Tokenized US Treasury exposure, bringing government bond yield onchain.
Live market data
CoinGecko data; may be delayed.
Tokens remain locked or unissued: today's price discounts a larger future supply.
48.7% of the achievable supply is already circulating.
$2.14 -80.69% · Dec 15, 2024
Source: CoinGecko, snapshot of Oct 26, 2026. Figures may be delayed.
This asset is not mapped to a DefiLlama-tracked protocol or chain, or the provider reports no data for it. When a verified mapping exists, the table appears here.
Ondo issues tokens that represent holdings in short-term US government securities, so an onchain wallet can hold something that yields like a Treasury fund. The appeal is straightforward: a stablecoin pays its holder nothing while the issuer earns the reserve yield, and tokenized Treasuries pass that yield through instead. The trade-off is equally straightforward, in the form of eligibility restrictions and reliance on regulated intermediaries.
Tokenized Treasuries solve a real problem: idle stablecoin balances earn nothing for their holder.
The token and the yield-bearing products are separate things with separate economics.
This category competes directly with very large traditional asset managers.
Regulated entities hold the underlying government securities in custody and a token is issued representing a claim on that pool. Transfers happen onchain while the assets sit in the traditional financial system, which is the essential point: this is not a trustless instrument. Its value depends on the legal enforceability of the claim and on the custodians and fund administrators behind it doing their job.
Governance over protocol direction and parameters
Participation in decisions about product expansion
Exposure to the tokenized real-world asset thesis
It is important to separate the products from the token. The tokenized Treasury products pass yield to the people holding them. ONDO is a governance token and does not itself entitle holders to that yield. Growth in assets under management is therefore not automatically growth in value for ONDO holders, a distinction that is easy to blur when reading RWA growth charts.
Ondo has two distinct token layers. The product tokens (OUSG, USDY) are permissioned shares in Treasury-backed funds: supply expands when investors subscribe and contracts when they redeem through the fund windows — there is no unlock calendar because there is no emissions schedule, supply simply tracks fund demand. The governance token OGN has a fixed 10 billion cap with community and ecosystem allocations releasing on a published multi-year schedule, which is the overhang to track. Conflating the freely-traded governance token with the permissioned product tokens is the most common analytical mistake here.
Ondo is foundation-and-company-led: Ondo Foundation set the strategy, while Ondo Finance Inc. operates the products, and an Ondo DAO exists with OGN voting that has a narrow, mostly advisory scope. The real controls are legal: fund documents, transfer restrictions, and qualified custodians govern what the tokens can do — governance by legal structure rather than by token vote. The honest framing: this is corporate governance wearing a token, not a DAO in any meaningful sense.
Not trustless: the assets sit with regulated custodians and depend on legal enforceability.
Eligibility restrictions limit who can hold certain products, unlike a permissionless stablecoin.
Interest rate risk: the appeal of the product falls substantially if government yields decline.
Competition from far larger traditional asset managers entering tokenization.
ONDO governance holders have no direct claim on the yield the products generate.
OUSG tokenizes a short-term Treasury ETF for qualified purchasers; USDY is a yield-bearing, transferable-to-non-US-persons tokenized dollar; OGN is the governance token of the protocol layer. Only OGN trades freely on exchanges; OUSG/USDY have eligibility rules, transfer restrictions, and redemption windows. Conflating the freely-traded token with the regulated products is the most common analytical error here.
Only nominally. An Ondo DAO with OGN voting exists, but product operations, fund structure, and compliance run through the company and its fund documents. The token votes on a narrow, advisory set of decisions; the binding controls are legal and custodial. For analysis purposes, treat Ondo as a regulated asset manager with a governance token attached, not as a decentralized protocol.
Last verified:
Ondo · ondo.finance · primary source
The project's official site, retrieved on the date shown, supporting how it describes itself. It does not establish supply, governance or issuance mechanics.
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