Ondo (ONDO)

According to rwa xyz data, the tokenized asset market reached $27.65 billion as of April 2026, up 4.07% over the past 30 days, making it one of the few sectors seeing net inflows amid a broader crypto slowdown. U.S. Treasuries account for $12.78 billion, nearly half of the total, followed by commodities at $5.4 billion and private credit at $3.19 billion. Tokenized equities are approaching $1 billion, with transfer volume at $2.94 billion. H/T: @BUNT10 https://t.co/ppaE78TUOg

Tokenized stock went from a rounding error to $1B+ in like a year, and $ONDO captured the majority of that expansion 📊

I sat with the full picture, and it's actually way more interesting than that. Dominance at 58%+ market share, ~2.5x bigger than the next player. They did this in ~6 months.

@OndoFinance Global Markets launched Sept 2025, now already:

– $13B+ cumulative volume
– ~$2.18B monthly volume
– $170M peak daily
– NVDA alone doing $3B+ volume
– ~48.6k MAU, higher than competitors despite fewer holders

→ Ondo's base is actually trading, not just sitting. Because their model works:

Ondo uses wrapped tokenization + atomic minting/burning.

– when you buy NVDAon, they go buy real NVDA → mint token
– when you sell, they burn → sell underlying

They inherit #TradFi liquidity directly instead of relying on AMMs. I think of it as the stablecoin model applied to equities. USDC already proved this mechanic works at $100B+ scale.

They don't need a heavy balance sheet or messy cap table changes per ticker. So they can support ~265 assets already and still scale easily, especially with their distribution moat.

We might even be using Ondo’s product without realizing it.

– inside wallets we already use
– Binance makes it accessible to hundreds of millions
– Morpho lets us post it as collateral
– 1inch routes billions through it
– Felix put 260+ Ondo assets live on Hyperliquid

From my perspective, they’re quietly embedding themselves everywhere liquidity already exists.

They also got an edge that institutions actually care about.

Franklin Templeton picked Ondo because they have SEC clearance, EU MiCA passporting across 30 markets (~500M potential users), and a working 24/7 regulated trading rail.

Ondo is building inbound pipes from TradFi, which is a completely different TAM from most crypto platforms.

Global equities ~$150T, tokenized stocks ~$1B. The market is still tiny and gives Ondo massive room to grow.

They charge zero fees right now to ruthlessly capture market share. The real bull case is when that flow feeds back into $ONDO once the fee switch turns on later this year.

With my assumption, even a 0.05% take rate on ~$2B monthly volume, already ~$12M/year. But volume was basically zero 6 months ago, if this scales to ~$20B/month, that’s ~$120M/year.

As total RWA demand continues to grow → Ondo volume scales → revenue scales → $ONDO value accrues.

When I look at $ONDO sitting around ~$1.2B mcap with all of this building underneath, it feels like one of those setups I usually only see deep in a bear market.

*My own view about Ondo fundamental.

The IMF officially calls tokenization “a structural shift in financial architecture.”

The exact institution overseeing 191 member countries and trillions in global capital is systematically signaling that onchain finance is the absolute new global standard.

Institutions are going all in.