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What is ONDO?

ONDO is a governance token, not a share of Ondo Finance and not a yield product. Ondo's actual financial products are separate regulated tokens: OUSG wraps short term US Treasury exposure for qualified investors, and USDY is a yield bearing dollar token for non US persons. ONDO's role is voting.

The Ondo DAO that ONDO holders vote in was established with help from the Ondo Foundation, a Cayman Islands foundation formed in 2022. The DAO deployed and governs Flux Finance, a lending protocol that accepts tokenized securities as collateral, and weighs in on ecosystem matters the foundation brings forward.

ONDO supply and tokenomics

Ten billion ONDO were minted, and the foundation's documentation states there is no scheduled or planned inflation. The token became transferable on 18 January 2024, when a DAO vote lifted the global lock that had applied since the 2022 CoinList sales, a moment the project calls the public launch.

Unlocks are structured rather than open ended: CoinList purchasers received tranches after a one year lock, seed and Series A investors vest over four further years, and core team members were bound by a five year lockup. Locked tokens can still vote, so distribution and governance run on separate clocks.

Who builds ONDO

Ondo Finance was founded in 2021 by Nathan Allman, previously of the digital assets team at Goldman Sachs. The company builds the products, while the independent Ondo Foundation supports the DAO and the token side of the ecosystem.

Allman led the company until his unexpected death in May 2026 at age 32. Ondo named its president, Ian De Bode, a former McKinsey digital assets lead who had joined in 2024, as chief executive, and said the mission and product roadmap continue unchanged.

How ONDO is governed

ONDO voting runs through the Ondo DAO on a one token one vote basis, including tokens still under lockup. Concretely, the DAO has governed Flux Finance parameters and the release of the token itself: the 2024 unlock happened because holders approved the foundation's proposal to end the transfer restrictions.

ONDO risks and considerations

ONDO carries governance rights and nothing else: no revenue share, no backing and no redemption. Its value rides on the growth of an ecosystem whose products mostly do not require the token. A majority of supply was still vesting as of early 2026, with large tranches unlocking each January through 2029.

Ondo's business depends on regulated products that tokenize securities, so legal and regulatory shifts in how tokenized Treasuries and stocks may be offered are a structural risk. The 2026 leadership transition adds ordinary key person risk, though the company moved quickly to name a successor.