Ondo (ONDO) hits $4 billion in TVL as its market share slips to 26 percent: what matters now

Ondo Finance announced on Wednesday, October 14, through its own account on X that assets under management across all products have passed four billion dollars. More than 1.3 billion dollars of that sits in tokenised stocks and ETFs, according to the same statement, and the company counts more than one million holders across all products. Two days later, on October 16, a second figure arrived pointing the other way: Ondo's share of the market for tokenised stocks has fallen from about 56 percent in early January to roughly 26 percent in the week of October 5. Both are true at the same time, and that is exactly what makes the picture interesting for holders of ONDO.

The price did not follow the record announcement. ONDO trades at $0.4444, which is 9.62 percent below its level seven days ago, while the overall market for tokenised stocks has grown 483 percent over the same year. This article places the two figures side by side, explains the mechanism behind them and sets out what an investor in Europe has to consider when it comes to the purchase route, custody and the one-year holding period.

Ondo reports four billion dollars in TVL, 1.3 billion of it in tokenised stocks and ETFs

The announcement comes from Ondo itself. The @Ondo account carries the four billion dollar figure on October 14, 2026 as a "new milestone", broken down into tokenised treasuries, tokenised stocks, ETFs, portfolios and private markets. For tokenised stocks and ETFs the same statement gives more than 1.3 billion dollars, and for the number of holders across all products more than one million. Ondo describes itself in the statement as the largest platform for tokenised treasuries and points to data from RWA.xyz, which puts the stock of tokenised treasuries at three billion dollars.

As the reason for the growth in stocks, Ondo says that Ondo Stocks taps the liquidity of traditional exchanges through a request process, and that the tokens are freely transferable on Solana, Ethereum and BNB Chain. That is the provider's own account, not an independent audit. To check the figure yourself, the publicly visible holdings are on RWA.xyz and on DefiLlama, and those two sources diverge because they draw the line differently on what counts as a tokenised stock.

What TVL actually measures in tokenised treasuries

TVL stands for total value locked and describes the value of all assets deposited in a protocol or with an issuer. At Ondo that is not borrowed money in a lending market but the market value of the paper behind the issued tokens: short-dated US treasuries, money market units, stocks and ETF units. If that value rises, two entirely different causes are possible. Either fresh money is coming in, or the paper already deposited has gained in price.

That distinction is why a TVL figure on its own says little about a provider's success. An issuer whose holdings of tokenised stocks sit at around one billion dollars occupies a different position in a 654 million dollar market than in a 3.8 billion dollar market. The absolute figure stays the same, the relative position shifts. With the ONDO token there is a further point: it is not a claim on those assets. It is the protocol's governance token, and its price follows the holdings only indirectly.

Ondo's market share in tokenised stocks fell from 56 to 26 percent

The second figure comes from a report by DWF Labs dated October 16, 2026, covered among others by Crypto Briefing and The Crypto Times. It has the market for tokenised stocks growing this year from 654 million to 3.8 billion dollars, a gain of 483 percent. Ondo still holds around one billion dollars within it and remains the largest single issuer. Its share of that market fell over the same period from about 56 percent in early January to roughly 26 percent in the week of October 5.

The report names new providers that have drawn users and capital as the cause, specifically Binance and Robinhood. For weekly trading volume on decentralised exchanges, DWF Labs reports an increase by a factor of 55. One caveat belongs with that: DWF Labs is itself active in the market as a market maker and investor, so the report is not an independent survey. The direction of the figures does, however, match the publicly visible holdings of the competitors.

Ondo Private Markets and Intelligent Portfolios widen the product range

Ondo's growth does not come from stocks alone. On October 5 Ondo Private Markets went live, an offering of tokenised notes on companies that are not listed, which Ondo dates in its own blog. Before that came the Intelligent Portfolios on September 24, portfolio tokens based on BlackRock strategies, and on September 29 a letter of intent with Kakaopay Securities covering the tokenisation of South Korean stocks. On September 16 the US clearing house DTCC admitted Ondo to its Fund/SERV service as its first tokenisation member. All four steps are dated in Ondo's blog.

For the market share in stocks these products do not help at first, because they count in other categories. For the TVL figure they help a great deal, and that explains how one number can rise while the other falls. If the tokenised part of the ETF market interests you, our overview of crypto ETFs for investors in Germany sets out where that stands.

bStocks and xStocks each hold roughly a quarter of the market

The DWF report puts Binance's bStocks at 905 million dollars and a share of 24 percent, and xStocks at 954 million dollars, which is about a quarter. Together with Ondo, the three largest providers therefore account for around three quarters of the market. The order at the top has become tight: on these figures, less than 100 million dollars separates the largest issuer from the third.

A different data source arrives at other values. The DefiLlama overview lists bStocks at about 976 million and xStocks at about 946 million dollars, and puts Ondo overall at around 3.8 billion dollars, though it also counts products that are not stocks. Anyone working with these figures is better off naming a range than a point value: on the available surveys, Ondo's share of the stock market sits at roughly a quarter to a third.

BNB Chain overtakes Ethereum as the home of tokenised stocks

One shift in the report concerns not the providers but the blockchains the tokens sit on. According to DWF Labs, BNB Chain's share has risen from 9 to 32 percent, Ethereum's share has fallen from 50 to 22 percent, and Avalanche comes in at 9 percent. For the holder of a tokenised security that is no side issue. The blockchain determines which wallet works, what fees a transfer incurs and which venues will accept the token at all.

Ondo issues its stock tokens on Solana, Ethereum and BNB Chain, by its own account. If you hold such tokens or plan to buy them, establish before any transfer which blockchain your own holding sits on, because a token for the same stock is not automatically interchangeable across two blockchains.

The ONDO price stands at $0.4444, 9.62 percent below last week

ONDO costs $0.4444 or 0.3956 euros according to CoinGecko, as of around 4 a.m. on Sunday morning. Over 24 hours it is down 2.40 percent, over seven days down 9.62 percent, while over 30 days it is up 15.02 percent. The weekly high came on October 12 at $0.5215, the weekly low at $0.4385 on this Sunday. Market value is around 2.16 billion dollars, which puts it at rank 48, and turnover over the past 24 hours was 72.2 million dollars.

In circulation are 4.87 billion of a total 10 billion ONDO, so slightly less than half. The price is far from its all-time high of $2.14 set on December 15, 2024. The record announcement of October 14 changed nothing in that picture: the price stood at $0.4678 on the day of the announcement, already below the weekly high.

Levels between the weekly low at $0.4385 and the weekly high at $0.5215

On the upside the first level is the weekly high of $0.5215 from October 12, ahead of it the round number at $0.50, which the price left on the downside on October 15. On the downside sits the weekly low at $0.4385, reached today, and below that the round number at $0.40. These levels are an observation drawn from the price data of the past seven days and no price target.

What stands out about the week is the sequence. The sharpest decline fell on October 12 and 13, ahead of the record announcement. After that the price moved in a narrow band between $0.4385 and $0.4683. The news of four billion dollars in TVL did not take it out of that band, and nor did the DWF report of October 16.

Our assessment: market growth carries Ondo, its share does not

From the newsroom's perspective the share figure is the more telling of the two. The evidence sits above: Ondo's holdings of tokenised stocks come to around one billion dollars on the DWF report, while the market grew over the same period from 654 million to 3.8 billion dollars. As a result, the absolute gain at Ondo was smaller than the gain in the market, and the ONDO price has not recovered in the week since the record announcement. Against that reading: Ondo has remained the largest single issuer, admission to the DTCC's Fund/SERV on September 16 creates access that competitors still have to earn, and the product range has grown broader than that of its direct rivals. This is an assessment of the situation, no recommendation to buy or sell. With crypto assets a total loss is possible.

The purchase route in Europe: MiCA authorisation, custody and the holding period

ONDO is a freely tradable token and listed on several venues. Since the MiCA transition period ended on July 1, 2026, service providers may only offer their services in the EU with an authorisation or a notification. Whether a provider holds that authorisation is stated in its regulatory disclosures and in the register of the competent supervisor. Which venues are practical options for an investor in Germany, and what fees arise there, is set out in our comparison of the best crypto exchanges.

On custody, nothing applies to ONDO that does not apply to any other token. Held at a venue, that venue carries the custody risk. Held in your own wallet, responsibility for the recovery words rests with you. With tokenised stocks a second layer comes in, because the token carries a claim against an issuer, and that claim is tied to conditions set out in the issuer's documents. Weighing tokenised stocks against a traditional securities account means reading the issuer's conditions and the venue's costs side by side.

For tax purposes ONDO counts in Germany as another asset. Gains on a sale within one year of purchase are taxable, and after one year has passed they remain tax free under current law. For tokenised stocks and for products with a running yield such as USDY, that one-year rule does not simply apply, because income arises there that is treated differently. If you hold several products from one provider, keep the acquisition dates separately.

ONDO, USDY and tokenised stocks are three different things

The Ondo name covers several products that have no economic connection to one another. ONDO is the protocol's governance token, and its price swings with the crypto market. USDY is a token with a running yield backed by short-dated US treasuries and bank deposits, and its value is tied to that paper. The tokenised stocks from Ondo Stocks refer to individual securities and follow their prices. Four billion dollars in TVL is a total across all three groups, not a valuation of the token.

That separation also explains why the ONDO price can react weakly to a record announcement. Higher assets under management generate revenue for the provider, but it does not flow automatically to holders of the governance token. What share of revenue reaches the token depends on governance decisions, and no such decisions were taken in the reporting period.

Ondo at $0.44: market share weighs more than the TVL record

1. Establish which Ondo product you actually hold, and separate the ONDO governance token from USDY and from tokenised stocks. Whether your venue holds the necessary EU authorisation is shown in the overview of MiCA-regulated crypto exchanges.
2. Weigh tokenised stocks against a traditional securities account before you add to a position, and compare costs and conditions at the crypto brokers.
3. Record the acquisition dates separately for each product, because the one-year rule covers the token and not the income. A tool for that is among the crypto tax tools and portfolio trackers.

(As of October 18, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)