company
Ondo Finance tokenizes real-world assets on blockchain, issuing USDY and OUSG for on-chain exposure to U.S. Treasuries and money-market funds.
No evidence-backed relationships are recorded.
Ondo Finance launched three tokens that each hold a rebalanced basket of its tokenized stocks and ETFs, using strategies BlackRock designed. Using the tokens as DeFi collateral is so far only a possibility Ondo has named.
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Blockchain.com is seeking about $500 million from a US listing at a $4 billion to $6 billion valuation, below the $7 billion its 2023 round set. The range opens at roughly the $4 billion that secondary trades already imply, so tokenized stocks and prediction markets have to justify every dollar above it.
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Ondo Finance is selling three BlackRock-modelled portfolio tokens issued by a British Virgin Islands entity that alone owes holders anything. A buyer paying for the BlackRock name holds Ondo's paper, and BlackRock's part is limited to designing the allocation.
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Tokenized Treasury and money-market funds rose from $2.99 to $11.39 per $100 of stablecoins in two years, according to Crypto Briefing. Whether three big issuers own most of that growth depends on which estimate of the category's size is right.
Reality
The oracle deal is the part that lets Apple and NVIDIA tokens be liquidated, which is the part that lets them be borrowed against. The wrapper sits in Abu Dhabi, and US residents are excluded.
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BlackRock's fund is back at roughly $2.8bn, but the pool it leads has grown to $15bn to $16bn. A share that once ran 40% to 46% is now closer to 18%. The title has changed hands twice inside a year.
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Ondo, BlackRock and Securitize pitched OUSG for Sky's roughly $1 billion tokenization allocation, offering 24/7 redemptions capped at $25 million a day. Much of OUSG's money sat in BlackRock's BUIDL fund, so BlackRock manages the underlying Treasuries whether Sky chooses OUSG or BUIDL.
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BlackRock designed three self-rebalancing portfolio tokens for Ondo, whose disclosures say BlackRock neither advises, manages nor distributes them. ONDO rose as much as 30% on a deal with no reported fees or licence terms, so the move prices the brand before any flows.
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Ondo Finance's token rose 18-22% to about $2.4 billion in market value after it launched three portfolio tokens built on BlackRock model strategies. The portfolios' holdings are public onchain, so anyone can check whether investors put money in while the 10-year Treasury yields about 5.14%.
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The SEC's Sept. 17 order lets venues trade tokenized stocks in permissioned AMM pools without registering as exchanges, if the token passes the underlying's dividends and votes to the holder. Robinhood's 200 tokens are Jersey debt paper.
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The exchange's Digital Trading Platform has been in the approval process since January, while Blockchain.com's Ondo-powered wallet has gone from about 100 tokenized US stocks and ETFs to more than 430 for non-US users.
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DLX went live on September 9 and the US wealth platform followed on September 14, while the tokenized repo business Broadridge already runs clears more than $351 billion a day. Ondo Finance and Galaxy Digital sit on the same side of the table.
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Castle Labs says liquidity, collateral use and interoperability decide what comes next for tokenized real-world assets. The 77.6% wrapper share quoted alongside that argument counts instruments, and the dollars sit in Treasuries.
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The check values Kraken's parent at $21 billion and buys Nasdaq a minority stake plus a distribution partner in xStocks. The tokens it funds are due in the second quarter of 2027, and the rights they carry depend on issuers opting in.
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RWA.xyz's count puts US T-bills at $15bn of a $46.2bn total and five assets at about 70% of it. Other trackers stop at $38bn, so the Treasury share of onchain finance moves seven points on the choice of tracker.
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Custom Pairs makes a tokenized equity the settlement side of a meme trade, which is real distribution attached to a very small destination, since one day of that volume ran about 34 times the deposits in Morpho's SPYx vault.
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A comment letter argues a perpetual on a single US stock is just a security future without an expiry date, which would make the offshore equity-perp market a filing problem rather than a legislative one. CME says they are swaps.
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Allison Parent spent nearly a decade at GFMA speaking for major banks on cross-border market structure, and Ondo has hired her to work those same rooms on behalf of the $1 billion of tokenized stock it already runs.
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A single $2.3M QQQon buy got the attention, but the consequential fact is 430-plus tokenized equities now serving as DeFi lending collateral on Morpho and Euler.
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Binance's bStocks passed xStocks in under two months to become the second-largest issuer. The category grew roughly 34x in a year, and the leaderboard now rewards whoever already owns the order flow.
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Invest · August 16, 2026 · 1 publisher
Invest · August 15, 2026 · 1 publisher