Ondo

What is Ondo?

ONDO is the governance token of the Ondo ecosystem, built around Ondo Finance, a company that turns traditional assets such as US Treasuries, stocks and ETFs into blockchain tokens. Holding ONDO does not give you a claim on those assets. It lets holders vote in the Ondo DAO on certain protocol matters.

What it’s used for

Ondo's products are used by eligible investors: OUSG offers tokenized short-term Treasury exposure for qualified investors, USDY is a Treasury-secured note for non-US users, and Ondo Stocks offers tokenized US stocks and ETFs to non-US investors. The ONDO token itself is mainly traded and used for governance votes.

Role of the ONDO token:

Evidence of real use

• ONDO has a 10 billion maximum supply and became publicly tradable in January 2024 after release from its lock-up; Ondo's first tokenized Treasury products launched in January 2023. Source
• Ondo's product line includes USDY, OUSG and Ondo Stocks, tokenized stocks and ETFs for non-US investors. Source
• The SEC closed a multi-year investigation into Ondo's tokenized assets and the ONDO token without charges in late 2025. Source

How Ondo works

Ondo Finance buys or holds real-world assets through regulated structures and issues tokens that represent exposure to them. OUSG gives qualified investors exposure to a portfolio of short-term US Treasury funds, and USDY is a tokenized note secured by Treasuries and bank deposits that is offered to non-US users. Investors subscribe and redeem through Ondo, with eligibility checks and redemption timing that vary by product.

Ondo Stocks, launched as Ondo Global Markets, issues tokens that track US stocks and ETFs for investors outside the United States, with minting and redemption available 24 hours a day on weekdays and some assets available around the clock. These tokens give price exposure but are not the same as owning shares through a US broker. In late 2025 Ondo received approval in Liechtenstein to offer tokenized stocks to European investors.

The ONDO token sits apart from all of this. It is a governance token for the Ondo DAO, and holding it gives no ownership of the Treasuries, notes or stocks behind Ondo's products, nor any share of their income. In late 2025 the SEC closed, without charges, an investigation that had examined both Ondo's tokenized assets and whether ONDO was a security.

Key moments

1. 2021Nathan Allman founds Ondo Finance.
2. 2023Ondo launches tokenized Treasury products, starting with OUSG, followed by USDY.
3. 2024ONDO becomes publicly tradable in January after its lock-up is lifted.
4. 2025Ondo launches tokenized US stocks and ETFs for non-US investors, wins Liechtenstein approval for Europe, and the SEC closes its probe without charges.

Supply

ONDO has a fixed maximum supply of 10 billion tokens. A large share was initially locked and is released over time on a schedule, so circulating supply increases as allocations unlock. The token has no built-in mechanism that ties its value to Ondo's product revenue.

Risks to understand

• No asset claim: ONDO does not represent ownership of any Treasuries, stocks or product revenue.
• Unlock risk: scheduled releases of locked tokens add to circulating supply.
• Regulatory risk: tokenized securities rules are still developing in the US and abroad, and Ondo's stock products are not available to US investors.
• Issuer and structure risk: Ondo's products depend on legal structures, custodians and service providers working as intended.

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.