Core narrative: RWA track nuclear-level infrastructure landing
This morning, Ondo Finance announced the establishment of the 'Global Markets Alliance' in collaboration with Solana Foundation, BitGo, 1inch, and other ten institutions, directly targeting the $16 trillion real asset (RWA) on-chain market
This operation seems low-key, but in fact hides fatal traps - non-US users can finally bypass brokers and trade US stocks, ETFs, and funds directly with on-chain stablecoins, with 24/7 real-time settlement, completely relegating the traditional T+2 slow clearing to history
Data speaks: Where does Ondo's confidence come from?
Underlying asset scale crushes: As of June 18, the management scale of Ondo's on-chain US treasury token OUSG reached $545 million, the yield-bearing stablecoin USDY's scale broke through $634 million, and the number of wallet addresses on Solana chain surged to 6,329, with visible retail penetration rate
Compliance iron fist clears the way: Ondo Chain adopts a permissioned verification node mechanism, with a node list including traditional giants like BlackRock and PayPal, directly positioning itself on the 'institutional-level compliance' high ground, and collaborating with World Liberty Financial (WLFI) supported by the Trump family lays down political chips
Liquidity powder keg: Flux lending protocol has a deposit scale of $74 million, although it currently only supports OUSG collateral, the injection of assets like US stock ETFs after the launch of Global Markets will directly ignite on-chain leverage play
Conflict point: Is the wall of traditional finance collapsing?
What does Wall Street fear the most? Retail investors bypassing brokers and exchanges, directly grabbing meat in the global liquidity pool. After tokenizing Apple stocks and S&P 500 ETFs on the Ondo GM platform, users can buy and sell instantly like trading USDT, and can also stake these assets in DeFi protocols for arbitrage, competing for yields, even creating 'on-chain hedge funds' (for example, an automatic compound combination of 50% government bonds + 30% stocks + 20% corporate bonds)
But don't rush to shout 'overturn' - compliance hidden dangers still exist:
KYC and regional restrictions: Non-US users do not need a broker account, but still need to undergo strict identity verification, and some sensitive assets (such as military stocks) may be blocked due to geopolitical reasons
Liquidity depth questioned: Currently, the top 10 addresses of OUSG control 90% of the chips, if ETF tokens continue this pattern, slippage and manipulation risks will become fatal
Regulatory arbitrage controversy: The recently passed GENIUS Act in the US Senate requires stablecoins to have 1:1 reserves, but Ondo's 'yield-bearing stablecoin' USDY still hovers on the edge of being defined as a security, and the SEC may strike hard at any time
Personal opinion: How is this time different?
Solana ecosystem empowerment: Ondo GM's preference for Solana is no coincidence - its high TPS and low gas fees perfectly match high-frequency securities trading, while 1inch's aggregated liquidity + Trust Wallet's entry coverage directly opens up a 'buy-store-borrow' closed loop
Institutional interests bound: BitGo provides cold wallet custody, Morgan Stanley participates in node verification, BlackRock's BUIDL fund provides underlying assets, and after forming a community of interests, the risk of market manipulation is significantly reduced
Incremental market positioning: Over 5 billion people globally cannot directly invest in US stocks, Ondo can capture 1% of the on-chain entry, which is a trillion-dollar cake, much more appealing than staring at the crypto circle's existing market slicing
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