Ondo Finance
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Ondo Finance in numbers
Ondo Finance (ONDO) ranks #44 by market capitalization, at $2.37B. It belongs to the DeFi sector (Real World Assets). It has traded since Jan 18, 2024, across 38 markets on 49 exchanges, with $490.67M of volume in the last 24 hours. Its all-time high of $2.12 was reached on Dec 16, 2024; the current price is 82.9% below that peak. Its cycle low of $0.224463 came on Feb 5, 2026.
48.7% of the maximum supply of 10.00B ONDO is in circulation. 53.3% of the token allocation has been unlocked. The next scheduled unlock is on Jan 18, 2027. 24 investors are recorded as backers, including Coinbase Ventures, Digital Currency Group, Pantera Capital. On Ethereum, 220,940 addresses hold ONDO.
About Ondo Finance
Ondo Finance (Ondo) is a decentralized finance (DeFi) protocol with a mission to “make institutional-grade financial products and services available to everyone.” Ondo achieves this by bringing real-world financial instruments onchain.
Background
Ondo Finance (Ondo) was announced on July 27, 2021. It was founded by Nathan Allman and Pinku Suran to “accelerate DeFi adoption among mainstream investors by enabling the granular exchange of risk.” The protocol went live on the same day it was announced, offering four vaults upon launch.
Ondo V1
Live on Ethereum upon the project’s launch, Ondo V1 was the first implementation of the protocol that offered Vaults and Liquidity-as-a-Service (LaaS) as its core products. Throughout this implementation’s history, the following significant developments occurred:
Of note, Ondo V1 has been sunset, and users can only withdraw funds as of March 5, 2024.
Ondo V2
Live in January 2023, Ondo V2 is the second implementation of the protocol. Throughout this implementation’s history, the following significant developments occurred:
In March 2024, Ondo Finance introduced instant 24/7/365 subscriptions and redemptions for OUSG, with a significant portion of OUSG's assets shifting into BlackRock's BUIDL Treasury fund.
In February 2025, Ondo Global Markets was introduced.The announcement stated that tokens issued by Ondo GM will be backed 1:1 by an underlying asset.
In March 2025, the TVL reached $1B USD triggered by compliance-first onboarding, partnership with BitGo, copper custody integrations, and smart contracts compliant with U.S. regulations.
In June 2025, team has announced the formation of the Global Markets Alliance, an initiative intended "to align industry standards and promote interoperability for tokenized securities", with Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, BitGo, Fireblocks, 1inch, and Alpaca.
In October 2025, Ondo submitted a letter to the SEC, proposing an amendment of Nasdaq's rules for trading tokenized securities.