1. What is ONDO doing: Turning 'Interest Rates + Securities' into on-chain building blocks
OGM: Tokenized US Stocks / ETF on the Blockchain
OGM has launched over 100 on-chain exposures for US stocks and ETFs, targeting qualified non-US investors, providing 24/7 trading and transfer capabilities, and plans to rapidly expand to cover 'hundreds more'. Pricing is supplied by Chainlink oracles, positioned as a 'security stable primitive' that can be directly called by wallets and protocols.
OUSG: Bringing 'Short Bond Returns + Instant Liquidity' on-chain
OUSG is integrated with BlackRock's BUIDL, with official processes supporting 'round-the-clock subscription and redemption', leveraging the deep market-making arrangement of BUIDL–USDC to significantly shorten traditional redemption waits and improve institutional-level settlement experience.
USDY: 'Yield Dollar' entrance for global users
Through Alchemy Pay's fiat channel, users in 173 countries can directly purchase USDY with local payment methods, lowering the threshold for obtaining 'short debt yield dollars', facilitating assembly with DeFi scenarios.
To put it simply: stablecoins solve the 'availability of dollars on-chain', while ONDO attempts to further turn 'interest rates (short debt yield) and securities (U.S. stocks / ETFs)' into fundamental modules that can be used on-demand by smart contracts.
Two, Why Now: Compliance Pathway + Capital Acceleration + Engineering Implementation
Compliance Pathway
ONDO announces the acquisition of Oasis Pro, obtaining qualifications for SEC-registered broker-dealer (BD) / alternative trading system (ATS) / transfer agent (TA) in one go, laying a regulatory foundation for tokenized securities trading and clearing in the U.S.
Capital Acceleration
Jointly launched $250M 'Ondo Catalyst' with Pantera to invest in equity/token in both ecological and underlying infrastructure, promoting a positive cycle of 'supply-demand-liquidity'. (Ondo
Engineering Implementation
OGM is available on Ethereum; USDY facilitates global fiat deposits; OUSG gains near-instant liquidity through the BUIDL-USDC mechanism. These are not 'white papers', but 'usable products'.
Three, How Products Assemble into a Closed Loop
Interest Rate Base (USDY / OUSG) provides 'safe yield + anytime redemption', serving as a 'frictionless base' for wallet balances, vaults, and market-making.
Securities Module (OGM) allows compliant users to directly exchange part of their assets for on-chain transferable U.S. stocks / ETF exposure;
DeFi Compositions: Collateralization, lending, hedging, gateways... Assets and liabilities are all on-chain, with shorter clearing paths and lower systemic friction.
Compliance and Capital provide patient funds and entry moats for the above modules, reducing the awkwardness of 'only stopping at the pilot'.
Four, ONDO Token: What exactly does it capture?
Roles and Boundaries
ONDO is a governance token used for governance decisions in Ondo DAO / Flux, with an initial total supply of 10,000,000,000, and no plans for inflation as per official statements. It does not directly represent a legal claim to cash flows generated from USDY / OUSG / OGM (this is crucial for compliance).
Circulation and Unlocking
Market mainstream statistical measures show that circulation is gradually increasing; unlocking pace extends to 2029, with periodic releases potentially causing marginal supply shocks that need to be observed in conjunction with fundamental increments.
Value Anchors (Indirect)
Governance Rights: Influence over key parameters such as OGM, bridging, clearing, whitelisting, and fees;
Ecological Position: As the scale and turnover of OGM / USDY / OUSG grow, the 'voice' in governance and access naturally rises;
Expectation Anchors: Expansion of RWA track, clear regulations, and institutional on-chain will enhance the pricing of the 'governance hub'.
In summary: ONDO is more like 'the governance hub of on-chain capital markets', its value lies not in dividend notes, but in coordination rights + ecological position that improves as the network grows.
Five, Background of Founding Team and Investment Institutions
Ondo Finance was founded by Nathan Allman in 2021; he was previously a vice president in Goldman Sachs' investment banking division, deeply involved in structured financing and capital market operations. Most core team members come from Wall Street investment banks, hedge funds, and top blockchain companies, possessing experience advantages at the intersection of traditional finance and the crypto market.
In terms of financing, Ondo has completed multiple rounds of financing, with backers including:
Founders Fund (a well-known venture capital firm founded by Peter Thiel)
Pantera Capital (one of the largest crypto funds in the world, also a partner of Ondo Catalyst $250M)
Coinbase Ventures
Tiger Global
Wintermute Ventures and others
The participation of these institutions not only brings financial support but also means resources and endorsement. Especially the inclusion of Founders Fund and Pantera places Ondo at the forefront of the industry in compliance, capital markets, and the crypto ecosystem.
Six, Differences from Other RWA Routes
Asset Standardization: ONDO focuses on 'short debt yield + standardized securities', which have clear pricing and smoother institutional connections compared to non-standard assets like real estate or credit.
Combination Depth: Turning both 'interest rates' and 'stock ETFs' into on-chain primitives, the richness of the system combination is higher;
Usability: OGM, USDY, OUSG are now directly usable and linked with fiat deposits, oracles, market-making, and clearing networks to form a closed loop.
Seven, Observable 5 Indicators
OGM's target count / turnover rate / price stability (can it expand from 'hundreds' to 'thousands' while maintaining good depth);
The asset scale and redemption efficiency of USDY / OUSG (the 'water level' and 'water flow' of the interest rate base);
Compliance Milestones (Oasis Pro integration progress, more regional access);
Coverage of fiat deposit and wallet integration (increment outside of 173 countries, more payment tracks);
Token Unlocking and Changes in Holding Structure (whether it matches the pace of fundamental expansion).
Eight, Risks and Hedging
Compliance / Counterparty Risks: The compliance chain for cross-border issuance, brokers, and custodians is long, requiring continuous auditing and disclosure;
Liquidity Management: The price difference and redemption queue of tokenized securities in extreme market conditions is a tough problem;
Competing in the same track: more licensed entities and public chains will enter the 'securities on-chain' track, and bargaining and market share are not set in stone;
Token Unlocking: If fundamental expansion does not meet expectations, periodic supply shocks will amplify volatility.
Conclusion
ONDO abstracts 'short debt rates' and 'U.S. securities' into on-chain components that can be repeatedly called by smart contracts:
USDY / OUSG is responsible for the interest rate base and liquidity support, OGM is responsible for bringing the asset classes of the securities market on-chain, compliance and capital break through the pathways, while ONDO tokens serve as the 'core of governance and coordination'. If you believe in the long-term curve of 'asset on-chain → capital market on-chain', ONDO is one of the most worth tracking infrastructures in this narrative.
