🟠 Ondo – looking back over the last 6 months through data, not narrative
🔸 RWA has become cash flow, no longer just a theoretical technology
- Total on-chain RWA exceeds ~$18B, increased more than 10x compared to early 2023
- Tokenized Treasuries account for nearly 50% of the entire RWA market
- This is Ondo's home ground, directly benefiting from high interest rates and capital parking demand
🔸 OUSG – steady growth
- OUSG from ~$400M end of 2024 -> exceeds ~$750M TVL
- ~+187% YoY, no incentives, no farming
- TVL increases steadily, no spikes followed by sell-offs -> truly large cash flow
🔸 USDY – used by retail, but not retail money
- USDY TVL from ~$30M -> ~$700M
- Redemption volume ~$300M+
- Redemption fee 0.2% -> >$600K actual revenue, not counting interest rate spread
=> Ondo has real revenue, not relying on token price
🔸 SEC closes investigation – removes the biggest overhang
- Nearly 2-year investigation has concluded, no charges
- Regulatory risk in the US significantly reduced
- Opens the door for scaling RWA products
🔸 Ondo Nexus – aiming to become the infrastructure layer for issuers (RWA issuers).
- Launched in early 2025, Ondo Nexus allows third-party issuers to issue RWA on Ondo's infrastructure
- This is a shift from product -> infrastructure
🟠 In the past 6 months, Ondo: TVL increased - revenue appeared - legal risks reduced - infrastructure expanded. Ondo continues to build even when the market is unfavorable.
