🌀 ONDO Surges 68% in a Week amid US Tokenization Push

After months of trading sideways while its underlying business scaled, the native token of real-world asset (RWA) tokenization platform Ondo Finance is finally catching up.

ONDO is trading at $0.45, up 29% over the past 24 hours and around 68% on the week, according to CoinGecko. The token's market capitalization has climbed to $2.2 billion, with 24-hour trading volume jumping to $490 million as the breakout accelerated overnight.

The rally kicked off on May 4, when the Depository Trust & Clearing Corporation revealed timelines for its tokenization service and named Ondo Finance among more than 50 firms in its industry working group.

The group includes BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Morgan Stanley, NYSE Group and Citadel Securities, alongside crypto-native firms Circle, Fireblocks and Robinhood.

"We believe tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency and efficiency to investors," said Frank La Salla, DTCC President and CEO.

For a project whose business has scaled aggressively while its token price largely stagnated, the working group selection brought a stamp of institutional credibility. Ondo's TVL doubled past $2 billion in January and stands at $3.68 billion today, per DefiLlama, making it the largest tokenized RWA platform.

Two days later, Ondo, Kinexys by J.P. Morgan, Mastercard and Ripple announced that they had completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund.

In the pilot, Ripple redeemed a portion of its Ondo Short-Term U.S. Government Treasuries (OUSG) holdings on the XRP Ledger, where OUSG has been live since June 2025. Mastercard's Multi-Token Network routed the fiat settlement instruction to Kinexys, which debited Ondo's blockchain deposit account and wired U.S. dollars to Ripple's bank account in Singapore.

$ONDO