@Ondo said it has passed $4 billion in total value locked (TVL) on October 14, 2026. Of that total, $1.3 billion is in tokenized stocks and ETFs. Ondo also said it ranks first in tokenized US
@Ondo said it has passed $4 billion in total value locked (TVL) on October 14, 2026. Of that total, $1.3 billion is in tokenized stocks and ETFs. Ondo also said it ranks first in tokenized US Treasuries at around $3 billion and has more than 1 million cumulative holders across its products. Its products now span tokenized Treasuries, stocks, ETFs, portfolios and private markets.
Ondo Stocks, run by Ondo Global Markets, is the main driver of the recent growth. The business first passed $1 billion in TVL in May 2026, which Ondo announced on May 11. That came less than eight months after its September 3, 2025 launch. The stock lineup has since widened, and Parameter reported that the platform now offers access to more than 450 tokenized stocks and funds.
Treasuries remain the other pillar. RWA.xyz's tokenized US Treasury fund league table lists Ondo first at about $2.9 billion across 11 assets. Franklin Templeton Benji Investments follows at about $2.6 billion, and Circle is third at about $2.4 billion. The figures are slightly below the roughly $3 billion Ondo cites, which may reflect differences in how products are counted. Among single tokens, RWA.xyz data cited by Ondo showed USDY above BlackRock's BUIDL, with Circle's USYC still the largest individual product.
The milestone follows the launch of Ondo Private Markets. Ondo's blog post introducing the product is dated October 5, and the company's press release and coverage followed on October 6. The product gives eligible investors tokenized exposure to the economic performance of private companies before they go public.
The first note references an unnamed pre-IPO AI company. Ondo said exposure to robotics, cybersecurity, biotech, infrastructure and other sectors will follow. Secondary trading was scheduled to begin in the week of the launch, with permissionless trading available around the clock.
The notes are not shares. Each token is a note whose payout is linked to the per-share value of the referenced company's common stock at a qualifying liquidity event, typically an IPO, acquisition or secondary sale, according to TheStreet. Parameter reported that the notes carry no equity stake, voting power or dividends, and that a British Virgin Islands special purpose vehicle issues them. Eligibility is limited to qualified non-US investors.
For Ondo, the two product lines point in the same direction: tokenized access to traditional financial assets, from government debt and listed equities to private-company exposure. Whether the private-market notes can reach comparable scale will depend on liquidity and investor participation. Ondo has not published figures for the new product.
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