Ondo Finance was founded by Nathan Allman, a former Goldman Sachs employee, in 2021. It raised $20 million in a Series A from Coinbase Ventures, Pantera Capital, and others. ONDO had its public token launch in January 2024. The project has built serious institutional relationships: in February 2026, Ondo acquired Oasis Pro, granting it SEC broker-dealer and ATS licences — a landmark regulatory achievement. Partners include Mastercard, Franklin Templeton (backing OUSG), and in May 2026, Ondo joined the DTCC's 50-firm working group (alongside BlackRock and JPMorgan) developing tokenised securities settlement for a July 2026 production launch.
Ondo Finance provides infrastructure for tokenising real-world financial assets — primarily US Treasuries (OUSG), money market funds (OMMF), and tokenised equities through Ondo Global Markets. Its tokenised stock product launched on Solana, Ethereum, and other chains. Ondo received EU passporting rights in November 2025, enabling it to offer tokenised stocks and ETFs to over 500 million European investors. The DTCC working group membership positions Ondo as a core infrastructure provider for the July 2026 tokenised securities settlement launch. Protocol fee collection is planned for H2 2026 — transitioning from adoption to revenue generation.
ONDO has a maximum supply of 10 billion tokens, with only approximately 1.5-2 billion in circulation (15-20% of max). Over 85% of tokens remain locked, with nearly 6 billion ONDO scheduled to unlock from 2026 through 2029. A single unlock event in January 2026 released 1.9 billion tokens valued at approximately $840 million at the time — demonstrating the scale of supply pressure. ONDO currently trades around $0.32 with a circulating market cap of approximately $1.5 billion.
Ondo is the leading tokenised equity infrastructure platform, with approximately 60% market share in tokenised equities. It competes with Backed Finance, Securitize, and Centrifuge in the RWA tokenisation space. The DTCC working group membership alongside BlackRock and JPMorgan is its strongest competitive signal — suggesting it is considered institutional-grade infrastructure by the world's largest financial institutions.
The most significant risk is the ongoing token unlock schedule — nearly 6 billion tokens will be released through 2029. Each major unlock event has historically been accompanied by significant price drops. The ONDO token currently functions primarily as a governance token with limited fee-accrual mechanisms until H2 2026. The gap between institutional partnerships and token price performance is a persistent concern.
DTCC tokenised securities settlement launches successfully in July 2026 with Ondo as core infrastructure, fee collection activates in H2 2026 creating direct value accrual for ONDO holders, or the EU passporting drives significant European institutional adoption of Ondo's tokenised equity products.
Token unlock schedule continues to create sustained selling pressure that prevents price recovery regardless of institutional adoption, competing RWA platforms (Securitize, Backed Finance) capture institutional market share, or fee switch activation generates less revenue than expected.
We would become more positive if: H2 2026 fee switch generates meaningful protocol revenue that flows to ONDO holders, DTCC July 2026 launch proceeds with Ondo as a significant infrastructure provider, or the unlock selling pressure visibly abates as major tranches complete. We would become more cautious if: further major unlock events create outsized selling, DTCC pilot selects different infrastructure providers, or EU regulatory complications affect the passported tokenised equity products.
Ondo Finance has the strongest RWA tokenisation infrastructure positioning of any project reviewed on EnterCrypto — SEC licences, DTCC working group membership, EU passporting, and Mastercard and Franklin Templeton partnerships. The institutional pedigree is genuine. The core challenge is that 85%+ of token supply is still locked and will create persistent selling pressure through 2029. For patient investors with conviction in institutional RWA adoption, Ondo has a compelling long-term case — but the unlock schedule demands patience and timing awareness.
DTCC catalyst: Ondo is part of the DTCC's 50-firm working group developing tokenised securities settlement, with a production launch set for July 2026. The DTCC clears and settles trillions in daily securities transactions. If successful, Ondo would be foundational infrastructure for the world's largest securities clearing system.