Ondo ONDO

Ondo Finance works on moving conventional debt instruments on-chain: its products are tokens backed by short-dated US Treasury obligations and money-market funds. The retail line is the yield-bearing USDY; the institutional one is a share in a Treasury fund available only to qualified investors. What a holder receives is a portfolio's return, not a fixed price.

ONDO is the governance token of the company's protocol, not a claim on the assets inside those funds — the collateral behind the issued notes and shares is legally separate from the token, and the two levels should not be conflated. The company also builds infrastructure for moving such assets, but the economics of its products are set by Treasury rates, not by on-chain volume.

The constraint on this business is legal rather than technical: every product needs a workable legal wrapper and buyer verification, which is why such tokens circulate within a defined set of eligible persons and jurisdictions.

ONDO is a governance token, not a share in the company's tokenised funds: the collateral behind those notes is legally separate from it.