[Crypto projects](https://revain.org/projects/) › Ondo Finance

# 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

## Key facts

- **Ticker**: ONDO
- **Official site**: [ondo.finance](https://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](https://api.llama.fi/hacks), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [hacked.slowmist.io/search](https://hacked.slowmist.io/search/), [ondo.finance/blog](https://ondo.finance/blog), [status.ondo.finance](https://status.ondo.finance/)

## Official ONDO contracts

| Network | Contract address |
|---|---|
| Ethereum (ONDO) | [0xfAbA6f8e4a5E8Ab82F62fe7C39859FA577269BE3](https://etherscan.io/token/0xfAbA6f8e4a5E8Ab82F62fe7C39859FA577269BE3) |
| Ethereum (USDY) | [0x96F6eF951840721AdBF46Ac996b59E0235CB985C](https://etherscan.io/token/0x96F6eF951840721AdBF46Ac996b59E0235CB985C) |
| Ethereum (OUSG) | [0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92](https://etherscan.io/token/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](https://ondo.finance/)
- Docs: [docs.ondo.finance](https://docs.ondo.finance/)
- Foundation: [ondo.foundation](https://ondo.foundation/)
- Foundation docs: [docs.ondo.foundation](https://docs.ondo.foundation/)
- Audits: [docs.ondo.finance/audits](https://docs.ondo.finance/audits)
- Source code: [github.com/ondoprotocol](https://github.com/ondoprotocol)
- Governance: [www.tally.xyz/gov/ondo-dao](https://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](https://ondo.finance/)
- [Ondo Finance — Team](https://ondo.finance/team)
- [Ondo Docs — Welcome](https://docs.ondo.finance/index.md)
- [Ondo Docs — USDY basics](https://docs.ondo.finance/general-access-products/usdy/basics.md)
- [Ondo Docs — OUSG overview](https://docs.ondo.finance/qualified-access-products/ousg/overview.md)
- [Ondo Docs — Ondo Stocks overview](https://docs.ondo.finance/ondo-stocks/overview.md)
- [Ondo Docs — Ondo Stocks legal and regulatory](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory.md)
- [Ondo Docs — Trust and security](https://docs.ondo.finance/trust-and-security.md)
- [Ondo Docs — Audits](https://docs.ondo.finance/audits.md)
- [Ondo Docs — Smart contract addresses](https://docs.ondo.finance/addresses.md)
- [Ondo Finance blog — Introducing the Ondo Network](https://ondo.finance/blog/introducing-the-ondo-network)
- [Ondo Foundation Docs — Introduction](https://docs.ondo.foundation/)
- [Ondo Foundation Docs — The ONDO Token](https://docs.ondo.foundation/ondo-token)
- [Ondo Foundation Docs — The Ondo DAO](https://docs.ondo.foundation/ondo-dao)
- [SEC EDGAR — Ondo Finance Inc. (CIK 0001949480)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001949480&type=&dateb=&owner=include&count=40)
- [SEC EDGAR — Ondo I LP (CIK 0001957431)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001957431&type=&dateb=&owner=include&count=40)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/ondo/