Ondo Finance's native token rose as much as 8% on 8 May, after the decentralized finance (DeFi) platform, which tokenizes real-world assets (RWAs), took part in a successful completion of a cross-border transaction outside standard banking hours, showcasing how tokenized Treasuries can be redeemed in seconds.
Ondo Outperforms as Tokenization Developments Lift RWA Tokens
8 May 2026 - 18:24 CEST
By Jona Jaupi
Ondo's token (ONDO) rose to over $0.40 over the past 24 hours, before retracing to $0.39, according to CoinGecko data. ONDO's market capitalization is currently hovering around $1.9bn, with daily trading volume exceeding $360mn.
The move outpaced other large-cap cryptocurrencies, with Bitcoin (BTC) slipping nearly 1% to $79,877, and Ether (ETH) falling 1.3% to around $2,281 over the same period. Meanwhile, the broader cryptocurrency market capitalization edged down 0.3% to $2.74tn.
Ondo's rally comes after MasterCard, JPMorgan and Ripple, successfully completed a transfer that was settled in under five seconds on the XRP Ledger and used OUSG, Ondo’s tokenized US Treasury fund, which has roughly $608mn in total value locked (TVL), according to Ondo's website. Ondo's overall TVL stands at over $3.6bn, according to DeFiLlama.
"Together, we’re laying the groundwork for 24/7 global markets that never close," Mastercard, which boasts more than $52.4bn in assets, wrote in a post on X following the move.
Broader RWA token growth
Ondo's latest move adds to its 53% gains over the past week, extending its rally alongside other RWA tokens, which also gained on the news of the successful transfer along with other developments in the space.
Clearpool (CPOOL) gained 8% on the day and 21% over the week, while Plume (PLUME) is up 5% over the past 24 hours and 17% over the past seven days, according to CoinGecko.
The market capitalization of RWA tokens as a category rose from $17.9bn on 1 May to more than $19bn by 7 May, while the broader RWA protocol category climbed from $9.1bn to over $10.1bn over the same period, per CoinGecko.
These gains come as the broader RWA sector continues to expand, with total distributed asset value reaching $30.95bn, up 5% over the past month alone, per RWA.xyz.
A series of developments
The successful transfer was just the latest piece of positive news for the RWA sector. Earlier this week, on 5 May, Coinbase selected RWA giant Centrifuge as its tokenization partner for its Base blockchain and made a strategic investment in the firm. The size of the investment was not disclosed.
Centrifuge currently has a TVL of $1.6bn, while Coinbase remains one of the largest cryptocurrency exchanges worldwide.
The partnership will focus on bringing traditional assets on-chain, with Centrifuge providing the infrastructure and Coinbase offering access to users.
