Ondo history: tokenised Treasuries and stocks
From Goldman Sachs to DeFi
Nathan Allman worked on the digital assets team at Goldman Sachs and founded Ondo Finance in 2021. The company raised a 4 million dollar seed round that year and a 20 million dollar Series A in 2022 from Founders Fund, Pantera Capital and Coinbase Ventures.
Treasuries as a token
Ondo’s main products are OUSG, a token backed by short-term US Treasuries, and USDY, a yield-bearing dollar token. Much of OUSG sits in BlackRock’s tokenised BUIDL fund. You get a bond yield in a form that moves on a blockchain like any token.
January 2024: ONDO starts trading
Ondo sold ONDO on CoinList in 2022, but buyers could not transfer it. In January 2024 Ondo unlocked 14.3% of the 10 billion supply, and the token passed 1 billion dollars in market cap within a day, The Defiant reported. ONDO gives a vote in the Ondo DAO; the assets Ondo manages stand behind OUSG and USDY, and the token has no claim on them. It reached its all-time high of 2.14 dollars on 15 December 2024.
US stocks for the rest of the world
In September 2025 Ondo launched Global Markets, tokenised versions of more than 100 US stocks and ETFs for investors outside the US. In May 2026 Ondo announced the unexpected death of Allman; president Ian De Bode became chief executive.