ondo cleared 2 years of sec investigation with zero charges then secured fma approval for 30 european countries. $770m treasury tvl generating $7.7m annual fees yet token sits at $0.41 down 62% from peak. blackrock chose securitize's equity model over tokens but ondo has the regulatory moat now. token governance over $770m in assets trading at 167x revenue when saas companies with no hard assets trade at 20x. asymmetric setup when everyone's chasing shitters. ...