Ondo Finance has officially surpassed $1 billion in Total Value Locked, marking a significant milestone in the growing adoption of institutional-grade, composable tokenized US Treasuries.

As we celebrate this milestone, let’s reflect on the journey that brought us here and the path ahead.

The Genesis: OUSG

Two years ago, we launched OUSG, an institutional-grade tokenized US Treasuries offering designed to revolutionize how capital allocators manage their cash onchain.

At launch, OUSG’s assets were invested in a Treasuries ETF managed by BlackRock, with best-in-class service providers ensuring daily transparency reporting validated by a third-party fund administrator.

OUSG quickly became a foundational asset for onchain finance, pioneering:

• The first yieldcoin eligible for onchain repo transactions via Flux Finance, allowing OUSG holders to pledge their tokens as collateral for stablecoin borrowing.
• 24/7/365 instant minting and redemption of OUSG tokens, improving accessibility and efficiency.
• Ondo Nexus, positioning OUSG as the go-to instant liquidity layer for onchain asset managers.

Today, OUSG is the most diversified tokenized US Treasuries product in the market, recently adding reserve assets from Franklin Templeton, Wellington Management, WisdomTree, and Fundbridge Capital.

Broadening Access: USDY

Six months after launching OUSG, we introduced USDY—the world’s first freely transferable and DeFi-composable yieldcoin (not available in the US and other prohibited jurisdictions/persons). USDY expands access to tokenized US Treasuries beyond institutional investors, allowing non-US retail users to access institutional-grade yield.

While OUSG meets the needs of institutional capital, USDY allows users to tap into the full potential of tokenized assets, while still maintaining institutional-grade standards. USDY’s interoperability enables holders to utilize it for payments and within DeFi applications, including as collateral. Its deep integration across ecosystems has made it the default choice for global access to US Treasuries yield.

Expanding Adoption & Utility

Traditional financial institutions play a crucial role in the growth of onchain finance. By leveraging their expertise, we continue to develop robust products and infrastructure that enhance financial markets.

We thank our institutional network for their invaluable contributions to growing the RWA ecosystem, including BlackRock, PayPal, Wellington Management, Franklin Templeton, WisdomTree, Fundbridge Capital, Mastercard, Google Cloud, ABN Amro, Aon, McKinsey, and many more.

While institutions are essential to the evolution of tokenized finance, we believe that DeFi-native applications are equally critical in building an open and interoperable financial ecosystem.

As such, Ondo’s products are integrated with over 80 DeFi applications across eight blockchain ecosystems: Ethereum, Solana, Aptos, Stellar, Ripple, Mantle, Sui Network, Arbitrum, Polygon, and Cosmos (via Noble).

We believe that RWAs must have seamless utility across blockchains to unlock their full potential, with our ecosystem enabling users to leverage RWAs for various financial activities, including:

• Savings (e.g., Arbitrum DAO)
• Payments (e.g., SpherePay, Helio Pay)
• Derivatives Trading (e.g., Drift Protocol)
• DeFi Applications (e.g., Orca, Dolomite, NAVI Protocol)

As the most trusted platform for tokenized US Treasuries, Ondo Finance holds over 80% of the market share by number of holders, according to RWA.xyz. We remain dedicated to expanding our supported networks and invite builders to integrate our industry-leading assets into their own ecosystems.

The Future of Finance

Reaching $1 billion in TVL is a momentous achievement, but it’s just the beginning. Our focus remains on developing the assets, infrastructure, and technology required to bring global capital markets onchain.

Recent initiatives such as Ondo Chain exemplify our commitment to innovation and our vision for Wall Street 2.0. Learn more about our vision here.

Source: Ondon