Ondo Finance's total value locked recently surpassed $2.5 billion in January 2026, making the company not only the largest RWA entity in the space, but also the only organization that currently operates as both a tokenized stock and a tokenized US Treasury platform. Due to the timing of its launch and by leveraging the same underlying asset class (US government debt), Ondo is uniquely positioned to provide distinct offerings to two separate types of investors — offering two completely different product lines from the same asset class. In simple terms, US Treasury and US equity (common stock) have over<a href="https://www.thestreet.com/crypto/markets/ondo-finance-becomes-largest-provider-tokenized-treasuries-stocks" rel="noopener noreferrer" target="_blank"> </a>$90 trillion of market value and nearly all of that is represented "off-chain." Ondo is disrupting this status quo. <h2>OUSG: The Institutional Product</h2> The investment wrapper is known as the Ondo Short-Term U.S. Gov't Bond Fund (OUSG), and also offers 24/7 subscriptions and redemptions; daily interest compounding; and is supported across multiple blockchains such as Ethereum, Solana, XRP Ledger, and Polygon, providing accredited investors with tokenized ownership of short-term U.S. Treasuries. The primary underlying vehicle supporting the assets in OUSG is<a href="https://www.ainvest.com/news/ondo-finance-ondo-expands-tokenized-rwa-market-share-2-5-billion-tvl-growth-2602/" rel="noopener noreferrer" target="_blank"> </a>BlackRock's BUIDL fund. The portfolio is expected to add State Street's SWEEP fund (initial cash of $200 million with State Street, Galaxy Asset Management, Ondo) sometime in 2026. As of 2026,<a href="https://www.bitget.com/news/detail/12560605174621" rel="noopener noreferrer" target="_blank"> </a>OUSG has a total value locked (TVL) in excess of $770M and integrates seamlessly with Ondo's Flux Finance lending protocol allowing users to borrow/lend against OUSG while still maintaining their Treasury-backed position through DeFi. Traditional money market products cannot match this type of composability, as a Fidelity money market fund cannot be used as collateral for a DeFi lending pool. Ondo created liquidity bridges that connect these two worlds.<h2>USDY: The Global Yield Product</h2>The US Dollar Yield (USDY) product stack is the fastest growing product stack on the market today.<a href="https://finance.yahoo.com/news/ondo-finance-becomes-largest-provider-205724220.html" rel="noopener noreferrer" target="_blank"> </a>USDY is built on nine different blockchains (Ethereum, Solana, Arbitrum, Mantle, BNB Chain, and Sei Network) with over $1 billion in total value locked (TVL). The first tokenized treasury product built on the Sei Network was launched in January 2026. Because this product was designed solely for the international market, the US real estate investor cannot take advantage of the USDY product. This is especially designed for non-US citizens and organizations looking for dollar-denominated income without the hassle and compliance of going through a US brokerage account. The primary value proposition of the USDY product is its yield mechanism. The yield on this product is based on backing by short-term US Treasuries and demand deposits with banks, providing an annual percentage yield (APY) of approximately 4.25%, via a rebase mechanism. The rebasing mechanism allows for the token balance to increase through time and does not require the manual collection of yield. This is a stablecoin-like product experience with actual yield from the US government. The USDY product is considered a yield product as well as a capital preservation vehicle for investors or depositors in monetary markets with weak currencies and high inflation (devaluation) rates. Ondo recognized a use case for the USDY product very early in the project's launch. The team has been very dedicated to building out the marketplace based on this use case; as evidenced by the nine-chain launch.<h2>Ondo Global Markets: The Equity Expansion</h2>TVL was created within treasury products to provide investors with exposure to US equities through Ondo Global Markets. As of September 2025, the full extent of this goal will be realized when<a href="https://fintech.tv/ondo-finance-crosses-2-5b-tvl-as-tokenized-markets-hit-inflection-point/" rel="noopener noreferrer" target="_blank"> </a>over 200 tokenized US stocks have been issued with an aggregate value of over $500 million. To date, the total volume traded on Ondo's venue exceeds<a href="https://themerkle.com/ondo-finance-surpasses-2-billion-tvl-as-tokenized-securities-accelerate-onchain/" rel="noopener noreferrer" target="_blank"> </a>$7 billion. Ondo's timeframe for entering the tokenized equity market was slightly later than its competitors, but now has over a 50% market share in this rapidly developing area. Ondo operates 24/7, while traditional US equity markets operate for only 6.5 hours each day on weekdays. Within this timeframe, Ondo allows users to trade their tokenised stocks and receive their funds almost instantaneously via blockchain technology. The costs of transacting over the blockchain are much lower than those incurred with traditional brokerage infrastructures, enabling fractional ownership of tokenised US stocks and ETFs to be economically viable for very small investment amounts. The issuance of tokenised US equities and ETFs on Ondo is available to more than<a href="https://www.ainvest.com/news/ondo-finance-tvl-doubles-2b-growing-interest-tokenized-treasuries-2601/" rel="noopener noreferrer" target="_blank"> </a>500 million potential investor<a href="https://www.ainvest.com/news/ondo-finance-tvl-doubles-2b-growing-interest-tokenized-treasuries-2601/" rel="noopener noreferrer" target="_blank">s</a> via regulatory approval from the relevant authorities in 30 countries within the European Economic Area (EEA). Tokenized equities are expanding and currently exist on the Solana, Ethereum, and BNB blockchains.<h2>The Regulatory and Partnership Layer</h2>An<a href="https://ondo.finance/blog/tokenized-securities-step-forward" rel="noopener noreferrer" target="_blank"> </a>SEC inquiry about Ondo since November 2023 resulted in no findings and/or prosecution. Therefore, nothing meaningful can be concluded about product developments represented on this blockchain. Lastly, the way institutional counterparties evaluate their risk will be predominantly driven by legal certainty as it pertains to their platform and not just by exclusion of certain products on that platform. WisdomTree is one of Ondo's infrastructure partners. Chainlink provides cross-chain data streaming and Oracle infrastructure for Ondo, who relies on Zodia Custody and Fireblocks for custody of underlying asset security, and Clear Street for broker/dealer services. Some custodianships handled by Coinbase. The purchase of<a href="https://undo.finance/blog/ondo-acquires-oasis-pro" rel="noopener noreferrer" target="_blank"> </a>Oasis Pro's SEC registered broker-dealer registration is a strategic measure that positions Ondo to prepare for an upcoming phase. Operating under the licenses of previously approved partners will serve Ondo until regulators deem previous rulings no longer appropriate. In anticipation of that ruling, Ondo has commenced constructing its own infrastructure.<h2>What the Numbers Actually Mean</h2>$2.5 billion TVL. 60% of the tokenized US Treasury market. 50% of tokenized stocks. The SEC terminated its investigation without filing any charges. Global markets have seen a total trade volume of $7 billion. It's obvious where to go. Maintaining compliance across nine blockchains, thirty EEA marketplaces, and a custody stack involving numerous institutional counterparties at the same time poses an execution risk. The infrastructure is genuine. The intricacy of operating it is also.

Ondo Finance leads tokenized US Treasuries and equities with $2.5B TVL, offering 24/7 trading, multi-chain yield products, and global investor access across 9 blockchains.

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