$ONDO Growth of Total Value Locked (TVL): Despite price volatility, the total value locked in the Ondo protocol reached a new record level of $1.92 billion in mid-December. This continued growth in TVL indicates that investors are actively using the protocol to store wealth and generate yield, regardless of short-term price speculations.

Product Structure: Ondo's success relies on products such as OUSG (Short-term Treasury Bonds) and USDY (Yield Dollar). These products have become the safe haven for liquidity fleeing from the constraints of the "Genius Act", providing a yield derived from secure U.S. assets without falling under the classification of "bank stablecoin".