Discover the best DeFi opportunities with expert research and risk insights.

Ondo

RWA

Ondo Finance is a protocol that brings institutional-grade financial products to DeFi by tokenizing assets like bonds and credit products. It combines blockchain efficiency with traditional finance practices such as compliance, transparency, and investor protection, offering users regulated access to stable yields and secure on-chain investments.

Risk Rating
Best
Protocol Code Quality
Protocol Maturity
Protocol Design
What is Ondo?
What we like
Institution-grade approach: audited smart contracts, detailed disclosures, and top-tier partners (e.g., BlackRock BUIDL) make yield and cash-management products feel familiar to TradFi while staying onchain. Ondo offers simple access to high-quality, USD-denominated yield (USDY, OUSG) with clear investor protections.
What we like less
Access is gated: KYC is required, OUSG is limited to accredited/qualified investors, and USDY is generally for non-US users. USDY also has a 40–50 day minting lag and fiat redemptions go to non-US bank accounts, which reduces frictionless mobility.
What it means for you
If you want conservative, USD-based onchain yield with strong transparency, Ondo is a clean fit. Expect compliance steps and some operational constraints in exchange for higher assurance and a TradFi-grade experience.
Information
Exploit/Hacks
None
Info
Key Metrics
  • TVL: $1.4B (Rank #39)
  • TVL Ranking by RWA: #1
  • Blockchain: Ethereum, Solana, Ripple, Mantle, Sui, Noble, Arbitrum, Aptos, Stellar, Polygon
  • Chain TVL
    • Ethereum: $1.05B
    • Solana: $244.07M
    • Ripple: $30.34M
    • Mantle: $27.68M
    • Sui: $17.14M
    • Others: $22.61M
Risk Assessment
Best
Protocol Code Quality
Protocol Maturity
  • Latest protocol version launched in 2021; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 1% by total value locked reduces risk
  • Requires members of a DAO to vote on-chain for approving contract upgrades
  • Low voting power concentration reduces risk
Protocol Design
  • This protocol is susceptible to risks related to yield optimizers which deploy custom strategies to automatically manage user funds
Things to know about Ondo

What is Ondo

Ondo is a protocol that brings institutional-grade finance onchain through tokenized products and infrastructure. Its flagship offerings include USDY, which deliver yield from short-term Treasuries, and OUSG, a tokenized fund of short-term U.S. Treasuries for accredited or qualified investors. They also offer Ondo Global Markets, which allows investors to obtain tokenized exposure to publicly traded securities for non-US users, combining TradFi economics with DeFi compatibility.

How Ondo makes money

Ondo earns management and platform fees on products like USDY and OUSG, covering operations and service providers. For example, USDY’s underlying Treasury yield first goes toward expenses, with the remaining yield distributed to token holders.

How you make money on Ondo

You earn by holding Ondo’s tokenized products that pass along real-world yield. With USDY you get daily interest from U.S. Treasuries, either reflected in a rising token price or more tokens in your wallet. With OUSG, accredited investors gain exposure to U.S. Treasuries through a simple onchain wrapper. And with Ondo Global Markets, non-US users are able to buy tokenized stocks and ETFs, letting them capture stock-like returns in token form while still being able to move and use those assets across DeFi.