Ondo Finance, the tokenization platform and DeFi protocol, has just obliterated the $2 billion total value locked (TVL) barrier, hitting a fresh record high this week per DefiLlama data. That's more than double the TVL it held back in early March of last year, proving the on-chain real-world asset (RWA) train isn't just chugging along—it's going supersonic.
This surge underscores the blistering pace of tokenized securities and U.S. Treasuries on-chain. As previously noted, 2025 has been a breakout year for the RWA sector, with analysts projecting the total value could swell to around $2 trillion by 2030 under base-case forecasts. For degen investors, this isn't just a trend; it's the new frontier of yield.
Ethereum continues to dominate as the home for Ondo's tokenized assets, boasting roughly $1.5 billion in value on the chain as of press time. Solana trails with about $248 million, while BNB Smart Chain chips in around $123 million. It's a multi-chain world, but Ethereum still holds the lion's share of the action.
Amid the TVL boom, Ondo's flagship OUSG product—a fund packed with tokenized short-term U.S. Treasury bills—has ballooned to over $820 million in T-bills, according to RWAxyz figures. Essentially, Ondo has turned the stodgy world of government debt into a high-yield on-chain playground.
Ondo's stellar year builds on early 2025 momentum, when its TVL first breached $1 billion following the launch of Ondo Nexus. That product aimed to boost liquidity for tokenized assets by letting third-party issuers plug directly into Ondo's ecosystem. Think of it as a liquidity superhighway for the RWA sector.
Adding to the glow, the U.S. Securities and Exchange Commission (SEC) wrapped up a multi-year probe into the platform in December without filing any charges. And just today, Ondo announced a tie-up with Hyperliquid-based DeFi protocol Felix to enable on-chain trading of tokenized spot U.S. equities. The regulatory green light and new partnerships are turning Ondo into the RWA sector's MVP.
