Ondo Finance's RWA TVL has exceeded $2.5 billion, which is indeed higher than many expected, especially against the backdrop of recent token unlocks and market fluctuations, reflecting strong institutional adoption rather than mere speculation.

Currently (data as of the end of January 2026), Ondo's key metrics are as follows:

Tokenized Stocks/ETFs: TVL exceeds $500 million (Ondo Global Markets has covered over 200 assets since its launch in September 2025), occupying over 50% market share, ranking first.

U.S. Treasury/Bond Products: TVL approximately $2 billion (including USDY over $1 billion, OUSG over $770 million), ranking first in the tokenized U.S. Treasury market.

Total assets of the platform: covering over 200 types of RWA assets (stocks, ETFs, government bonds, etc.), leading in variety.

RWA growth in the past 30 days: the number of holders has increased by over 20%, with overall TVL steadily expanding (specific monthly growth rates depend on segmented products, but the platform overall maintains a leading momentum).

Number of RWA platform holders: tens of thousands of asset holders, ranking among the top in the tokenized securities field.

This has far surpassed the small-scale speculative phase, and Ondo is becoming the main bridge for institutional funds to enter on-chain RWA — its products support 24/7 redemption, multi-chain deployment, and are deeply integrated with traditional giants.

Multiple indicators of Ondo are comparable to leading traditional/hybrid Web3 financial companies, even leading in on-chain scale and growth rate, such as:

Paxos (stablecoin and gold-backed asset issuance giant)

Securitize (Institutional-grade tokenization platform)

Franklin Templeton (tokenized funds such as BENJI)

WisdomTree (multi-class tokenized funds)

State Street (traditional asset management giant entering on-chain through partnerships)

Ondo's products like OUSG have incorporated the tokens of these institutions (such as BlackRock BUIDL, Franklin Templeton BENJI, WisdomTree WTGXX, State Street SWEEP) into their underlying reserves, achieving diversification and instant liquidity.

Yes, Ondo has partnered with State Street and Galaxy Digital (not Global Markets) to launch the SWEEP private tokenized liquidity fund (set to fully launch in 2026) and has received regulatory approval from the EU (through the Base Prospectus of Liechtenstein FMA), allowing tokenized stocks/ETFs to be offered to retail investors in 30 EU/EEA countries, covering over 500 million potential users. This further reinforces its compliance and global accessibility.

I expect that by 2026, there will be more institutional partnerships, product expansions (such as more on-chain stocks/ETFs), and regulatory breakthroughs, driving the RWA market from its current scale of $20 billion to a higher level. Ondo is at the core of this wave, with significant long-term potential.