Real-world asset tokenization platform Ondo Finance has launched an offchain execution network, marking an apparent pivot away from the institution-focused layer-1 blockchain it introduced in 2025.

The company said Monday that Ondo Network will handle trades away from public blockchains and is already being used by Ondo Perps, its perpetual futures platform.

Traditional blockchains typically rely on distributed networks of computers to validate transactions and maintain shared state. Ondo Network instead runs its trading software inside one protected computing environment that the company calls “enclaves,” also known in crypto as Trusted Execution Environments. A group of operators checks that the software has not been altered, and each holds part of the digital key needed to authorize transfers.

Ondo said transfers are ultimately recorded on public blockchains, but it did not identify the operators or say how many are involved. That means the network still connects back to onchain settlement, even as the execution layer itself moves offchain.

The company described the system as a continuation of Ondo Chain, which it announced in February 2025 as a blockchain for putting traditional financial assets onchain. “It isn’t a blockchain today; it doesn’t need to be,” the company said. Ondo also said it may later add more operators, record more activity on public blockchains and introduce a system requiring participants to put up tokens as security, but it gave no timeline.

Ondo Chain reached testnet in 2025, when JPMorgan’s Kinexys and Chainlink completed its first transaction, a tokenized US Treasury settlement. The new setup suggests Ondo is still building toward the same tokenization goal, while adjusting the infrastructure it uses to get trades executed and recorded.

Related: Ondo Finance unveils layer-1 blockchain for institutions to tokenize RWAs