--- title: "Ondo Finance (ONDO): what it is, how it works and why it leads RWA" url: "https://www.unknowngravity.com/en/articulos/ondo-finance-ondo-explained" site: Unknown Gravity published: "2026-08-13T07:32:16+00:00" modified: "2026-08-13T07:32:16+00:00" language: en-US description: "Ondo Finance is one of the largest issuers of tokenized real-world assets (RWA): it brings US government debt onto blockchains and turns it into yield-bearing tokens." section: "Home > Cryptocurrencies and tokens > Ondo Finance (ONDO): what it is, how it works and why it leads RWA" --- # Ondo Finance (ONDO): what it is, how it works and why it leads RWA BLOG · LEARN WEB3 13 AUG 2026 2 MIN READ [Unknown Gravity](/en/autores-post-del-blog/unknown-gravity) ![Ondo Finance (ONDO): what it is, how it works and why it leads RWA](/wp-content/themes/unknowngravity/assets/cms/659d5c83b9e49f087150395f_LIDO%20DAO.webp) **Ondo Finance is one of the largest issuers of tokenized real-world assets (RWA): it brings US government debt onto blockchains and turns it into yield-bearing tokens.** If asset tokenization has one undisputed success story, this is it: Treasury bonds — the most boring, liquid asset on the planet — turned into the flagship product of RWA. Here is what it actually does, how its products work and what it means for the sector. ## What Ondo Finance is Ondo was founded in 2021 by former Goldman Sachs bankers on a simple thesis: large traditional financial assets would end up living on blockchains, and someone had to build the institutional-grade bridge. Its specialty is fixed-income [real-world assets (RWA)](/en/glosario/real-world-assets-rwa): tokenized products backed by US Treasuries, with cumulative volume in the billions of dollars (the figure moves daily; see [RWA.xyz](https://app.rwa.xyz/)). ## Its products, explained **OUSG** tokenizes exposure to short-term Treasury funds (part of its backing relies on institutional tokenized funds such as BlackRocks BUIDL) and targets qualified investors. **USDY** is a yield-bearing token backed by Treasuries and bank deposits, designed for non-US persons: it looks like a stablecoin, but is technically a yield instrument — a difference that matters enormously for regulatory purposes. **Flux Finance** adds lending against these collaterals, and the firm has been expanding towards tokenized global markets (stocks and ETFs) and institution-oriented infrastructure of its own. ## The ONDO token ONDO is the protocols governance token, tradable since January 2024. Keep the two planes apart: Ondos RWA products (OUSG, USDY) generate Treasury yield; the ONDO token grants governance rights and trades with the volatility of any crypto-asset. People searching for ondo usually mix both — they are not the same thing and are not bought the same way. ## Why it matters for tokenization Ondo proved that [tokenization](/en/glosario/tokenizacion) works when the underlying asset is impeccable: liquid sovereign debt, first-tier custodians and a clean legal structure. It is the same recipe any serious issuance applies — the terrain we work in our [RWA tokenization](/en/servicios/real-world-assets-rwa) service — and the missing piece, tokenized money to settle against these assets, is covered by the regulated EMTs we explain in our [euro stablecoin](/en/articulos/euro-stablecoin-mica) guide. ## Limits and fine print Its flagship products are not for everyone: OUSG requires qualified-investor status and USDY excludes US persons, with restrictions in other jurisdictions too — in the EU its distribution does not fit the MiCA stablecoin mould, precisely because it bears yield. The lesson for any European issuer: product design decides the framework, and the framework decides which market you may sell to. *This content is informational and does not constitute investment advice.* KEEP READING ## Related articles [13 AUG 2026 Blockchain and web3 consulting: what a consultancy does and when you need one](/en/articulos/blockchain-web3-consulting) [13 AUG 2026 Crypto-asset custody: who can custody, how it works and how to choose a custodian](/en/articulos/crypto-asset-custody) [13 AUG 2026 Regulated tokenization platform: the seven layers it needs to operate](/en/articulos/regulated-tokenization-platform)