Bubble
Ondo ONDO
Ondo (ONDO) was trading at $0.3985, ranked #35 by market cap at $1.94B, with 24h volume of $140.00M.
Data snapshot: 2026-07-22 18:00 UTC.
Ondo is a real-world-asset (RWA) tokenization protocol best known for bringing tokenized US Treasuries on-chain, letting crypto holders earn traditional fixed-income yield without leaving the blockchain. It's become one of the largest names in the RWA sector as institutions explore putting traditional finance products on public chains. Ondo tokenises short-term US government debt and money-market exposure so that on-chain capital can hold a yield-bearing dollar instrument rather than an idle stablecoin. The mechanism is straightforward; the constraint is regulatory, and it shapes everything: access to the yield-bearing products is generally restricted by jurisdiction and investor status, which is why a token like this cannot simply be traded by anyone the way a stablecoin can. ONDO itself is the governance token. On this map it is the largest asset in the real-world-asset group, and its growth tracks how much off-chain yield actually migrates on-chain.
What does Ondo tokenise?
Short-term US government debt and money-market exposure, so on-chain holders can earn a yield-bearing dollar return rather than holding a non-yielding stablecoin.
Can anyone buy the yield-bearing tokens?
Generally no. Access is restricted by jurisdiction and investor status because the underlying instruments are regulated securities. That is the defining constraint of the category.
Is ONDO itself a yield-bearing token?
No. ONDO is the governance token of the protocol; the yield-bearing exposure is held through the tokenised products themselves.
What drives growth in this sector?
How much off-chain yield migrates on-chain, which depends on regulated issuers and custodians rather than on crypto trading activity.
Market cap decides how big a bubble is drawn, so rank is what places ONDO on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #9 | Figure Heloc (FIGR_HELOC) | $20.31B |
| #28 | Tether Gold (XAUT) | $2.52B |
| #35 | Ondo (ONDO) | $1.94B |
| #36 | PAX Gold (PAXG) | $1.85B |
| #41 | Circle USYC (USYC) | $3.01B |