From DeFi to RWA, how Ondo steps on every market opportunity

Danton, gold fortune

On 9 December 2025, Ondo Finance announced that the United States Securities and Exchange Commission's secret investigation into Ondo had been closed without any charges. & ldquo; this survey aims to examine whether Ondo's monetization of certain real-world assets is in compliance with the Federal Securities Act, and whether the ONDO token is securities. ”

I. Ondo Finance

An important step forward for United States token securities

Ondo Finance has been officially notified that a years-old United States Securities and Exchange (SEC) confidential investigation initiated during the Biden administration, which carried out rigorous scrutiny of Digital Assets, has been completed without any charges being brought。

The purpose of the survey was to examine whether the ondo monetization of certain real-world assets was in accordance with the Federal Securities Act and whether the ONDO monetization was securities. Ondo actively cooperated throughout the investigation. Ondo remains convinced that a regulated and transparent monetization model such as Ondo is not only compatible with, but also strengthens, the principles of investor protection。

This moment is a significant milestone not only for Ondo, but also for the entire monetization industry。

At the beginning of the survey in 2024, the regulatory environment for digital assets in the United States was cautious, confusing and occasionally over-executed. It's against this background, Ondo:

1. The first and largest monetization platform for US Treasury bonds

2. One of the few companies focused on large-scale monetization of listed shares

3. Quick access to global investors。

Early start and success will naturally be examined。

Ondo uses public block chains to build practical, easy-to-use and regulated financial products at a time when encrypted currency exchanges are closing down and speculative tokens are being filled with policy discussions. As a result, these innovators, committed to developing the most secure assets in the traditional financial sector, find themselves involved in broader law enforcement operations。

The growth and leadership of Ondo in the emerging field of monetization has made us a focus, but it is not a reasonable target for investigation. With the conclusion of the investigation, we will continue to be committed to innovation, compliance, security and investor protection with a consistent vision。

Change in Washington: a clearer development path for monetized securities

This decision also reflects a broader shift in United States policy。

Regulators are reassessing Biden-era policies on digital assets. Washington, for its part, has begun to reverse or mitigate radical measures taken by previous Governments, recognizing that innovation and investor protection are not mutually exclusive。

CURRENCYIZATION IS NOW FORMALLY ON THE AGENDA OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION. THE COMMISSION'S INVESTOR ADVISORY BOARD IS ASSESSING HOW MONETIZATION CAN INNOVATE THE PROCESS OF ISSUING, TRADING AND CLEARING PUBLICLY ISSUED SHARES, IN CONTRAST TO THE COMMISSION'S ENFORCEMENT-LED POSITION IN RECENT YEARS。

The market has provided answers and the spread of monetization technologies is accelerating. The dollarization of United States Treasury debt has become one of the fastest growing asset classes in the chain, while the recent introduction of equity monetization has also shown strong growth momentum。

Infrastructure in the United States is developing to support monetization. Ondo recently acquired Oasis Pro, which obtained brokering, alternative trading systems (ATS) and transfer agent licences, thereby having a fully regulated business base in the field of United States tokenized securities。

The resolution of the United States Securities and Exchange Commission investigation marked the end of one chapter and the beginning of another. In short, the time is ripe for monetized securities to become a core component of United States capital markets. The future of global finance, including the capital markets of the United States, will move up the chain, and Ondo will lead the transition。

What's next? On 3 February 2026, at the Ondo Summit in New York, we will share the next phase of our road map, where we will bring together leading regulators, policymakers and executives in the traditional financial sector to share our vision for a new era in chain finance。

II. Overview of Ondo developments

On 27 July 2021, Ondo Finance officially went online. Ondo was created by Nathan Allman and Pinku Suran to accelerate the spread of DeFi among mainstream investors through the realization of refined transactions of risk & rdquo; The agreement was formally online on the day of its publication and was launched with four vaults. Ondo ' s goal is “ to bring financial products and services at the institutional level to a wide range of users ” and to enable ordinary users to access the proceeds and liquidity of traditional financial assets by indenturing traditional financial assets (such as United States Treasury bonds, money market funds, bonds, stocks/ETF, etc.)。

Ondo ' s development trajectory clearly reflects the strategic upgrading of players from the DeFi infrastructure to the RWA core, whose two editions are more of an industry transformation。

Ondo V1: Focus on DeFi infrastructure

The Ondo V1 project, which was already operational at the Etheraft on line, was the first realized version of the agreement, with the Treasury and Liquidity Services (LaaS) as its core product. The following significant developments have taken place in the development of this version:

• In November 2021, Ondo, in collaboration with Fei Protocol, launched the Liquidity Services (LaaS) to replace the traditional mobile mining model. LaaS allows the projecter to increase the mobility of de-centre exchange coins. The projecter may deposit the token in Ondo ' s liquid treasury, while Fei will match the equivalent FEI stabilization currency. Ondo has expanded its LaaS services through:

• In December 2021, Ondo, in collaboration with Frax Finance, expanded its Laas product, which used its FRAX stabilization currency to provide liquidity for currencies such as the AMP。

• In May 2022, Ondo, in partnership with Angle Protocol, expanded its LaaS product, which uses its agEUR stability currency to provide liquidity for currencies such as PAL。

It is noteworthy that Ondo V1 has ceased its service and that, as of 5 March 2024, only funds can be drawn from it。

Ondo V2: Be a RWA core player

Ondo V2 was officially online in January 2023, the second realized version of the agreement. The following significant developments have taken place in the development of this version:

• In January 2023, Ondo announced the introduction of three forms of United States bonds and corporate bonds as collateral. Although OSTB and OHYG have ceased to issue, the Ondo United States Government Bond Fund (OUSG) remains the most widely circulated token。

• In January 2023, Ondo announced the launch of Flux Finance, and launched Ondo DAO, which manages Flux. In February 2023, Flux officially went online and the first proposals to use the ONDO token were approved。

• In April 2023, Ondo announced the establishment of the Ondo Monetary Market Fund (OMMF)。

• In August 2023, Ondo announced the launch of the Ondo rate of return (USDY)。

• In November 2023, Ondo opened the Ondo Bridge。

• In January 2024, the Ondo Foundation proposed to remove the &ldquo of the ONDO token; the Global Lock ” The proposal contains official details of the ONDO token allocation, use and future lock-out plans. The adoption of the proposal marked & ldquo of the ONDO token; &rdquo for public distribution。

• In January 2024, the Ondo Foundation announced the Ondo Score Plan, which was launched later that month in “ the first wave ” the Plan。

• In February 2024, Ondo announced its plans for Ondo Global Markets (Ondo GM), which will allow users to access traditional securities through tokenization。

In March 2024, Ondo Finance launched 24/7/365 round-the-clock buy-out and foreclosure services for OUSG, a significant portion of which was transferred to the BuIDL Treasury Fund in Beled。

In February 2025, Ondo Global Markets was officially launched. The bulletin states that the tokens issued by Ondo GM will be supported by base asset 1:1。

In March 2025, TVL reached $1 billion, thanks to the introduction of compliance-priority clients, cooperation with BitGo and smart contracts that conform to United States regulations。

In June 2025, the team announced the formation of the Global Markets Alliance, aimed at “ harmonization of industry standards to promote interoperability of monetized securities; and membership of the Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, Bitgo, Fireblocks, 1nch and Alpaca。

In October 2025, Ondo submitted a letter to the United States Securities and Exchange Commission proposing changes to the rules of NASDAQ on transactions in tokenized securities。

III. The secret of Ondo: Stepping on every market opportunity

From the above-mentioned time lines, from DeFi to RWA to the end of today’s SEC survey, Ondo stepped on every market opportunity, perhaps the secret to which Ondo’s development remains a major concern。

In June 2020, DeFi Summer erupted, Compomund launched the governance token COMP and launched the mobile mining mechanism — — Users will receive the COMP token reward by borrowing on Compund platform. This innovative model quickly ignited market enthusiasm and became the central driver of DeFi Summer’s curtain opening. By the second half of 2021, however, the sustainability of mobile mining had become apparent: continued mining would lead to currency inflation, and halting would lead to the depletion of liquidity。

Ondo saw the pain of the encrypted market and launched “ liquidity, i.e., service ”: the projecter deposited its original currency into the exclusive mobility pool built on Ondo during a flexible time cycle, depending on its own needs; Ondo would match the equivalent asset pool provided by cooperating entities such as Frax, Fei, Angle, with the corresponding liquidity obtained from the exchange and the profit generated by mining; and after completion of the matching, it would be placed in a designated de-centre exchange as a way to inject the flow of the original currency of the project to ensure smooth trade. The assets are then returned to the projecter together with the fixed interest previously agreed upon by the partner and the remaining proceeds are returned to the projector。

Ondo, a DeFi infrastructure provider at this time, addressed the unsustainable challenges posed by mobile mining。

In 2022, Terra Ecological Algorithms and UST and its original token, LUNA, were hit by a death spiral, overnight, the DeFi crisis of trust. Against this background, Ondo turned his eyes to the RWA track, which coincided with a real rise and entered a rapid stage of development。

In 2023, Ondo V2 came online, the core product being the United States Treasury Debt (OUSG). The core bottom asset of OUSG is the iShares short-term United States Treasury debt ETF, with security and liquidity guarantees, which gives OUSG low-risk attributes. OUSG has access to DeFi agreements that support compliance-licensed assets, such as Flux Finance, where investors, after obtaining a token, can both transfer each other to effect a change of ownership and carry out financial activities such as borrowing through compliance-reviewed smart contracts. The introduction of OUSG demonstrated the feasibility of monetizing low-risk traditional financial assets。

In October 2023, the Commission, led by Gensler, launched an investigation into Ondo, which was frequently challenged by the encryption market, two years ago. The core of the SEC review, which lasted for two years, was the compliance of Ondo ' s United States Treasury product monetization process with securities regulations and whether ONDO monetities should be considered securities。

On 6 October 2025, Ondo Finance completed the acquisition of Oasis Pro, a broker licensed by the SEC to assist Ondo in facilitating the development of ondo ' s monetized securities under the compliance framework, and on 6 December, ONDO presented to the SEC its road map for monetized securities, advocating support for multiple asset ownership models and promoting broader chain integration to help the United States maintain its leading position in the transformation of asset monetization。

After compliance efforts, Ondo was not charged with a major regulatory advantage in the encryption industry。

Concluding remarks

From DeFi to RWA to compliance development, Ondo precisely controls industry trends and seizes the opportunities presented by each windfall. Today, the SEC concluded its investigation and Ondo was completely untied. The future Ondo will look to where, and perhaps the February 2026 summit in New York will provide us with an opportunity to find out。