🔷 Crypto X-Ray #15: $ONDO — revenue bypassing the token?
In short: Ondo is an RWA platform offering tokens backed by US Treasuries, stocks, and ETFs. Price: ~$0.41, market cap: ~$2B, FDV: ~$4.1B. The business is growing, but the token is just a governance vote.
The conflict: USDY and OUSG work without ONDO. Holders’ share of revenue hasn’t been confirmed. The store is growing, but you don’t own the cash register.
What’s next: in January 2027, ~1.71B ONDO will unlock (~17% of max supply, according to trackers). 48.7% is in circulation. It looks like selling pressure may be coming, but that doesn’t prove anyone intends to sell.
The backstory: the no-action request filed with the SEC on 13.04.2026 is not approval of the token.
Verdict: strong sector, weak connection to the token. Status: WAIT. Trigger: an approved fee switch, burn, or revenue share.
Watch range: $0.35–0.40.
Who it’s not for: those expecting dividends from business growth.
Do you believe RWA growth will lift the token too, or will holders never get a share of the cash register? 👇
#CryptoRay #ONDO
In short: Ondo is an RWA platform offering tokens backed by US Treasuries, stocks, and ETFs. Price: ~$0.41, market cap: ~$2B, FDV: ~$4.1B. The business is growing, but the token is just a governance vote.
The conflict: USDY and OUSG work without ONDO. Holders’ share of revenue hasn’t been confirmed. The store is growing, but you don’t own the cash register.
What’s next: in January 2027, ~1.71B ONDO will unlock (~17% of max supply, according to trackers). 48.7% is in circulation. It looks like selling pressure may be coming, but that doesn’t prove anyone intends to sell.
The backstory: the no-action request filed with the SEC on 13.04.2026 is not approval of the token.
Verdict: strong sector, weak connection to the token. Status: WAIT. Trigger: an approved fee switch, burn, or revenue share.
Watch range: $0.35–0.40.
Who it’s not for: those expecting dividends from business growth.
Do you believe RWA growth will lift the token too, or will holders never get a share of the cash register? 👇
#CryptoRay #ONDO
