Ondo Finance (ONDO): how it works, supply and reviews
In short
- Type
- Tokenization platform for real-world assets: an asset management arm plus a technology arm building DeFi protocols
- Maximum supply
- ONDO initial supply is 10 billion tokens
- Risks and caveats
- Ondo tokenized stocks are debt instruments of a BVI issuer, not direct ownership of shares, and carry no shareholder voting rights.
- Checked
- 31 October 2026
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Key facts
- Ticker
- ONDO
- Official site
- ondo.finance
Key facts checked on 31 October 2026 against official sources.
What is Ondo Finance
Ondo Finance is a US company that issues tokenized financial products: USDY (a tokenized note secured by short-term US Treasuries or bank deposits), OUSG (a tokenized US Treasuries fund for qualified investors) and Ondo Stocks (tokenized exposure to US stocks and ETFs for non-US investors). ONDO is the governance token of the separate Ondo DAO, supported by the Cayman Islands-based Ondo Foundation.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Tokenization platform for real-world assets: an asset management arm plus a technology arm building DeFi protocols |
| USDY | Tokenized note secured by short-term US Treasuries, a Treasury bond ETF or bank demand deposits; for qualifying non-US investors |
| OUSG | Tokenized fund giving exposure mainly to short-term US Treasuries, with 24/7 tokenized subscriptions and redemptions |
| Ondo Stocks | Tokenized structured notes tracking US stocks and ETFs, issued by Ondo Global Markets (BVI) Limited |
| Runs on | Ondo Stocks are on Ethereum, BNB Chain and Solana, with some tokens bridgeable to HyperEVM and Robinhood Chain |
| Ondo Network | Announced 27 July 2026: an execution layer using secure hardware enclaves and a decentralised attestor set; first app is Ondo Perps |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | ONDO initial supply is 10 billion tokens |
| Inflation | No scheduled or planned ONDO inflation |
| Initial distribution | Transfer restrictions on ONDO were lifted on 18 January 2024 after a DAO vote, with a structured unlock schedule |
| Team lock-up | Ondo core team members are bound by a 5-year lock-up |
| Issuance | USDY is minted with USDC after onboarding; it comes in an accumulating version (USDY) and a rebasing USD 1.00 version (rUSDY) |
What ONDO is used for
- ONDO: governance token of the Ondo DAO and Flux Finance
- ONDO holders vote on economic parameters and smart contract upgrades through on-chain proposals
- USDY and OUSG: tokens giving holders exposure to US Treasury yield
- Ondo tokenized stocks: economic exposure to US stocks and ETFs, without shareholder voting rights
Who develops and governs Ondo Finance
- Company
- Ondo Finance Inc., incorporated in Delaware, New York address (SEC EDGAR CIK 0001949480)
- SEC filings
- SEC EDGAR lists Form D notices of exempt offering (not registrations): Ondo Finance Inc. in 2022; the OUSG fund Ondo I LP from 2023, last amended 20 January 2026
- OUSG fund structure
- OUSG is a private fund exempt under Section 3(c)(7) of the Investment Company Act; only Qualified Purchasers and verified Accredited Investors
- Licence
- Ondo USDY LLC is registered as a money services business with FinCEN
- Foundation
- Ondo Foundation: a Cayman Islands foundation company, a nonprofit with no beneficial owners; issues governance tokens
- Legal entity
- Ondo Global Markets (BVI) Limited is 90.01% owned by Flux Finance Inc. (Ondo Foundation subsidiary) and 9.99% by Ondo Finance Inc.
- Governance
- Ondo DAO is a fork of Compound Governor Bravo voting on Tally; 3-day voting period, 1-day timelock
- Founders
- Nathan Allman is listed as founder; Ian De Bode as acting CEO and president
History
| Date | Event |
|---|---|
| April 2021 | Earliest smart contract audit listed by Ondo (CertiK, for a now-deprecated product). |
| 5 October 2022 | Ondo Finance Inc. files a Form D notice of exempt offering with the SEC. |
| 11 January 2023 | The OUSG fund, Ondo I LP, files its first Form D with the SEC. |
| 18 January 2024 | ONDO becomes freely transferable after a DAO vote. |
| 15 December 2025 | USDY, formerly issued by Ondo USDY LLC, is folded into the Ondo Stocks umbrella. |
| 27 July 2026 | Ondo introduces the Ondo Network execution layer; Ondo Perps is its first application. |
Security and audits
- Ondo lists smart contract audits by Cantina, Spearbit, Zellic, Cyfrin, Halborn, Code4rena and others for its stocks, funds and USDY contracts.
- Ondo states its products hold assets at third-party qualified custodians, with daily independent accounting and annual audits.
Security incidents
No security incident is recorded in the sources checked on 31 October 2026 (the company’s own channels and incident databases): api.llama.fi/hacks, rekt.news/leaderboard, hacked.slowmist.io/search, ondo.finance/blog, status.ondo.finance
Official ONDO contracts
| Network | Contract address |
|---|---|
| Ethereum (ONDO) | 0xfAbA6f8e4a5E8Ab82F62fe7C39859FA577269BE3 |
| Ethereum (USDY) | 0x96F6eF951840721AdBF46Ac996b59E0235CB985C |
| Ethereum (OUSG) | 0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92 |
ONDO address from the Ondo Foundation token docs; USDY and OUSG from Ondo's Smart Contract Addresses page, which lists other chains too.
Risks and caveats
- Ondo tokenized stocks are debt instruments of a BVI issuer, not direct ownership of shares, and carry no shareholder voting rights.
- USDY and Ondo Stocks are offered only to non-US persons under Regulation S; OUSG only to accredited investors and qualified purchasers.
- One Ondo stock token does not necessarily equal one share, and its price will not always match the underlying asset.
Official links
- Website: ondo.finance
- Docs: docs.ondo.finance
- Foundation: ondo.foundation
- Foundation docs: docs.ondo.foundation
- Audits: docs.ondo.finance/audits
- Source code: github.com/ondoprotocol
- Governance: www.tally.xyz/gov/ondo-dao
Questions and answers
What is Ondo Finance?
Ondo Finance is a company that issues tokenized financial products such as USDY, OUSG and Ondo tokenized stocks, aiming to bring financial markets onchain.
What is the ONDO token?
ONDO is the governance token of the Ondo DAO and Flux Finance; its initial supply is 10 billion with no planned inflation.
Is Ondo registered with the SEC?
Ondo's US products use exemptions rather than SEC registration: SEC EDGAR lists Form D notices of exempt offering for Ondo Finance Inc. and the OUSG fund Ondo I LP, and USDY is sold under Regulation S.
Can US residents buy USDY or Ondo Stocks?
No. USDY and Ondo tokenized stocks are offered only to non-US persons; OUSG is limited to accredited investors who are qualified purchasers.
Who is behind Ondo?
Ondo Finance Inc., a Delaware company founded by Nathan Allman, together with the Cayman Islands nonprofit Ondo Foundation.
Sources
- Ondo Finance — Home
- Ondo Finance — Team
- Ondo Docs — Welcome
- Ondo Docs — USDY basics
- Ondo Docs — OUSG overview
- Ondo Docs — Ondo Stocks overview
- Ondo Docs — Ondo Stocks legal and regulatory
- Ondo Docs — Trust and security
- Ondo Docs — Audits
- Ondo Docs — Smart contract addresses
- Ondo Finance blog — Introducing the Ondo Network
- Ondo Foundation Docs — Introduction
- Ondo Foundation Docs — The ONDO Token
- Ondo Foundation Docs — The Ondo DAO
- SEC EDGAR — Ondo Finance Inc. (CIK 0001949480)
- SEC EDGAR — Ondo I LP (CIK 0001957431)
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