Ondo Finance

Ondo Finance tokenizes real-world assets, enabling on-chain exposure to traditional financial products. Its primary offerings include OUSG, which represents tokenized US Treasuries, and USDY, an interest-bearing token backed by short-term US government securities. The firm bridges off-chain yield with on-chain infrastructure across multiple blockchains.

Ondo issues tokens through separate, bankruptcy-remote special-purpose vehicles that hold the underlying real-world assets. For OUSG, the vehicle invests in US Treasury ETFs, and the resulting token accrues yield daily. For USDY, a variable-rate note structure provides exposure to short-term Treasuries with daily rebasing or staking-based rewards depending on the deployment chain.

Ondo Finance has deployed its tokenized products across several networks including Ethereum, Solana, Sui, and Aptos. The firm's architecture is designed to be multi-chain from inception, allowing institutional and retail investors to access the same yield-bearing instruments regardless of their preferred network.

Ondo Global Markets extends the tokenization model to equities and other traditional securities, aiming to create on-chain representations that can trade with reduced settlement friction. It represents a broader ambition beyond fixed income, though public detail on live equity deployments remains limited.

Each tokenized product is issued by a distinct, bankruptcy-remote special-purpose entity. This structure is intended to ensure that the assets of one product are not commingled with or accessible to creditors of the operating company or other product vehicles, providing a layer of structural protection for tokenholders.