About

Ondo Finance (Ondo) is a decentralized finance (DeFi) protocol with a mission to “make institutional-grade financial products and services available to everyone.” Ondo achieves this by bringing real-world financial instruments onchain.

History

Ondo Finance (Ondo) was announced on July 27, 2021. It was founded by Nathan Allman and Pinku Suran to “accelerate DeFi adoption among mainstream investors by enabling the granular exchange of risk.” The protocol went live on the same day it was announced, offering four vaults upon launch.

Ondo V1

Live on Ethereum upon the project’s launch, Ondo V1 was the first implementation of the protocol that offered Vaults and Liquidity-as-a-Service (LaaS) as its core products. Throughout this implementation’s history, the following significant developments occurred:

• In November 2021, Ondo launched its LaaS offering in partnership with Fei Protocol, aiming to replace traditional liquidity mining programs. LaaS allowed for projects to increase liquidity for tokens on decentralized exchanges (DEXs). A project could deposit tokens into an Ondo liquidity vault, while Fei matched deposits with an equivalent amount of the FEI stablecoin. Ondo expanded its LaaS offering with partnerships such as the following:
  • In December 2021, Ondo expanded its LaaS offering in partnership with Frax Finance, which provides liquidity using its FRAX stablecoin for tokens such as AMP.
  • In May 2022, Ondo expanded its LaaS offering in partnership with Angle Protocol, which provides liquidity using its agEUR stablecoin for tokens such as PAL.

Of note, Ondo V1 has been sunset, and users can only withdraw funds as of March 5, 2024.

Ondo V2

Live in January 2023, Ondo V2 is the second implementation of the protocol. Throughout this implementation’s history, the following significant developments occurred:

• In January 2023, Ondo announced the launch of three tokens collateralized by real-world United States treasuries and corporate bonds. While OSTB and OHYG are no longer supported, Ondo US Government Bond Fund (OUSG) remains Ondo’s most widely circulating token.
• In January 2023, Ondo announced Flux Finance (Flux) and launched Ondo DAO which governs over Flux. In February 2023, Flux went live, and the first proposals using the ONDO token were approved.
• In April 2023, Ondo announced Ondo Money Market Fund (OMMF).
• In August 2023, Ondo announced Ondo USD Yield (USDY).
• In November 2023, Ondo launched the Ondo Bridge.
• In January 2024, the Ondo Foundation proposed that the ONDO token be released of its “Global Lock-Up.” This proposal included official details on ONDO’s token allocations, token uses, and future vesting schedule. The proposal’s passing marked the “Public Launch” of the ONDO token.
• In January 2024, the Ondo Foundation announced the Ondo Points Program and launched the “First Wave” later that month.
• In February 2024, Ondo announced its plans for Ondo Global Markets (Ondo GM), a platform that will allow users to access traditional securities onchain through tokenization.

In March 2024, Ondo Finance introduced instant 24/7/365 subscriptions and redemptions for OUSG, with a significant portion of OUSG's assets shifting into BlackRock's BUIDL Treasury fund.

In February 2025, Ondo Global Markets was introduced.The announcement stated that tokens issued by Ondo GM will be backed 1:1 by an underlying asset.

In March 2025, the TVL reached $1B USD triggered by compliance-first onboarding, partnership with BitGo, copper custody integrations, and smart contracts compliant with U.S. regulations.

In June 2025, team has announced the formation of the Global Markets Alliance, an initiative intended "to align industry standards and promote interoperability for tokenized securities", with Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, BitGo, Fireblocks, 1inch, and Alpaca.

In October 2025, Ondo submitted a letter to the SEC, proposing an amendment of Nasdaq's rules for trading tokenized securities.