Ondo Finance is riding the real-world-asset (RWA) tokenization wave that's now become one of crypto's most credible institutional stories, with on-chain RWA volume (excluding stablecoins) having crossed roughly $31 billion as BlackRock, Franklin Templeton, and JPMorgan all deepen their involvement. Ondo's flagship product, Ondo Global Markets, offers tokenized exposure to more than 260 U.S. stocks and ETFs — including SPY, QQQ, NVDA, and TSLA — and crossed $1 billion in TVL by May 2026, becoming the first tokenized-equities platform to hit that milestone. BlackRock has reportedly made Ondo its single largest holder in this space, creating a feedback loop where BlackRock's BUIDL fund supplies the Treasury exposure while Ondo handles blockchain distribution across Ethereum, Solana, and BNB Chain. With BlackRock's BUIDL fund itself now around $2.5 billion in assets and tokenized Treasuries broadly surpassing $5 billion, ONDO has become a proxy trade for institutions moving traditional securities on-chain.
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