Ondo Finance

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.

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

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

• Tokenized asset platform
• Real-world assets
• Tokenized treasuries
• Blockchain asset infrastructure
• Tokenized equities

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. 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).
2. 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

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration24 records

Feature5 records

Partnerships

26 partnerships are on record, tiered core strategic, core distribution, core technology, flagship strategic, minor distribution and core ecosystem.

• Mirae Assetcore strategicStrategic or Co-development Partner · 25 June 2026Strategic 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 distributionChannel Partner/ Reseller/ Distributor · 25 June 2026MEXC 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 technologyTechnology or Integration · 25 June 2026Ondo 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 distributionChannel Partner/ Reseller/ Distributor · 19 June 2026Ondo tokenized US stocks integrated into Binance Wallet, providing Binance's 280M users access to 100+ tokenized US securities.
• Exodus Movementcore distributionChannel Partner/ Reseller/ Distributor · 19 June 2026Partnership 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 distributionChannel Partner/ Reseller/ Distributor · 18 June 2026Blockchain.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 technologyTechnology or Integration · 17 June 2026Ondo 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 strategicStrategic or Co-development Partner · 7 May 2026Ondo 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 distributionChannel Partner/ Reseller/ Distributor · 7 May 2026OKX 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 strategicStrategic or Co-development Partner · 6 May 2026On 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 strategicStrategic or Co-development Partner · 6 May 2026On 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 strategicStrategic or Co-development Partner · 6 May 2026On 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 distributionChannel Partner/ Reseller/ Distributor · 30 April 2026KuCoin 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 strategicStrategic or Co-development Partner · 28 April 2026Partnership 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 strategicStrategic or Co-development Partner · 21 April 2026Ondo, 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 strategicStrategic or Co-development Partner · 21 April 2026Ondo, 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 distributionChannel Partner/ Reseller/ Distributor · 31 March 2026Institutions can access Ondo tokenized stocks via Gate through Talos infrastructure.
• Felix (Hyperliquid)minor distributionChannel Partner/ Reseller/ Distributor · 26 March 2026Hyperliquid ecosystem gains access to 260+ Ondo tokenized stocks via Felix.
• Franklin Templetoncore strategicStrategic or Co-development Partner · 25 March 2026Partnership 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 ecosystemStrategic or Co-development PartnerOndo'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 ecosystemStrategic or Co-development PartnerGoldman 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 ecosystemStrategic or Co-development PartnerAon 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 ecosystemStrategic or Co-development PartnerWellington 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 technologyTechnology or IntegrationSolana is one of Ondo Global Markets' supported chains for tokenized stocks and ETFs.
• Ethereum Foundation / Ethereumcore technologyTechnology or IntegrationEthereum 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 technologyTechnology or IntegrationBNB Chain is one of Ondo Global Markets' supported chains.

Scale indicators9 records

Recent moves8 records

Expansion highlights4 records

Direct 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

• Xx.com/ondofinance

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ondo Finance