Ondo (ONDO)

According to rwa xyz data, the tokenized asset market reached $27.65 billion as of April 2026, up 4.07% over the past 30 days, making it one of the few sectors seeing net inflows amid a broader crypto slowdown. U.S. Treasuries account for $12.78 billion, nearly half of the total, followed by commodities at $5.4 billion and private credit at $3.19 billion. Tokenized equities are approaching $1 billion, with transfer volume at $2.94 billion. H/T: @BUNT10 https://t.co/ppaE78TUOg

Tokenized stock went from a rounding error to $1B+ in like a year, and $ONDO captured the majority of that expansion 📊 I sat with the full picture, and it's actually way more interesting than that. Dominance at 58%+ market share, ~2.5x bigger than the next player. They did this in ~6 months. @OndoFinance Global Markets launched Sept 2025, now already: – $13B+ cumulative volume – ~$2.18B monthly volume – $170M peak daily – NVDA alone doing $3B+ volume – ~48.6k MAU, higher than competitors despite fewer holders → Ondo's base is actually trading, not just sitting. Because their model works: Ondo uses wrapped tokenization + atomic minting/burning. – when you buy NVDAon, they go buy real NVDA → mint token – when you sell, they burn → sell underlying They inherit #TradFi liquidity directly instead of relying on AMMs. I think of it as the stablecoin model applied to equities. USDC already proved this mechanic works at $100B+ scale. They don't need a heavy balance sheet or messy cap table changes per ticker. So they can support ~265 assets already and still scale easily, especially with their distribution moat. We might even be using Ondo’s product without realizing it. – inside wallets we already use – Binance makes it accessible to hundreds of millions – Morpho lets us post it as collateral – 1inch routes billions through it – Felix put 260+ Ondo assets live on Hyperliquid From my perspective, they’re quietly embedding themselves everywhere liquidity already exists. They also got an edge that institutions actually care about. Franklin Templeton picked Ondo because they have SEC clearance, EU MiCA passporting across 30 markets (~500M potential users), and a working 24/7 regulated trading rail. Ondo is building inbound pipes from TradFi, which is a completely different TAM from most crypto platforms. Global equities ~$150T, tokenized stocks ~$1B. The market is still tiny and gives Ondo massive room to grow. They charge zero fees right now to ruthlessly capture market share. The real bull case is when that flow feeds back into $ONDO once the fee switch turns on later this year. With my assumption, even a 0.05% take rate on ~$2B monthly volume, already ~$12M/year. But volume was basically zero 6 months ago, if this scales to ~$20B/month, that’s ~$120M/year. As total RWA demand continues to grow → Ondo volume scales → revenue scales → $ONDO value accrues. When I look at $ONDO sitting around ~$1.2B mcap with all of this building underneath, it feels like one of those setups I usually only see deep in a bear market. *My own view about Ondo fundamental.

The IMF officially calls tokenization “a structural shift in financial architecture.” The exact institution overseeing 191 member countries and trillions in global capital is systematically signaling that onchain finance is the absolute new global standard. Institutions are going all in.

A major breakthrough for tokenized stocks utility: Tokenized stocks as productive collateral on @OndoPerps. https://t.co/9utrOfRTD2

The Wall Street Journal highlights Ondo Global Markets for redefining global equity trading. Tokenized stocks are officially breaking traditional market hours, allowing investors in Asia to execute U.S. equity trades at 1 AM with instant onchain settlement. Wall Street never sleeps onchain

➥ @OndoFinance I still believe in what you’re building, but $ONDO needs real value alignment. Recently, I posted about ONDO and received quite a bit of feedback around a few points: – $ONDO has no value, no value capture for holders – The DAO has had no active on-chain votes for ~2 years All of this is true, it does feel like the team hasn’t really focused on $ONDO token yet. I still have high conviction in this project, and if they can connect the value of $ONDO to the products they’re building, I think the project can grow strongly and even reach top 10 MC. I hope the ONDO team will do the right thing and recognize the real potential of aligning token value with their products. If there are legal constraints around doing this, they should explain it clearly to the community and provide a transparent roadmap so everyone can understand.

$ONDO TVL is going parabolic 📈 Up another half a billion in 3 days 👀 https://t.co/3QHeVAyj3M

HOT TAKE🔥 Too many people are focused on token utility. There's many arguments against tokens like $ONDO which don't clearly display token utility. But let's be honest... Most tokens don't run in a bull market because of their utility. It's • Narrative • Hype/Community Most of us aren't here to buy tokens to actually use them in these ecosystems. I'd bet money that the majority of us are HOLDERS and not USERS. Over the past few cycles we've seen countless tokens do crazy numbers with little to no token utility. Memecoins are a perfect example of this. What does DOGE or SHIB or PEPE do? Absolutely nothing, yet we've seen each of these do unreal numbers in the right market environment. It's the same way for 99% of the market. Tokens aren't going up because people buy the token to use them. Most times it's purely capital rotation into strong narratives and projects building something Zoom out. Don't just look at the utility of a token. Look at the utility of an ecosystem and ask yourself how it aligns with real Web3 utility.

While the market is in extreme fear and many people are selling their positions.. Franklin Templeton, a firm that manages $1.7T, arrives and creates Franklin Crypto, a new institutional digital assets division. Its own head of innovation says it plainly: "This market dip is a unique opportunity to recruit talent" - Fear & Greed at 8 - Bitcoin -50% - Institutions start investing I think the question is no longer whether crypto will recover, the question is whether you will be positioned when that happens. And are you exiting the market? Interesting.