Core Insights - Ondo Finance has surpassed $2.5 billion in total value locked (TVL) across its tokenized products, making it the largest platform for tokenized U.S. Treasuries and tokenized stocks [1] Group 1: Tokenized U.S. Treasuries - Ondo leads the tokenized U.S. Treasury market with a TVL of approximately $2 billion, primarily driven by the Ondo U.S. Dollar Yield (USDY) product, which has exceeded $1 billion in TVL [2] - USDY is designed for global (non-U.S.) investors, offering a stablecoin-like experience with yield and is available on nine blockchains [2] - The Ondo Short-term U.S. Government Bond Fund (OUSG) has also seen significant growth, holding over $770 million in TVL and providing features such as round-the-clock subscriptions and redemptions, daily interest accrual, and multi-chain support [3] Group 2: Tokenized Stocks - Ondo is the largest platform for tokenized stocks, accounting for more than 50% of the total market share, despite entering the market later than competitors [4] - Since its launch in September 2025, Ondo Global Markets has surpassed $500 million in total value across more than 200 tokenized stocks, with tens of thousands of asset holders generating over $7 billion in cumulative trading volume [4] - The tokenized stocks are available on Solana, Ethereum, and BNB Chain, supported by major wallets, custodians, and exchanges [5]

Core Insights - U.S. Treasuries are recognized as the safest and most liquid assets globally, with Treasury Bills (T-Bills) being short-term, risk-free investments exempt from state and local taxes [1] - Tokenized U.S. Treasuries are gaining popularity, with a record high of $7.45 billion reached on August 27, surpassing the previous peak of $7.42 billion on July 15 [3] Group 1: Tokenized U.S. Treasuries - Tokenized U.S. Treasuries are digital tokens on a blockchain that represent ownership of U.S. government debt or shares of funds holding Treasuries [4] - Implementation of tokenized Treasuries varies, with some tokens representing fractional ownership of T-Bills/T-Notes, while others represent ownership of traditional funds that hold Treasuries [5] - Tokenized Treasuries can exist on public blockchains like Ethereum or on permissioned systems, with Ethereum currently securing $5.2 billion of treasury products, representing a 70% market share [6] Group 2: Major Players in Tokenized Treasuries - BlackRock has launched the BUIDL fund, the world's largest tokenized U.S. Treasury for institutional investors, valued at $2.2 billion and paying daily interest directly to wallets, 90% of which are on Ethereum [7] - Fidelity Asset Management has introduced the Fidelity Digital Interest Token (FDIT), a blockchain-based version of its Treasury money market fund, which mirrors shares of the Fidelity Treasury Digital Fund and is issued on the Ethereum network [8]

Core Insights - Fidelity has launched the Fidelity Digital Interest Token (FDIT), an on-chain money market fund primarily backed by U.S. Treasuries, with Ondo Finance's Short-Term U.S. Treasuries Fund (OUSG) being the largest investor, comprising over 99% of FDIT assets [1][2] Group 1: Tokenization of Financial Products - Fidelity joins other major asset managers like BlackRock, Franklin Templeton, and WisdomTree in offering tokenized money market or Treasury funds, indicating a shift from experimentation to mainstream finance [2] - Ondo Finance has been a pioneer in this tokenization movement, launching OUSG in January 2023, which allows anyone to invest in U.S. Treasuries on-chain [3] Group 2: Ondo Finance's Offerings - OUSG is now the flagship tokenized product of Ondo, with a total value locked (TVL) exceeding $730 million, offering features like instant subscriptions, redemptions, and daily interest accruals across multiple blockchains [4] - Ondo has introduced other tokenized Treasury instruments, including BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), Franklin Templeton/BENJI, and WisdomTree/WTGXX, enhancing its partnerships with top-tier asset managers [5] Group 3: Expansion of Tokenized Assets - Ondo Finance and the Ondo Foundation launched Ondo Global Market, providing over 100 tokenized U.S. stocks and ETFs to Ethereum, allowing non-U.S. investors 24/7 on-chain access to U.S. equities and ETFs [6] - The launch of tokenized money-market funds on blockchain rails is expected to facilitate faster settlement, 24/7 access, and interoperability within the digital-asset ecosystem [7]