Ondo Finance's tokenized instruments have doubled their on-chain user base in three months, according to on-chain data. The products recorded 166,723 active addresses over the last 30-day per
Ondo Finance's tokenized instruments have doubled their on-chain user base in three months, according to on-chain data. The products recorded 166,723 active addresses over the last 30-day period, a 100.16% increase from 83,295 active addresses three months earlier.
The figure puts Ondo's on-chain presence ahead of the active user base of PayPal's dollar stablecoin, $PYUSD, which has a market capitalization of $2.86 billion.
Ondo began by tokenizing U.S. Treasuries and now offers a wider range of products. Ondo Finance said the total value locked across its products has crossed $4 billion, a milestone driven by growth in tokenized stocks and exchange-traded funds (ETFs). The company said more than $1.3 billion of that total now sits in tokenized stocks and ETFs, and that its products have drawn more than 1 million cumulative holders.
Ondo's Treasury business is also expanding. Crypto Briefing reported, citing Token Terminal data, that Ondo added $41.6 million in market cap over seven days, ahead of Superstate at $34.2 million. The same report said Ondo crossed $3 billion in tokenized U.S. Treasury assets on October 13, 2026, with its USDY product accounting for about $2.328 billion of that total.
Ondo's reach across networks may also be helping user numbers. According to a KuCoin News summary of Ondo's disclosure, Ondo Stocks can be transferred permissionlessly on Solana, Ethereum and BNB Chain.
PayPal USD is a regulated stablecoin. CoinMarketCap describes $PYUSD as issued by Paxos Trust Company and backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Its market capitalization has hovered near the $2.8 billion to $2.9 billion range in recent weeks, according to market data aggregators such as Bybit, which listed $2.84 billion as of October 20, 2026.
The comparison is limited. Active addresses measure wallet activity, not the amount of capital held, and the two products serve different purposes. PYUSD is a payments-oriented stablecoin, while Ondo's instruments are investment products such as tokenized Treasuries and stocks. Address counts can also vary depending on the data provider and how activity is measured.
Even so, the jump in active addresses points to growing demand for tokenized real-world assets (RWAs), as issuers expand from Treasuries into equities and other asset classes.
Ondo Finance Says Total Value Locked Has Topped $4 Billion (Yahoo Finance)Ondo and Superstate lead weekly growth in tokenized US T-bill market (Crypto Briefing)PayPal USD price and statistics (CoinMarketCap)
