Tokenized traditional assets are moving from a niche crypto experiment toward a meaningful financial market. Distributed assets excluding stablecoins have reached roughly $34.8bn, according to RWA.xyz, while the broader total rises to about $344.6bn when stablecoins are included. Tokenized US Treasuries alone account for nearly $15.9bn.
Ondo Is Scaling with the Tokenized Asset Market, but Growth Is Broadening Beyond Treasuries
24 July 2026 - 12:03 CEST
Ondo Finance is emerging as one of the largest crypto-native platforms competing for that growth. Its tokenized assets were worth $3.58bn as of 13 Jul, equivalent to roughly one-tenth of the non-stablecoin tokenized asset market. The more important development, however, is not simply its scale. Ondo is expanding from a Treasury-focused product suite into a wider distribution platform for funds, stocks and other traditional assets across multiple blockchains.
What Ondo actually puts onchain
Ondo brings traditional assets such as US Treasuries, money-market funds, stocks and ETFs onto blockchain networks. Investor money is used to purchase and hold the underlying assets through regulated entities and custodians. Ondo then issues digital tokens that give investors economic exposure to those assets and, depending on the product, the right to earn income or redeem their tokens for cash or stablecoins.
Its best-known product, USDY, is a yield-bearing secured note primarily backed by short-term US Treasuries. Unlike USDC, which does not normally pass reserve income directly to token holders, USDY passes most of the underlying portfolio yield to eligible investors. This makes it closer to a tokenized savings or Treasury product than a conventional payment stablecoin.
OUSG provides qualified investors with tokenized exposure to institutional money-market and Treasury funds, while Ondo Stocks extends the model to tokenized stocks and ETFs. Holders receive economic exposure and redemption rights, although they generally do not receive the same direct shareholder rights as investors holding the original securities through a brokerage account.
Growth is strong, but the mix is changing
Ondo's growth is especially notable given that it has occurred during a broader crypto bear market. Its tokenized asset value has increased 89.3% YTD, from $1.89bn at the end of 2025 to $3.58bn, even as risk appetite across much of the crypto market has weakened. Since the dataset began in March 2023, the platform has expanded from just $52mn, representing almost 69 times growth. Its latest value also remains only 4.5% below the record $3.75bn reached on 1 Jun. The resilience suggests demand for tokenized traditional assets is being driven by more than speculative crypto activity, particularly as investors continue seeking yield, liquidity and onchain access to familiar financial products.
Chart
Source: Token Terminal
Tokenized funds remain the foundation. Their value has risen 71.9% this year to $2.50bn, and they still represent 70% of Ondo's total. They contributed $1.05bn, or 62% of the platform's net YTD growth. Tokenized stocks are growing faster. Their value has increased 168% YTD to $948.5mn, lifting their share of Ondo's assets from 18.7% to 26.5%. This matters because it shows Ondo is becoming less dependent on the Treasury trade and is building a second meaningful product vertical.
The platform is also becoming less reliant on Ethereum. Ethereum still hosts $1.97bn, but its share has fallen from 79.8% at the end of 2025 to 55%. Stellar now represents 14.7%, followed by BNB Chain at 9.8%, Sei at 7.2%, Solana at 6.2% and XRP Ledger at 6.2%. That broader distribution increases the number of ecosystems through which Ondo products can reach users and liquidity.
The latest quarter has been softer, but not alarming. Total value is down 1.1% since 29 Jun, with tokenized stocks responsible for roughly 83% of the decline. Tokenized funds were almost unchanged, while stablecoin value increased slightly. The pullback therefore looks more like consolidation within the faster-moving equity segment than a broad deterioration in demand.
Scale is established, durability is not
Ondo has already established meaningful scale in a rapidly expanding market. Its next test is whether multichain distribution and tokenized equities can become durable growth engines rather than temporary extensions of its Treasury business. The data so far suggest that transition is underway, but the platform remains heavily dependent on tokenized funds and does not yet transfer its product growth directly to holders of the ONDO token.
