Ondo Finance (ONDO): 2026 RWA Project Analysis

Article Summary

• 📈 Ondo Finance is the leader of the RWA sector with the largest TVL, worth US$3.54 billion.
• 🏦 Ondo Finance’s 3 main products: USDY, OUSG, and Ondo Global Markets, which focus on tokenizing traditional assets.
• 🌐 Ondo Global Markets offers more than 430 US stocks and ETFs as tokens that can be traded 24 hours a day.
• 💰 On the fundamental side, Ondo leads the tokenized stock market with a share of around 58% and generates an annualized fee of about US$55.55 million.
• 📊 On the technical side, ONDO trades around US$0.32 with a support zone of US$0.2733 to US$0.3045 and resistance of US$0.4155 to US$0.4439.

What Is Ondo Finance?

Ondo Finance is a platform that brings traditional financial assets onto the blockchain. The project operates in the field of Decentralized Finance , namely financial services that run on a blockchain without third-party intermediaries. Its main focus is tokenizing assets that are usually only accessible through financial institutions, such as US government bonds, stocks, and ETFs.

Assets like US government bonds offer stable yields, but they are hard for global retail investors to access directly. Ondo tries to close that gap by issuing tokens whose value is backed by real assets, so they can be moved and traded as fast as ordinary crypto tokens.

Learn more about Ondo’s fundamentals on Pintu Academy: What Is Ondo Finance?

Ondo Finance’s Products

Below are the 3 main products that drive Ondo’s revenue. Together, these three products generate an annualized fee of about US$55.55 million and annualized revenue of about US$17.16 million based on DeFiLlama data, 2 July 2026.

1. USDY (US Dollar Yield)

A token backed by short-term US government bonds and bank deposits. The yield accrues through the rising value of the token. There are 2 versions: first, one whose price rises (accumulating), and second, a version whose price stays at US$1 but the number of tokens increases (rebasing).

USDY generates revenue for Ondo through a management fee of about 0.25% per year that is deducted from the bond yield. As of April 2026, USDY delivered a yield of about 4.65% per year with a supply of around US$740 million according to Ondo data. Because it is based on stable bond yields, USDY is the most consistent fee contributor among Ondo’s products.

2. OUSG (Ondo Short-Term US Treasuries)

On the revenue side, OUSG has a potential management fee of up to 0.15% per year, but this fee is currently waived. For now OUSG generates almost no direct revenue for Ondo, because all of its yield is capitalized into the fund’s Net Asset Value, so the benefit flows to investors rather than to the issuer.

A fund that invests in US government bonds, mostly through BlackRock’s digital fund called BUIDL, with a yield in the range of 5% according to Ondo and CCN data.

3. Ondo Global Markets: Tokenized US Stocks

Ondo Global Markets brings stocks onto blockchain technology, allowing users to buy tokenized crypto versions of US stocks and ETFs without closing hours. As of June 2026, there were 430 stocks and ETFs, including the AI, robotics, and defense sectors, as well as several BlackRock ETFs supported by Ondo.

Read more on Pintu Academy: What Is a Tokenized ETF and How to Buy Global ETFs with Crypto

Its cumulative trading volume is said to have already passed US$18 billion. The platform has also expanded to several other blockchains such as BNB Chain and Solana, and connects directly with several non-custodial wallets such as Metamask.

From a business standpoint, Ondo Global Markets generates revenue from tokenized stock trading activity, and its contribution keeps growing along with volume. Even so, the majority of Ondo’s protocol fee currently still comes from yield-based products such as USDY.

Learn about Asset Tokenization: Definition, How It Works, and RWA Risks in 2026.

Ondo’s New Product in 2026

Ondo keeps adding to its product line. On 9 June 2026, Ondo launched Ondo Perps, a perpetual futures platform that lets users outside the United States trade tokenized US stocks and ETFs with leverage of up to 20 times. Perpetual futures are derivative contracts with no expiry date, so positions can be opened and closed at any time.

What sets Ondo Perps apart from other competitors is that the collateral is not limited to stablecoins, but can also be tokenized securities. This launch is one of the first major steps under Ondo’s new CEO, Ian De Bode, who took over after Ondo’s founder passed away in May 2026.

Ondo On-Chain Analysis

In this section, we review several key metrics, from the fee the protocol generates, the TVL it holds, to the ONDO token supply structure. Reviewing these three metrics gives a picture of the project’s growth.

Ondo TVL and Fee Data

DeFiLlama’s quarterly data shows a large surge in the total funds held in Ondo (TVL). From US$1.945 billion in the fourth quarter of 2025, TVL rose to US$3.044 billion in the first quarter of 2026, then US$3.568 billion in the second quarter of 2026. That means TVL nearly doubled in just two quarters.

Interestingly, fee growth was not as fast as TVL. The fee actually dipped slightly from US$13.32 million in the fourth quarter of 2025 to US$13.26 million in the first quarter of 2026 even as TVL surged, before rising to US$15.3 million in the second quarter of 2026. This pattern suggests that most of the new funds flowed into products that do not yet generate large fees for the protocol, such as OUSG whose fee is still waived and Global Markets whose revenue depends on volume. For investors, this reinforces that the size of Ondo’s platform is growing faster than the revenue that actually flows to the protocol.

Ondo Tokenomics

Understanding the ONDO token is important because its role differs from what investors often assume.

Most ONDO tokens are released gradually through an annual cliff from 18 January until 2029. The next major unlock is on 18 January 2027, around 1.94 billion ONDO tokens or 19.39% of total supply, worth about US$638 million.

When the protocol’s TVL and fee grow, ONDO token holders do not necessarily enjoy the effect. This is because the protocol’s fee revenue, the TVL under management, and the token value do not yet have a strong connection. In addition, tokens unlocking gradually can also affect Ondo’s price dynamics in the market.

Ondo Technical Analysis

Support: US$0.2733 to US$0.3045

Resistance: US$0.4155 to US$0.4439

Using a support and resistance approach in technical analysis, there are price areas that historically tend to react. Currently, Ondo trades at around US$0.3299. Ondo opened this week with a green weekly candle in early July, after two consecutive weeks of decline.

The support area of US$0.2733 to US$0.3045 is an important zone that must hold for the rebound momentum to be maintained, with the nearest challenge at the resistance area of US$0.4155 to US$0.4439.

Historically, Ondo’s price often consolidates before finally bouncing, but it has repeatedly failed to break through that resistance area after several attempts. Ondo needs to break through this resistance area to validate a continuation of the rebound. However, this analysis is not a price prediction, but a framework for gauging probability.

Ondo Finance’s Position in the RWA Market and Its Competitors

On the TVL side, Ondo is among the leaders in the RWA sector, especially in the asset tokenization and bond-based product segments. Its main strength lies in its network of partnerships with large financial institutions. Ondo works with BlackRock through the BUIDL fund, and takes part in various initiatives with JPMorgan, Mastercard, and Ripple.

On the regulatory side, Ondo has submitted written input to the US capital markets regulator (SEC) proposing a framework for developing tokenized securities. Meanwhile, in July 2026, the DTCC is scheduled to begin a limited pilot for trading tokenized securities through its tokenization service together with more than 50 firms, including Ondo Finance, BlackRock, JPMorgan, and Goldman Sachs. Involvement in this initiative shows that Ondo is one of the participants helping build tokenization infrastructure alongside a number of large financial institutions.

Learn more about What Is a Real World Asset (RWA) on Pintu Academy.

Compared with its direct competitors in the tokenized stock market, Ondo leads by a fair margin. According to rwa.xyz data, Ondo Global Markets holds around 58% of the on-chain tokenized stock market share, while xStocks by Backed sits in second place at around 37%.

Ondo offers more than 430 tokenized stocks and ETFs across several blockchains such as Solana, Ethereum, and BNB Chain. In contrast, xStocks is more focused on Solana, prioritizing speed and liquidity. Ondo’s main difference lies in its focus on regulatory compliance and institutional infrastructure, supported by expansion into the European Union and collaboration with major institutions.

Ondo vs xStocks Comparison

The table shows that Ondo and xStocks adopt different strategies. Ondo has a larger market share (around 58% versus 37%), a higher on-chain asset value, a more varied range of assets, and support across more blockchains.

In contrast, xStocks focuses more on retail investor activity, reflected in its high trading volume over a relatively short period despite offering fewer assets and running only on the Solana network. In general, Ondo puts more weight on building infrastructure and institutional partnerships, while xStocks focuses on liquidity and trading activity within the Solana ecosystem.

Ondo Finance’s Potential and Risks in 2026

Potential

Ondo’s biggest potential comes from the size of the market it targets. The RWA sector is projected to keep growing through 2030, with an estimated value reaching trillions of US dollars according to several research firms. As one of the projects with the largest TVL in the RWA sector and backed by various institutional partnerships, Ondo is in a relatively strong position to benefit from that growth if asset tokenization adoption keeps rising. In addition, increasingly clear regulation in the US could also encourage institutional participation in asset tokenization.

Learn about Tokenized Asset Portfolio Ideas: Types and How to Choose on Pintu Academy.

Risks

The main risk actually lies in the token, not in the business. To date, ONDO has no mechanism that directly links the platform’s revenue growth to the token value. In addition, the token unlock schedule that runs until 2029 could increase the supply circulating in the market. Another risk comes from the regulatory side, given that the legal framework for tokenizing securities is still developing across various jurisdictions. Internally, Ondo is also going through a leadership transition, so the development of its strategy and execution needs to be watched closely.

Conclusion

Ondo Finance shows that the growth of a crypto project is not always followed by a rise in its token value. Through products like USDY, OUSG, and Ondo Global Markets, Ondo is one of the projects actively connecting traditional financial assets with blockchain infrastructure, while building its position as one of the leaders in the RWA sector by TVL.

Disclaimer: All information presented in this article is prepared for educational and general information purposes. This content is not intended as investment advice, a recommendation, an invitation to buy or sell any particular crypto asset, or a basis for financial decision-making. Every investment decision is entirely the reader’s responsibility, taking into account their own financial condition, investment goals, and risk tolerance.

FAQ

What is Ondo Finance?

Ondo Finance is a platform that tokenizes traditional financial assets such as US government bonds, stocks, and ETFs, then issues them as tokens on a blockchain. The goal is to make those assets accessible and tradable like crypto.

What is the ONDO token used for?

ONDO is a governance token used to vote on protocol decisions. The token does not automatically distribute the platform’s revenue to holders, so its value does not directly follow Ondo’s business growth.

Can ONDO be bought in Indonesia?

ONDO is a crypto asset that can be traded on licensed exchanges supervised by the OJK in Indonesia. Always make sure you buy through an official and licensed platform such as Pintu.

Why can the ONDO price fall when TVL rises?

Because TVL measures the funds managed by the platform, while the ONDO price is driven by demand for the token. The token’s connection to protocol revenue is still weak, and token unlock pressure adds supply, so the price can weaken even as the business grows.

Is investing in ONDO safe?

No crypto asset is risk-free. ONDO faces the risks of price volatility, unlock pressure, and regulatory uncertainty. Do your own research and match it to your risk profile before investing.

How to Start Investing in Ondo Token on Pintu

After understanding RWA projects like Ondo, you can easily invest in or trade RWA assets like Ondo and tokenized stocks such as Nvidia (NVDAX), Google (GOOGLX), and Chevron (CVXON) in the Pintu app. Everything is available in one app that is secure, easy to use, and suitable for both beginners and experienced investors.

Here is how to buy crypto assets on Pintu:

1. Create a Pintu account and complete your identity verification to start trading.
2. On the homepage, tap the deposit button and top up your Pintu balance using your preferred payment method.
3. Open the market page and search for your favorite asset.
4. Tap buy and enter the amount you want.
5. Now you own a crypto asset.

Go download the Pintu crypto app on the Play Store and App Store. Your security is assured because Pintu is licensed and supervised by the Financial Services Authority (OJK) and CFX.

Beyond transacting, in the Pintu app you can also learn more about crypto through Pintu Academy articles that are updated every week.

References

• Ondo Finance, “Ondo Finance: Institutional-grade finance, delivered onchain“, Ondo Finance, accessed on June 29, 2026.
• Ondo Finance, “USDY Basics“, Ondo Finance Docs, accessed on June 29, 2026.
• Dr. Lorena Nessi, “How Ondo Finance Turns US Treasuries Into 24/7 Yield Tokens With OUSG and USDY“, CCN, accessed on June 29, 2026.
• Abiodun Oladokun, “$2B in Tokenized Stocks, a Record TVL, so Why Is ONDO’s Price Still Falling?“, CCN, accessed on June 29, 2026.
• CoinMarketCap, “Ondo (ONDO) Price Today“, accessed on June 29, 2026.
• DeFiLlama, “Ondo Finance TVL, Fees, Revenue & Volume“, accessed on July 3, 2026.
• Tokenomist.ai, “Ondo (ONDO) Tokenomics & Vesting Schedule“, accessed on June 29, 2026.
• “Re: Ondo Finance, Roadmap for Tokenized Securities“, U.S. Securities and Exchange Commission, accessed on June 29, 2026.
• DropsTab, “Ondo Finance (ONDO) Unlock Token & Vesting Schedule“, accessed on July 2, 2026.
• RWA.xyz, “Tokenized Assets Market Data“, accessed on July 2, 2026.