ONDO's Total Value Locked (TVL) surged to $3.49 billion by July 2026, yet the token trades near $0.32, significantly below its peak. Institutional engagement intensified with Ondo submitting an SEC no-action letter in April for its tokenized equities framework. May saw Ondo, J.P. Morgan, Mastercard, and Ripple complete the first cross-border tokenized U.S. Treasury redemption. A 1.94 billion token unlock in January 2026 created persistent price headwinds. 🏛️📊📢 Will the anticipated H2 2026 fee-switch vote re-align token value with protocol growth? #ONDO #RWA