Popular tokenization platform Ondo Finance has surpassed $2.5 billion in total value locked (TVL) across its tokenized products, the company announced on Jan. 23.
The milestone makes Ondo Finance the largest platform for tokenized U.S. Treasuries and tokenized stocks, according to data from the onchain analytics platforms RWA.xyz and DefiLlama.
Related: What is tokenization? Explained
The tokenization platform now leads the tokenized U.S. Treasury market with a TVL of roughly $2 billion.
Its growth has been driven mainly by Ondo U.S. Dollar Yield (USDY), a permissionless tokenized Treasury product. USDY has exceeded $1 billion in TVL and is available on nine blockchains. The product is designed for global (non-U.S.) investors and offers a stablecoin-like experience with yield.
Ondo Short-term U.S. Government Bond Fund (OUSG), the platform’s flagship product, has also grown sharply.
The fund now holds more than $770 million in TVL and offers round-the-clock subscriptions and redemptions, daily interest accrual, and multi-chain support across Ethereum, Solana, XRP Ledger, and Polygon.
The OUSG portfolio includes tokenized funds from leading asset managers. These include:
Fidelity Digital Interest Token (FDIT)
BlackRock USD Institutional Digital Liquidity Fund (BUIDL)
Franklin Templeton US Government Money Fund (BENJI)
WisdomTree Government Money Market Digital Fund (WTGXX)
Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA)
A fund from State Street Investment Management’s SWEEP is expected to be added soon.
Ondo is also the largest platform for tokenized stocks. It accounts for more than 50% of the total market share.
Despite having entered the market later than many competitors, it has exceeded all of them by TVL.
Since its launch in September 2025, Ondo Global Markets has surpassed $500 million in total value across more than 200 tokenized stocks. Tens of thousands of asset holders have traded on the platform, generating over $7 billion in cumulative trading volume.
Ondo’s tokenized stocks are live on Solana, Ethereum, and BNB Chain. The tokenized stocks are supported by major wallets, custodians, and exchanges, including Binance Wallet, Trust Wallet, OKX Wallet, Bitget, and Blockchain.com.
