Ondo Finance said its Ondo Stocks platform has reached $1.01 billion in total value locked less than a year after its September 2025 launch, placing tokenized equities among the company’s fastest-growing products alongside Treasury-backed assets and perpetual futures.
The company reported that Ondo Stocks processed $27 billion in cumulative volume during its first 10 months, including secondary-market trading as well as primary minting and redemption. The platform offers more than 440 tokenized stocks and ETFs, aimed at giving eligible non-U.S. users on-chain exposure to listed U.S. securities.
Ondo said each tokenized stock or ETF is fully backed by the corresponding underlying asset held through one or more licensed U.S. custodial broker-dealers. Ondo Global Markets (BVI) Limited offers and sells the products only to eligible non-U.S. persons, and the securities are unavailable to U.S. persons.
The $1 billion threshold gives Ondo Stocks a substantial asset base for a product category that has often faced questions over liquidity, settlement, investor protections and the link between an on-chain token and the underlying share. Ondo’s reported trading volume suggests activity has extended beyond a small group of buy-and-hold positions, although the company did not provide a breakdown between organic secondary-market volume and creation or redemption flows.
Holder growth extends across Ondo’s products
Ondo Finance said its wider product ecosystem had 200,645 holders, a 20% increase over the previous 30 days. Ondo Stocks represented 186,636 cumulative holders, making tokenized equities the largest contributor to the company’s reported user base.
Monthly transfer volume across Ondo products reached $2.82 billion, up 25.37% month over month, according to the company. It recorded 89,485 monthly active addresses over the same period.
Those figures point to a more active on-chain user base than total value locked alone can show. TVL measures the value of assets deposited or issued through a protocol, while transfer volume tracks how often those assets move between wallets or applications. A growing gap between a platform’s asset value and its transaction count can sometimes signal passive holdings; in Ondo’s case, the reported rise in both measures indicates that users are also moving the products on-chain.
The scale of that activity does not remove the practical constraints of tokenized equities. Access depends on jurisdictional eligibility, and token holders rely on the issuer’s legal structure, custody arrangements and redemption process to maintain the intended relationship with the underlying stock or ETF. Tokenization can make an asset easier to transfer across blockchain networks, but it does not turn a regulated security into a permissionless product available everywhere.
Perpetual futures add a high-turnover business line
Ondo also reported rapid growth in Ondo Perps, its perpetual futures product, which launched in July. The platform has recorded more than $8 billion in cumulative volume since launch, including more than $5 billion over the trailing 30 days, according to the company.
Open interest — the total value of outstanding derivatives positions — reached a high of $87 million. Perpetual futures do not have a fixed expiry date and are commonly used by traders seeking leveraged exposure or hedging tools. Their trading volumes can rise sharply without requiring a comparable increase in underlying assets, making volume a useful measure of market activity but a less direct indicator of long-term capital committed to the platform.
The product broadens Ondo’s model beyond issuing tokenized versions of traditional financial assets. Tokenized stocks and Treasury-linked products depend heavily on asset issuance, custody and redemption. Perpetual futures create a separate derivatives market where liquidity, leverage controls and open interest become central operating measures.
USDY passes $2 billion in reported assets
Ondo’s USDY product, a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, reached $2.15 billion in total asset value, the company said. It had 15,604 holders and a reported seven-day APY of 3.49%.
USDY’s value has more than doubled since the beginning of 2026, according to Ondo. Ethereum accounted for the largest share of the product’s reported assets, with $1.1 billion, followed by Stellar with $534 million, SEI with $258 million and Solana with $179 million. The token is also deployed on Mantle, Noble, Sui, Arbitrum, Aptos, MANTRA, BNB Chain and Plume.
The multi-network distribution reflects a practical advantage of tokenized Treasury products: they can be used as collateral, settlement assets or yield-bearing balances across several blockchain ecosystems rather than being restricted to a single chain. It also creates operational demands for issuers, which must maintain consistent redemption and asset-management processes across networks with different technical designs and liquidity conditions.
RWA.xyz, a blockchain-data platform that tracks tokenized real-world assets, recently put the on-chain government debt market at $16.23 billion. Ondo’s reported USDY assets alone would represent a meaningful share of that market, while its stock and derivatives products show the company is pursuing a broader set of financial instruments rather than relying solely on Treasury-linked yield.
Ondo’s latest figures place its growth increasingly in products tied to conventional markets: equities, ETFs, U.S. government debt and derivatives. The next test will be whether its reported user and volume growth can continue while preserving liquidity, reliable redemption and regulatory compliance across the jurisdictions and blockchains where those products operate.
Curious about tokenized equities’ future? Explore how they work in this detailed guide for crypto-savvy investors.
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