ONDO traded higher on Monday, with the token priced at $0.4060 after gaining more than 6% on the day. The move extended a recent advance that has taken weekly gains above 20% and monthly gains above 30%.

Trading activity also increased sharply. Spot trading volume rose 77% to $137 million over 24 hours, while overall trading activity was reported to have climbed by more than 80% during the same period. The rise in volume indicated that the latest move was accompanied by heavier market participation rather than a thinly traded price increase.

The broader crypto market also provided support. Bitcoin rose 1.15%, while the Altcoin Season Index continued to improve, contributing to capital flows into altcoins. However, ONDO’s recent move has also coincided with several developments related to Ondo Finance and the broader market for tokenized real-world assets.

Tokenized Real-World Assets Remain a Central Driver

A major factor cited behind ONDO’s recent performance is growing adoption of tokenized real-world assets, or RWAs. Ondo Finance focuses on products tied to tokenized Treasuries and institutional investment products, placing it in a sector that has drawn increasing attention from traditional financial firms and crypto market participants. Tokenization generally refers to representing traditional assets on blockchain rails, a model that supporters say can improve access, settlement speed and operational transparency while still depending on custody, compliance and market structure.

One of the notable announcements during the week came from BNY, described as the world’s largest custody bank. BNY plans to support 24/7 settlement for both conventional and tokenized U.S. Treasuries by 2027, with tokenized Treasury pilots expected to begin before the end of this year. For companies working to bring traditional assets on-chain, the plan represents another step toward institutional use of tokenized finance infrastructure, especially because Treasury products are often viewed as a core building block for regulated tokenized markets.

A breakout week for tokenization. Tokenized holders passed 1 million, a global custody bank moved toward 24/7 settlement, and regulators aligned across borders. Latest news ↓ 1⃣ BNY moves toward 24/7 tokenized Treasury settlement BNY, the world's largest custody bank, plans… pic.twitter.com/vkgXK95lT5 — Ondo Finance (@Ondo) July 26, 2026

Demand for tokenized assets has also increased. The number of tokenized asset holders rose by more than 200,000 in one week, pushing the total above one million users. At the same time, the value of on-chain real-world assets reached roughly $36.6 billion. That expansion is relevant for Ondo Finance because its products are designed around tokenized Treasuries and institutional-grade investment exposure.

Consumer-facing infrastructure is expanding as well. Samsung announced that Samsung Wallet will add native stablecoin support, putting dollar-backed digital assets inside an application installed on hundreds of millions of Galaxy devices. Stablecoins are often used as the cash leg for on-chain transactions, so broader wallet support can make tokenized finance products easier to access and settle.

Regulatory developments have also contributed to attention on the sector. The United States and the United Kingdom unveiled a joint 10-point roadmap for tokenized finance and stablecoins, establishing a framework for cross-border tokenization. In addition, Ondo’s broker-dealer subsidiary, Oasis Pro Markets, received FINRA authorization to offer tokenized equities and investment funds under SEC and FINRA oversight.

Analyst Kaff Cites a Larger Valuation Thesis for Ondo Finance

Crypto analyst Kaff has argued that Ondo Finance is positioned for a larger opportunity than its current valuation suggests. His thesis starts with valuation: ONDO has a fully diluted valuation of roughly $2.6 billion, while many traditional financial institutions estimate that the tokenization market could reach $5 trillion to $10 trillion by 2030.

Kaff also pointed to Ondo’s business metrics. The platform manages around $3.2 billion in total value locked across products including USDY, OUSG and Ondo Stocks. USDY alone manages $2.1 billion and offers a yield of about 3.55%, backed by short-term U.S. Treasuries and bank deposits.

► Ondo Thesis To $100B I'm bullish on RWA as a multi-year cycle, so of course I got heavy conviction on @OndoFinance too. The leader of every narrative is always the trade whales wanna size with. Do you actually think $ONDO sitting at $2.6B FDV inside a market that could go… pic.twitter.com/rVjki77VVt — Kaff (@Kaffchad) July 27, 2026

Ondo Global Markets has also crossed $1 billion in peak TVL and controls more than 70% of tokenized equity issuance, according to the source. The Ondo ecosystem also provides access to more than 440 assets.

The company’s institutional infrastructure has continued to expand. Ondo now owns Oasis Pro, giving it an SEC-registered broker-dealer. It is also working with organizations including DTCC, Chainlink, J.P. Morgan Kinexys, Mastercard and Ripple on settlement infrastructure. Franklin Templeton has announced plans to tokenize five ETFs using Ondo infrastructure.

Kaff said these factors position Ondo ahead of many competitors. His long-term outlook envisions ONDO reaching a $100 billion fully diluted valuation, equivalent to roughly $10 per token. He also stated that such an outcome would depend on several major conditions, including a revenue model that rewards token holders, successful adoption of Ondo Chain in a way that makes ONDO essential for network activity, and growth in the tokenized asset market into the multi-trillion-dollar range.

Those milestones remain ambitious and would not happen immediately. Any such target would depend on continued institutional adoption, execution over time, stronger value accrual for token holders and meaningful network demand for ONDO. Still, ONDO’s recent price action has taken place as investors assess whether tokenized finance could become one of the larger sectors within crypto over the next several years.

Ondo Finance is a real-world asset platform that tokenizes traditional financial products such as U.S. Treasuries and equities. Institutional interest in the project has been tied to its regulated infrastructure, its SEC-registered broker-dealer through Oasis Pro, its tokenized investment products, and its partnerships with major financial and blockchain companies.