Draft:Ondo Finance
Tokenization and digital-asset platform
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Ondo Finance is a financial technology company focused on tokenizing traditional assets and bringing cash-equivalent yield products on-chain. The firm issues tokenized U.S. Treasury backed instruments such as OUSG and USDY and has developed related infrastructure including the Flux Finance lending protocol and Ondo Chain, a public blockchain oriented to real-world assets (RWA).[1][2][3]
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| Company type | Private |
|---|---|
| Industry | Financial technology; Tokenization; Decentralized finance |
| Founded | 2021 |
| Founder | Nathan Allman |
| Headquarters | New York City , United States |
| Products | OUSG; USDY; Flux Finance; Ondo Chain |
| Website | ondo |
History
Ondo Finance was founded in 2021 by former Goldman Sachs trader Nathan Allman.[1][4] The company raised a US$4 million seed round led by Pantera Capital in August 2021 and a US$20 million Series A co-led by Founders Fund and Pantera in April 2022.[5][6][1]
In January 2023, Ondo launched OUSG, a tokenized short-duration U.S. Treasuries exposure.[7] In March 2024 the firm shifted OUSG’s underlying exposure from the iShares Short Treasury Bond ETF to BlackRock’s on-chain money market fund BUIDL, contributing tens of millions of dollars to the fund shortly after launch.[8][9]
By March 2025, OUSG and USDY together surpassed US$1 billion in on-chain assets amid broader growth in tokenized Treasuries.[10] In October 2025, Ondo completed the acquisition of U.S.-regulated broker Oasis Pro to expand its tokenized securities business.[11]
Operations
- OUSG
Ondo Short-Term U.S. Government Treasuries (OUSG) provides tokenized exposure primarily to short-term U.S. Treasuries (and certain GSE securities) with subscriptions and redemptions; a rebasing version (rOUSG) distributes yield via additional tokens.[12] OUSG integrates with BlackRock’s BUIDL for on-chain liquidity and settlement.[13]
- USDY
USDY (US Dollar Yield) is a tokenized note secured by short-term U.S. Treasuries and bank demand deposits. It is designed for non-U.S. investors and accrues yield via an increasing redemption value (an “accumulating” mechanism).[14]
- Flux Finance
Flux Finance is an overcollateralized lending protocol (a fork of Compound v2) developed by Ondo to enable borrowing and lending against tokenized Treasuries such as OUSG; governance is conducted by the Ondo DAO via the ONDO token.[15][16][17]
Technology
Ondo assets are issued across multiple blockchains and custodial venues. In 2025, Ondo expanded support and integrations for USDY and OUSG on networks including Stellar and the XRP Ledger, alongside custody and exchange listings.[18][19] Institutional custodians, including Anchorage Digital and Copper, announced support for OUSG and USDY.[20][21][22]