Ondo

ONDO is the governance token of Ondo, a platform for tokenised Treasuries and stocks.

ONDO is the governance token of the Ondo DAO. It is an Ethereum token with a fixed maximum supply of 10 billion and no planned inflation. It was first sold in 2022 through CoinList at $0.055 and became freely transferable on 18 January 2024, when the Ondo Foundation, a nonprofit Cayman Islands foundation, lifted the global lock-up. On 27 September 2026 about 4.87 billion ONDO (49%) were circulating; the rest unlocks in yearly steps, the next on 18 January 2027.

ONDO holders vote on the Ondo DAO and on Flux Finance, a lending protocol forked from Compound: they can list or pause lending markets, change its interest rate model and manage a treasury. The foundation's documents give holders no share of revenue and no claim on any company, and there is no native ONDO staking.

The token is named after Ondo Finance, a separate US company that tokenises financial assets. Its products include USDY and OUSG, tokenised notes and funds backed by short-term US Treasuries and bank deposits whose interest accrues to holders, Ondo Stocks (450+ tokenised stocks and ETFs outside the US) and, since July 2026, the Ondo Network and Ondo Perps, a perpetual futures platform. None of these products gives ONDO a stated role.

In December 2025 Ondo Finance said the US SEC had closed its investigation, including whether ONDO is a security, without charges. After founder Nathan Allman died in May 2026, control of Ondo Finance became the subject of a court dispute between his estate and CEO Ian De Bode.