Ondo combines tokenized Treasuries and RWA products with onchain liquidity, but ONDO value capture depends on AUM translating into fees, governance rights, and compliant distribution.
Investment View
Investors should evaluate Ondo AUM growth, fee rate, issuance and custody structure, regulatory access, and secondary liquidity over the RWA narrative.
Ondo has scaled through RWA assets and Global Markets, but ONDO value capture plus custody and redemption transparency remain maturity bottlenecks.
Investment View
Ondo is expanding from treasury RWA into tokenized securities infrastructure. The next test is revenue rights, regulatory reach, and redemption trust, not DAV growth alone.