enso, Anchorage), and target customer base of non-US investors.
- Backed Finance: Backed Finance is a Swiss-regulated tokenization platform that issues tokenized versions of traditional securities including stocks, ETFs, and bonds. It is a direct competitor to Ondo Global Markets with similar product offerings and a comparable focus on regulatory compliance and non-US investor access.
- Paxos: Paxos is a regulated blockchain infrastructure platform that issues stablecoins (PYUSD for PayPal) and tokenizes real-world assets. As both a partner of Ondo (PYUSD is enabled by Ondo's Nexus technology) and a competitor in stablecoin/RWA issuance, Paxos operates in an overlapping space with similar institutional and regulatory positioning.
Broad incumbents
- BlackRock (BUIDL): BlackRock is the world's largest asset manager and issuer of BUIDL, a tokenized US Treasury fund. While BUIDL is currently enabled by Ondo's Nexus technology (making them partners), BlackRock has the resources and distribution to pursue direct tokenization and could evolve into a direct competitor to Ondo's OUSG and broader tokenized Treasury products.
- Circle (USDC): Circle is the issuer of USDC, the second-largest stablecoin, and is increasingly active in tokenized money market and Treasury products. As a partner of Ondo (USDC uses Nexus) and a broader incumbent in regulated digital assets, Circle competes for the same institutional tokenized yield and settlement use cases.
- Franklin Templeton (BENJI): Franklin Templeton is a major asset manager that launched BENJI, a tokenized money market fund onchain. While BENJI uses Ondo's Nexus technology (partner relationship), Franklin Templeton's scale and growing onchain product suite make it a broad incumbent that could compete with Ondo for institutional tokenization mandates and product issuance.
Emerging players
- Sky (formerly MakerDAO): Sky (formerly MakerDAO) issues the DAI/USDS stablecoin backed by tokenized real-world assets including short-term US Treasuries. It is an emerging competitor in the RWA-backed yield space where Ondo's USDY and OUSG operate, with a focus on DeFi-native distribution rather than institutional compliance.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks7 records
Key highlights7 records
Customer concentration
Ondo Finance social profiles
Digital presenceOndo Finance compliance and trust
Trust signalCompliance8 records
Ondo Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ondo Finance leadership team
Management profileNumber of profiles
Profiles11 records
Ondo Finance subsidiaries and ownership
Company hierarchySubsidiaries4 records
Ondo Finance funding detail
Funding detailFunding overview
Funding rounds4 records
Investors22 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ondo Finance M&A and investment
M&A and investmentM&A3 records
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ondo Finance
What does Ondo Finance do?
Ondo Finance is an institutional-grade tokenization platform that issues and services tokenized versions of US Treasuries, US stocks, and ETFs on public blockchains. Its core offerings include USDY (a permissionless yieldcoin backed by short-term US Treasuries), OUSG (an institutional tokenized short-term US Treasury fund with 24/7 minting and redemption), and Ondo Global Markets (a tokenized US equities and ETFs platform with 430+ assets). The company also provides Nexus technology enabling instant minting and redemption for major tokenized asset issuers (BUIDL, USDC, BENJI, RLUSD, PYUSD, OUSG, ULTRA).
Is Ondo Finance a public or private company?
Ondo Finance is a private company. It is classified as venture growth investor backed and is currently operating.
When was Ondo Finance founded?
Ondo Finance was founded in 2021. It employs 101 to 250 people.
Where is Ondo Finance based?
Ondo Finance is headquartered in New York, United States, in the North America region.
How does Ondo Finance make money?
Two revenue lines are on record. Tokenized Asset Issuance (USDY, OUSG, Global Markets) is the primary driver. The others are nexus Technology (B2B Mint/Redemption Infrastructure).
Who are Ondo Finance's main competitors?
Direct peers on record are Securitize, Centrifuge, Maple Finance, xStocks (Kraken-backed), Backed Finance and Paxos. Broad incumbents are BlackRock (BUIDL), Circle (USDC) and Franklin Templeton (BENJI). Sky (formerly MakerDAO) is listed as an emerging player.
Does Ondo Finance have an API?
No public API is recorded for Ondo Finance.
What industry is Ondo Finance in?
Ondo Finance's product category is Tokenized Real-World Asset Platform. Its primary akta.pro industry code is FSAPAEAJ, Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management), with a secondary code of FSADAEAB, Tokenized Treasury, Money Market & Cash Management Products. Its NAICS code is 5231 and its SIC code is 6200.