This article explains Ondo's products, how it works, where Ondo sits in the on-chain Treasury trend, dated data, and the risks. Data was updated on October 2026. For general context, start with what RWA is.

Key Points

• Ondo Finance issues tokens that represent US Treasuries and money market funds, as well as tokenized US stocks and ETFs.
• Ondo's Treasury product, USDY, was worth about US$2.33 billion as of 13 October 2026 according to rwa.xyz. Together with OUSG (about US$319 million), Ondo's two Treasury products are worth about US$2.65 billion (our calculation from the rwa.xyz figures).
• Ondo's tokenized stock line, formerly Ondo Global Markets and renamed Ondo Stocks in July 2026, shows total value locked of about US$1.34 billion and more than 450 assets as of 14 October 2026 on Ondo's official site.
• ONDO is a governance token, not a claim on the underlying assets. As of 14 October 2026 its price is about US$0.4687, about 78.1% below its all-time high according to CoinGecko.
• Main risks: regulation, issuers and custodians, smart contracts, liquidity, exchange rates, and ONDO price volatility.

What Is Ondo Finance

Ondo Finance launched in 2021 with a focus on bringing traditional financial instruments onto the blockchain. The idea is simple: investors who have no access to US Treasury funds or US stocks can hold tokens designed to track the value of those instruments.

Ondo's products fall into two broad groups:

1. Tokenized Treasuries and money market funds, such as USDY and OUSG.
2. Tokenized stocks and ETFs, which launched as Ondo Global Markets in September 2025 and became Ondo Stocks in July 2026.

How Ondo Works

The flow follows the common pattern for asset tokenization:

1. The underlying asset, for example short-term US Treasuries or a stock, is held by a custodian or through a fund structure.
2. Ondo issues a token that represents that asset through a smart contract.
3. The token trades on the blockchain and on exchanges that support it.
4. The token's value is designed to follow the reference asset, and certain holders can redeem it under the product's terms.

Structure details, who may buy, and redemption terms differ between products and between regions. Read the official terms of each product, because some Ondo products are restricted to certain investors. For example, Ondo's official site states that USDY and Ondo Stocks are not available in the United States.

Ondo's Main Products

Yields on the Treasury products change with benchmark interest rates, so this article does not list a fixed figure. Check the official product page on the day you read this.

Latest Developments: October 2026

A few things recorded since this article was first written on 8 October:

• Ondo Stocks has grown. Crypto Briefing (30 September 2026) reported a record TVL of US$1.26 billion for Ondo Stocks. Ondo's official site shows about US$1.34 billion as of 14 October 2026, with about 248,600 unique holders.
• Expansion into Europe. According to a CoinMarketCap summary, on 8 October 2026 Ondo opened access through Assetera, a partner regulated under MiFID II, with more than 100 tokenized stocks and ETFs available and more than 450 planned for eligible investors.
• Ondo Private Markets. According to the same summary, on 9 October 2026 Ondo launched tokenized securities linked to an unnamed pre-IPO AI company, for eligible non-US investors. Products like this carry higher risk because the underlying company is not listed on an exchange and information is limited.

These three items show Ondo keeps expanding its products, but a wider product range is not a guarantee that the ONDO price will rise.

On-Chain Treasuries: Where Ondo Sits in the Tokenized Bond Trend

On-chain Treasuries are US government bonds or money market funds recorded as tokens. This is one of the largest RWA categories. According to rwa.xyz as of 13 October 2026, the largest products are:

Why this category is large: the underlying asset is simple, easy to price, and easy to hold. Why you should be careful: many products are restricted to certain investors, and the yield depends on US interest rates, not on the protocol's own performance.

The Role of the ONDO Token

ONDO gives voting rights in the protocol's governance. That means ONDO is a bet on Ondo's growth and decisions, not ownership of the Treasuries or stocks it manages. The ONDO price can rise or fall sharply with the crypto market, regardless of how stable the underlying assets of Ondo's products are.

As a dated snapshot: as of 14 October 2026 CoinGecko shows ONDO at about US$0.4687, up about 0.8% over 24 hours and down about 4.4% over seven days, with a market capitalization of about US$2.28 billion, ranked 48th. That price is about 78.1% below its all-time high of US$2.14. The large scale of Ondo's products is not automatically reflected in the ONDO price. These figures change quickly, so use a market data aggregator on the day you read this.

Comparison with Other RWA Protocols

A fuller list, and how to tell asset tokens apart from ecosystem coins, is in which RWA coins exist.

Risks to Consider

• Regulatory risk. Rules for asset tokens and tokenized stocks are still developing in many countries, including Indonesia. OJK has reportedly targeted finalizing real-world asset tokenization rules by Q3 2026 at the latest (a target reported in June 2026). We have not found confirmation that the rules had been issued as of 14 October 2026, so check the latest status on the OJK website. Read RWA regulation, tax, and risks.
• Issuer and custodian risk. A token is only as good as the party that holds and guarantees the assets behind it.
• Smart contract risk. Audits reduce, but do not eliminate, the chance of security flaws.
• Liquidity risk. Not every Ondo token has an active secondary market, and prices can differ from the reference asset.
• ONDO price risk. A governance token can fall sharply when the crypto market weakens, and its price as of 14 October 2026 is still far below its all-time high.
• Exchange rate risk. The underlying assets are denominated in US dollars, so returns in rupiah are also affected by the exchange rate.

Trading RWA on Mobee

Want to start with ONDO or another RWA asset? Mobee is operated by PT CTXG Indonesia Berkarya, which is licensed and supervised by OJK, and you can access several assets in this sector in one app.

Why trade RWA on Mobee:

• In rupiah. Pairs such as ONDO/IDR trade directly in rupiah, so you do not need to convert to dollars or a stablecoin first.
• OJK-supervised. For assets that are already high risk, a licensed platform supervised by the regulator is a sensible starting point. You can check the list of licensed platforms in OJK-supervised crypto exchanges.
• Several types of RWA in one place. Besides ONDO, there are gold tokens such as XAUT and PAXG, commodity tokens such as USOon, and stock tokens such as LLYX (Eli Lilly, issued by Ondo). You can compare the types without switching platforms.
• You can start small. Tokens can be bought in fractions, so you do not need to buy a full unit. Check the minimum order for each pair in the app.
• Tools to keep track. Set a price alert on Mobee so you do not have to watch the screen, and learn about order types in trading before you trade. For gold, there is a daily update in digital gold price today.

What to know first. Not every Ondo product in this article is on Mobee. As of 14 October 2026 we did not find USDY, OUSG, SPYon, and QQQon pairs on Mobee. What is available from Ondo is the ONDO token (a governance token, not a claim on assets) and some product tokens such as LLYX and USOon. Availability can change, so check directly in the app.

Steps to start:

1. Open the Mobee app and complete identity verification.
2. Add rupiah to your balance.
3. Look up the asset you want to study, for example ONDO/IDR, or see other options in the Mobee RWA category.
4. Start small, set a price alert, and spread your positions.

See RWA assets on Mobee

Trading crypto assets is high risk, and RWA tokens depend on their issuer and custodian. Use only funds you are prepared to lose.

Conclusion

Ondo Finance is one of the largest players in tokenized US Treasuries and stocks. Understanding the difference between Ondo's products (tokens that represent assets) and the ONDO token (governance) is the most important step before judging anything.

October 2026 data shows its scale keeps growing (USDY about US$2.33 billion, Ondo Stocks about US$1.34 billion), but scale does not remove regulatory, issuer, and ONDO price volatility risks. Study the products, check the official terms, and use only funds you are prepared to lose.

Frequently Asked Questions

What is Ondo Finance?

Ondo Finance is a protocol that tokenizes traditional financial assets, mainly US government bonds and US stocks, so they can be accessed through a blockchain. ONDO is its governance token.

What is the ONDO coin?

ONDO is Ondo Finance's governance token, which gives voting rights on protocol decisions. ONDO is not a claim on the Treasuries or stocks Ondo manages, and its price follows the crypto market.

What is USDY from Ondo?

USDY is a token backed by short-term US Treasuries and bank deposits. Its value was about US$2.33 billion as of 13 October 2026 according to rwa.xyz. Its yield follows interest rates and changes.

What are Ondo Stocks and Ondo Global Markets?

Ondo Stocks, formerly Ondo Global Markets, is Ondo's line of tokenized US stocks and ETFs. It was renamed in July 2026, and Ondo's official site shows total value locked of about US$1.34 billion with more than 450 assets as of 14 October 2026.

Is ONDO available on Mobee?

ONDO is listed in Mobee's crypto asset list with an ONDO/IDR pair as of 14 October 2026, so it can be traded in rupiah. Availability can change, so check directly in the app before you trade.

Are USDY and other Ondo products available on Mobee?

As of 14 October 2026 we did not find USDY, OUSG, SPYon, and QQQon pairs on Mobee. What is available from the Ondo ecosystem includes the ONDO token and some product tokens such as LLYX and USOon. Check the app for the latest availability.

What are the risks of Ondo Finance?

The main risks are regulation, issuers and custodians, smart contracts, liquidity, exchange rates, and ONDO price volatility. No result is guaranteed.

Disclaimer

This article is for information and education only and is not investment, legal, or tax advice. Crypto assets and real-world asset tokens are high-risk instruments with large volatility. Do your own research and use only funds you are prepared to lose. Mobee is operated by PT CTXG Indonesia Berkarya, which is licensed and supervised by the Indonesian Financial Services Authority (OJK).