Ondo Expands Tokenized Equities to Solana, Reaches $2.5 Billion TVL

Ondo Finance has expanded its tokenized equities platform to Solana, offering over 200 U.S. stocks and ETFs to onchain investors.

• The platform now holds more than $2.5 billion in total value locked, making it the largest provider of tokenized U.S. Treasuries and stocks.

• Despite this growth, Ondo's token price has dropped over 80% from its all-time high, highlighting a divergence between usage and market perception.

Ondo Finance is expanding its tokenized equities platform to Solana, a high-speed blockchain, to improve liquidity and accessibility for onchain investors. This move makes Ondo the largest real-world asset (RWA) issuer on Solana by asset count. The expansion aims to provide U.S. equities and ETFs to global investors through institutional-grade custody and liquidity.

The platform's TVL has surged past $2.5 billion, led by products like USDY and OUSG, which offer stablecoin-like yields and 24/7 access to U.S. government bonds. This growth highlights strong demand for tokenized assets across multiple chains. OUSG, for example, supports Ethereum, Solana, XRP Ledger, and Polygon and includes funds from major asset managers like Fidelity and BlackRock.

Ondo has also launched tokenized shares of BitGo stock on Ethereum, Solana, and BNB Chain, allowing global investors to trade the stock onchain immediately after its NYSE listing. This offering provides 24/7 trading and instant settlement, improving access to traditional financial assets for a global audience.

What Is Ondo Doing on Solana?

Ondo Finance is leveraging Solana's high-speed capabilities to tokenize over 200 U.S. stocks and ETFs, expanding its platform's reach. This expansion aims to address onchain liquidity limitations while providing institutional-grade custody and deep exchange liquidity. The tokenized assets mirror the economic performance of their underlying equities and ETFs, including price movements and dividends.

The platform is now available via Jupiter, with plans to expand across Solana wallets, exchanges, and DeFi protocols. These tokens can be minted and redeemed 24 hours a day, five days a week, and transferred onchain at any time.

How Is TVL Driving Ondo's Growth?

Ondo Finance has achieved a TVL of $2.5 billion, with over $2 billion attributed to tokenized U.S. Treasury bonds. USDY, a permissionless tokenized Treasury product, has exceeded $1 billion in TVL and is available on nine blockchains. This product appeals to global investors by offering a stablecoin-like experience with yield.

Ondo's tokenized stocks account for more than 50% of the market share since launching in September 2025. The platform has facilitated over $7 billion in trading volume across more than 200 stocks and is supported by major wallets and exchanges.

The TVL milestone has been supported by institutional-grade custody and multi-chain operations across Ethereum, Solana, XRP Ledger, and Polygon. OUSG, the flagship product, includes funds from major asset managers and has exceeded $770 million in TVL.

What Risks Does the Price Drop Pose for Ondo?

Despite the platform's strong TVL growth, Ondo's token price has dropped over 80% from its all-time high, creating a disconnect between usage and market perception. This price drop has raised questions about investor sentiment and whether the token is undervalued.

Analysts suggest that retail investor decisions, driven by emotion and market sentiment, may be contributing to the price drop. This presents a challenge for Ondo, as maintaining investor confidence is critical for continued growth.

Ondo's TVL reached a new all-time high in January 2026, according to DefiLlama data. This indicates that the platform is attracting significant usage and liquidity, but the token's performance remains disconnected from these fundamentals.

While Ondo has positioned itself as a leader in the tokenized asset space, the price volatility highlights the risks associated with the broader crypto market. Investors will need to monitor both TVL and token performance as the sector continues to evolve.