$ONDO
SEC takes action! RWA leader Ondo 'challenges' regulators, is the U.S. tokenized securities about to establish rules?
Just last night (April 24), the U.S. Securities and Exchange Commission (SEC) suddenly released a meeting summary — RWA sector leader Ondo Finance, accompanied by top law firm Davis Polk, directly 'battled' with the SEC cryptocurrency working group, with a single theme: how to comply with regulations for tokenized securities in the U.S.?
The significance of this closed-door meeting is equivalent to pressing the fast-forward button for the compliance of 'on-chain Wall Street'. After all, Ondo is a tough player that has brought U.S. Treasury bonds and money market funds on-chain, with a long-term TVL (Total Value Locked) consistently ranking in the top three of the RWA sector. This time, they are directly calling for a regulatory sandbox exemption, clearly wanting to bypass the 'hellish difficulty' of traditional compliance.
Ondo's ambition: to be the 'compliance white glove' of on-chain Goldman Sachs
Don’t be fooled by Ondo's current TVL of only $179 million; they have top institutions like Pantera and Coinbase Ventures backing them, and they are cozying up with BlackRock and Mastercard. This meeting, to put it simply, is paving the way for Wall Street:
• The tokenized Treasury bond OUSG has already facilitated collateralized lending through Flux Finance, effectively 'breaking apart' U.S. Treasury yields to sell to retail investors;
• The interest-bearing stablecoin USDY directly anchors to Treasury bonds + bank deposits, grabbing market share from Tether and USDC;
• Next step? It seems they plan to tokenize stocks and REITs (Real Estate Investment Trusts), allowing retail investors to buy up all of Wall Street with one click!