📊 #ONDO TVL hits a new ATH near $2B — even as price struggles

ONDO’s TVL just reached ~$1.92B, marking a new all-time high and putting it within reach of the $2B milestone in 2025.

What’s notable is how this happened.

Despite $ONDO price falling back toward March 2024 levels and dropping roughly 16.5% over the past month, ONDO TVL has surged almost 7.74% in the same period bringing ~214% YTD in 2025 — up from $611.7M on Jan 1 .

That divergence matters.

As the #RWA sector grows ~132% YTD to $16.6B, Ondo now contributes ~11.6% of total RWA TVL, ranking 3rd among RWA platforms by total value. This growth isn’t retail-driven — it’s institutional.

The catalyst has been ONDO Global Markets, launched in September, which helped investors better understand and access real tokenized yield products, not narratives.

The data supports it:

• Tokenized U.S. Treasury exposure: Ondo now ranks second only to BlackRock in on-chain treasury products

• OUSG (Ondo Short-Term U.S. Govt Bond Fund): $822M+ TVL, up +6.45% in 7 days

• Tokenized asset transfer volume: $1.33B monthly, up +88.5% MoM .

Transfer volume activity surged after September 2025, rising ~234% to $616M, marking a 14-month high and the strongest on-chain activity seen in 2025 so far.

• Holders: 46,188 (+15.8% MoM growth)

Taken together, the message is clear: while price has struggled in the short term, capital, usage, and institutional participation continue to scale. TVL growth, rising transfer volumes, and expanding tokenized Treasury exposure suggest ONDO’s fundamentals are strengthening beneath the surface.

If the RWA trend continues into 2025, the current price-TVL divergence may prove temporary — with adoption leading and valuation following.

$ONDO Rally Coming in Q1 2026.