By Allium Research
Ondo Finance (ONDO)
12-month valuation of the tokenized treasuries and equities issuer, anchored to Allium onchain data and an RWA-platform peer set.
Ondo is the only large-scale RWA-platform issuer with a publicly-tradeable token. The underlying business is real and category-leading: $3.43B platform AUM across USDY ($2.10B, 8 chains), OUSG ($285M), and Tokenized Stocks ($1.04B, 268 symbols), with +$1.4B of net USDY inflows in 2026 H1.
The token, however, trades at a meaningful premium to its earned value. At 0.41x Mcap/Platform AUM (circulating), ONDO is priced 3–4x richer than live-accrual yield-platform peers. The premium represents three things:
- The H2 2026 fee-switch DAO vote optionality
- Tokenized Stocks growth trajectory ($0 to $1.04B in 8 months)
- Scarcity of comparable platform tokens at this AUM scale
Rating: MARKET PERFORM. The asymmetry is mildly bullish — hold at current levels; add on a 20–30% drawdown that does not coincide with a fee-switch failure.
Onchain figures derived from Allium's crosschain.rwa.* and ethereum.assets.* schemas, snapshot 2026-05-12. Informational only. Not investment advice.
By Elton Shehdula, Research Lead @Allium
Other reports
A Four-Year Bug, a 64% Crash, and a Question Nobody Can Close
June 2026
Zcash patched a bug in its privacy layer that could have let someone mint unlimited ZEC, undetected for four years.
Tokenized US Funds Onchain: $14.2B and Compounding
June 2026
Tokenized US money-market and Treasury funds now hold $14.2B in onchain AUM, up roughly 8x in 24 months from $1.7B. Two products split the market: Treasury and government-bond wrappers ($10.7B, 75%) and registered money-market funds ($3.5B, 25%), both backed by short-dated US government paper that passes a Treasury-bill yield through to the holder.
Tokenized Equities Onchain: $3.3B and Growing
May 2026
Tokenized equities now represent $3.3B in onchain exposure across two parallel markets: $1.67B in spot equity wrappers (up 13.6x year-over-year) and $1.67B in Hyperliquid HIP-3 perpetual open interest (up 3.3x in 90 days).