Ondo Finance
New York, United States · active since 30 Jan 2023 · United States
Crypto-native issuer that packages institutional funds into on-chain instruments, splitting its range between a US qualified-purchaser product and a non-US yield-bearing note. A significant allocator into other issuers' funds, which makes it both a competitor and a distribution channel.
- Products issued
- 2
- Servicing mandates
- 2
- Tokenized AUM issued
- $1.71B
- Networks
- 7
- Counterparties
- 4
- Activity score
- 78
Rank 2 of 16 issuers
This firm's share of tokenized fund and securities assets, and how its rank has moved in 30 days.
- Share
- 21.5%
- 30D share move
- +194bp
- Rank move
- -
- Entered
- 30 Jan 2023
- NAV Fund Administration2 shared
- Securitize1 shared
- Anchorage Digital Bank1 shared
- Coinbase Custody Trust1 shared
Apparent diversification often collapses here: competing issuers frequently depend on the same transfer agent and custody stack.
Tokenized products issued
| Ondo US Dollar Yield NoteUSDY | Tokenized Treasury | $1.40B | +5.1% | 4.25% | Daily | US |
| Ondo Short-Term US Government TreasuriesOUSG | Tokenized Treasury | $312.9M | -4.4% | 4.04% | Intraday | US |
Products serviced
Products from other issuers that rely on this firm.
Activity timeline
Everything we have tracked involving this firm, newest first.
- CapitalAdoption24 Jul 2026 · 1mo agoOndo fund-of-funds allocation to BlackRock product exceeds 62%
Roughly 31% of the anchor fund's AUM is a single downstream allocator, not an end investor. Market-size figures that count both products separately double-count this exposure: a concrete example of why the platform reports look-through concentration alongside headline AUM.
- InfrastructurePartnership25 Jun 2026 · 2mo agoSecuritize now transfer agent of record for products totalling $2.8B
A single registered transfer agent now sits behind the majority of US tokenized fund AUM in coverage. This is the category's most concentrated single point of dependency, and it is an operational rather than a credit exposure, worth a standing line in any diligence memo.
- InfrastructureInfrastructure Integration28 May 2026 · 3mo agoChainlink reserve attestation extended to two additional tokenized funds
Automated attestation narrows the gap between crypto-native issuers and bank-administered funds on transparency. It does not close the gap on legal claim: a proof of reserve tells you assets exist, not what you own if the issuer fails.
- AdoptionGeographic Expansion16 Apr 2026 · 5mo agoOndo non-US note reaches $690M as Asian distribution expands
The only product in coverage that is freely transferable after its compliance period, and it is winning where allow-listed funds cannot reach. Transferability, not yield, is the variable driving this flow: a distinct demand curve from the institutional fund cohort.
Counterparty map
Firms this one shares products or providers with.
By asset class
Network distribution
Assets issued by this firm, split by where the supply sits.
