Weiss Crypto
8.6K posts
@WeissCrypto
We are the nation's leading provider of independent, unbiased, trusted ratings of Stocks, Mutual Funds, Cryptocurrencies, ETFs, & Financial Institutions.
zcash is on the wall street journal today probably nothing
Ondo continued to build partnerships and expand its offerings even throughout brutally bearish months. Even with a weight on the market, this project shows it could have the momentum to hold onto its leadership position in the RWA narrative.
$ONDO : Review 📜 What if you could buy tokenized Apple stock, earn yield on U.S. Treasuries, and settle a cross-border redemption with JPMorgan in under 5 seconds, all from your crypto wallet, on a platform whose Vice Chairman used to run the U.S. House Financial Services Committee? Meet Ondo Finance - the leading RWA tokenization platform that brought Wall Street on-chain. $2.75 billion in TVL. BlackRock, Franklin Templeton, and Fidelity as underlying asset managers. 200+ tokenized U.S. stocks and ETFs. SEC investigation closed without charges. The former chairman of the congressional committee that writes America's financial laws now sits at the table. This isn't DeFi trying to be finance. This is finance moving to DeFi. Let's explore how Ondo is building Wall Street 2.0. 👇 ⚪ Ondo at a Glance Ondo Finance is an RWA protocol that tokenizes institutional-grade U.S. Treasury exposure and delivers it on-chain as yield-bearing crypto tokens. As of early 2026, Ondo is one of the largest tokenized Treasury platforms globally, with over $2.75 billion in total value locked across Ethereum and other major networks. The $ONDO token is used for governance via the Ondo DAO. Total supply is 10 billion ONDO with approximately 2.94 billion in circulation (~29.4%). As of May 2026, $ONDO trades around $0.65 with a market cap of approximately $2.1B. ATH was $2.14 in December 2024. ONDO surged more than 23% in May 2026, driven by the tokenized Treasury market crossing $8B and a historic cross-border settlement pilot with JPMorgan. Marketplace Insight: Ondo, Ripple, Mastercard, and J.P. Morgan's Kinexys platform executed the first near real-time, cross-border redemption of tokenized U.S. Treasuries on May 6, settling in under five seconds. Ondo Global Markets' basket of tokenized Chinese ADRs on BNB Chain rocketed from $316K to $9.3M, with holder count growing 2,200% YTD. 21Shares filed for a spot ONDO ETF. The RWA tokenization market crossed $20B on-chain. Ondo is at the center of all of it. ⚪ Mission Nathan Allman explained: "We saw stablecoins export the U.S. dollar by bringing it onchain. Now, Ondo Global Markets is doing the same thing for U.S. securities." Ondo's mission is to make institutional-grade financial products accessible to everyone through tokenization, creating a system where traditional securities seamlessly integrate with blockchain technology, trading 24/7 with instant settlement and global access. 🔵 A Brief History Founded in 2021 by Nathan Allman, a former Goldman Sachs executive, Ondo Finance is a decentralized finance platform built to bridge the gap between traditional finance and blockchain-based systems. Allman brought Stanford MBA rigor and Goldman Sachs digital assets experience directly into the protocol's DNA. The team raised $34M across seed and Series A rounds from Pantera Capital, Founders Fund, Coinbase Ventures, Tiger Global, and Wintermute. Early products focused on structured DeFi vaults before pivoting to tokenized Treasuries. The platform's Total Value Locked jumped from $40 million to over $534 million in 2024. By mid-September 2025, it reached $1.6 billion. This growth positioned Ondo as the second-largest player in tokenized U.S. Treasuries behind BlackRock's BUIDL. In September 2025, Ondo launched Ondo Global Markets, bringing 100+ U.S. stocks and ETFs on-chain for non-U.S. investors on Ethereum. A major expansion in January 2026 brought over 200 tokenized U.S. stocks and ETFs to Solana, making it the largest RWA issuer on Solana by asset count. In early 2026, the SEC formally closed a multi-year, confidential investigation into Ondo Finance without filing any charges. This regulatory clarity gave Ondo a massive competitive advantage. The company's acquisition of Strangelove and Oasis Pro in July 2025 further solidified its infrastructure. Oasis Pro's SEC-registered broker-dealer status provides Ondo with a full-stack solution for tokenizing and trading securities. Patrick McHenry, the former Chairman of the U.S. House Financial Services Committee, joined Ondo as Vice Chairman, bringing the highest level of Washington policy credibility to the project. This is arguably the most significant political figure to join any crypto company's leadership. In May 2026, Ondo executed a historic cross-border Treasury redemption with JPMorgan's Kinexys, Ripple, and Mastercard, settling in under 5 seconds. TVL now exceeds $2.75B. 🔵 Ecosystem Narrative Ondo's ecosystem bridges Wall Street and DeFi through compliant, institutional-grade tokenization infrastructure. Every product is backed by real assets held by regulated custodians, not synthetic derivatives or algorithmic pegs. Key dynamics include: ➛ OUSG (Tokenized Treasuries) provides exposure to short-term U.S. Treasury bills backed by BlackRock BUIDL, Franklin Templeton, Fidelity, WisdomTree, and Wellington Management. ~3.49% APY. $692M TVL. 24/7 instant minting/redemption via USDC. $5K minimum, 0% fees. ➛ USDY (Yield-Bearing Dollar) is a tokenized note secured by short-term U.S. Treasuries and bank deposits, providing yield to non-U.S. investors. Deployed across Ethereum, Solana, Mantle, Sui, and Aptos. ➛ Ondo Global Markets tokenizes 200+ U.S. stocks and ETFs (Apple, Tesla, Nvidia, SPY, QQQ, leveraged ETFs, commodities) on Ethereum, Solana, and BNB Chain. Each token is 1:1 backed by actual shares held by regulated custodians. ➛ Ondo Chain is a purpose-built L1 blockchain for institutional-grade RWA trading, optimized for compliance, high throughput, and interoperability between public DeFi and permissioned institutional systems. ➛ Oasis Pro acquisition gives Ondo an SEC-registered broker-dealer, Alternative Trading System, and Transfer Agent, creating the regulatory foundation for fully compliant U.S. securities tokenization. ➛ Cross-border settlement with JPMorgan Kinexys, Ripple (XRP Ledger), and Mastercard demonstrated near-instant Treasury redemption across traditional banking rails and blockchain, settling in under 5 seconds. ➛ $250M Pantera Capital fund for RWA infrastructure investment, with State Street and Galaxy Asset Management seeding the SWEEP tokenized fund launching 2026. ⚪ Token Utilities $ONDO is a governance token for the Ondo ecosystem: ➛ Governance (Ondo DAO) - ONDO holders vote on protocol upgrades, product launches, fee structures, and ecosystem direction. ➛ Ecosystem Alignment - Token holders are aligned with the growth of the RWA platform. As TVL and product adoption scale, governance becomes increasingly valuable. ➛ Staking (Upcoming) - Ondo Chain will introduce staking mechanics for network security and validator participation. ➛ Fee Capture (Upcoming) - As Ondo Chain launches, protocol fees from tokenized asset trading and settlement are expected to accrue value to ONDO holders. ⚪ Key Features ➛ $2.75B TVL - One of the largest tokenized Treasury platforms globally. OUSG and USDY backed by BlackRock, Franklin Templeton, Fidelity, WisdomTree, Wellington Management. ➛ 200+ Tokenized U.S. Stocks & ETFs - Apple, Tesla, Nvidia, SPY, QQQ, leveraged ETFs, gold, silver. Available on Ethereum, Solana, BNB Chain. Largest RWA issuer on Solana by asset count. ➛ SEC Investigation Closed Without Charges - Regulatory clarity that few competitors can match. Combined with Oasis Pro's broker-dealer license, Ondo has the most compliant RWA infrastructure in crypto. ➛ JPMorgan Cross-Border Settlement - First near-instant cross-border Treasury redemption with JPMorgan Kinexys, Ripple, and Mastercard. Settled in under 5 seconds. ➛ Ondo Chain - Purpose-built L1 for institutional RWA trading. Compliance, throughput, and interoperability designed from the ground up for tokenized securities. ➛ Patrick McHenry as Vice Chairman - The former Chairman of the U.S. House Financial Services Committee now sits on Ondo's leadership team. The most significant political figure to join any crypto company. ➛ 21Shares Spot ONDO ETF Filed - Institutional validation signaling growing recognition of ONDO as an investable asset class. 🔵 Meet the Ondo Team Ondo is led by the most Wall Street and Washington-credentialed team in all of crypto. Goldman Sachs alumni, a McKinsey Partner, a BlackRock VP, and the former Chairman of the U.S. House Financial Services Committee, all building the infrastructure to tokenize traditional finance. ▶️ Core Members: ➛ Nathan Allman [ @nathanlallman ] - CEO | Former Goldman Sachs digital assets division. Stanford MBA, Brown University. Previously founded ChainStreet Capital, a quantitative crypto hedge fund. Founded Ondo in 2021 to create "Wall Street 2.0." Personally led partnerships with JPMorgan, BlackRock, and Mastercard. ➛ Ian De Bode [ @iandebode ] - President | Former Partner at McKinsey & Company, leading its global Digital Assets practice. Led the acquisitions of Oasis Pro and Strangelove. Promoted from CSO to President, now overseeing Ondo's overall strategic direction and execution. ➛ Patrick McHenry [ @PatrickMcHenry ] - Vice Chairman | Former Chairman of the U.S. House Financial Services Committee. One of the most powerful figures in U.S. financial regulation joining a crypto project. His presence signals that Ondo operates at the intersection of policy and innovation at the highest levels of government. ➛ Mark Janoff - General Counsel | Oversees legal and regulatory compliance at the intersection of securities law and blockchain innovation. ➛ Brendan Florez - Managing Director of Client Relations & Strategic Operations | Drives institutional client relationships and operational scaling across Ondo's product suite. ➛ Katie Wheeler [ @KatieAWheeler ] - VP Partnerships | Former Vice President at BlackRock. Manages relationships with asset managers, custodians, and DeFi protocols. ➛ Ben Grossman [ @ben_grossman ] - VP Marketing | Leads brand positioning, communications, and ecosystem marketing. ➛ Cameron Clifton [ @carter_lathrop ] - Head of Engineering | Leads engineering architecture across Ondo's tokenization infrastructure and smart contract systems. ▶️ Adviser: ➛ Justin Schmidt - Adviser | 19+ year track record in financial services. Former Head of Digital Assets at Goldman Sachs, where he spearheaded the firm's overall digital asset strategy. Previously served as Ondo's President & COO before transitioning to advisory role. 🔵 Ratings ➛ Use Case: ★★★★★ (5/5) - Ondo is the undisputed leader in RWA tokenization, the single largest growth narrative in crypto right now. $2.75B TVL backed by BlackRock, Franklin Templeton, Fidelity, and WisdomTree. 200+ tokenized U.S. stocks and ETFs. Cross-border Treasury settlement with JPMorgan in under 5 seconds. SEC investigation closed without charges. Oasis Pro broker-dealer acquired. Ondo Chain purpose-built for institutional RWA. Patrick McHenry, the man who chaired the committee that writes U.S. financial law, is now Vice Chairman. The $20B on-chain RWA market is projected to reach $2 trillion by 2030 (McKinsey), and Ondo is positioned at the absolute center of it. No other project has this depth of institutional asset manager relationships, regulatory clarity, political credibility, and product breadth. ➛ Tokenomics: ★★★ (3/5) - This is Ondo's weakest area. Total supply of 10 billion ONDO with only ~29.4% circulating, meaning over 70% of supply is still locked and scheduled for future release. The token is primarily a governance token with no direct fee capture mechanism yet (expected with Ondo Chain launch). ONDO is down ~70% from ATH of $2.14. The massive gap between circulating and total supply creates significant future dilution risk. The upcoming Ondo Chain should introduce staking and fee accrual, which would strengthen the tokenomics considerably. For now, the token thesis relies heavily on governance value and future utility rather than current revenue distribution. ➛ Audits: ★★★★✦ (4.5/5) - Ondo operates at the highest compliance standard in crypto. OUSG is structured as a 3(c)(7) fund under Regulation D Rule 506(c). Underlying assets are held by BlackRock, Franklin Templeton, Fidelity, and WisdomTree through regulated custodians. The SEC closed a multi-year investigation without charges. Ondo acquired an SEC-registered broker-dealer (Oasis Pro). Third-party audits and transparent proof of reserves ensure every token is fully backed. Partnerships with three of the top five U.S. securities law firms. Patrick McHenry's involvement as Vice Chairman adds an additional layer of regulatory credibility that no other crypto project can match. The 0.5 deduction is because the broader RWA space still carries technical risk ($14.6M in RWA exploits in H1 2025), and Ondo Chain hasn't launched yet to be independently audited. ➛ Community: ★★★★ (4/5) - Ondo has built a community that spans both crypto natives and TradFi professionals, a rare combination. The 21Shares ETF filing generated significant retail attention. Tokenized Chinese ADRs on BNB Chain saw 2,200% holder growth YTD. Active governance via Ondo DAO. Strong institutional community with BlackRock, JPMorgan, Mastercard, and Pantera as ecosystem participants. The deduction is that Ondo's community skews more institutional and investor-focused than builder-focused. Developer ecosystem is limited to Ondo's own products rather than a broad third-party dApp ecosystem. Retail engagement has grown but remains behind DeFi-native communities like Aave or Uniswap. 🔵 Conclusion Ondo Finance is the most important project in the RWA tokenization space, and the RWA tokenization space is the most important growth narrative in crypto. That combination makes ONDO one of the most consequential tokens in the market. The numbers tell the story: $2.75B TVL backed by BlackRock, Franklin Templeton, Fidelity, and WisdomTree. 200+ tokenized U.S. stocks and ETFs accessible globally. Cross-border Treasury redemption with JPMorgan settled in under 5 seconds. SEC investigation closed without charges. SEC-registered broker-dealer acquired. Purpose-built L1 under construction. 21Shares filing for a spot ETF. And the former Chairman of the U.S. House Financial Services Committee now serves as Vice Chairman. Nathan Allman brought Goldman Sachs' digital assets playbook directly into crypto and executed it better than anyone else. If you believe that $2 trillion in assets will be tokenized by 2030 (McKinsey's estimate, not CT's), who builds the infrastructure? Someone has to tokenize the Treasuries, the stocks, the ETFs, the bonds. Someone has to connect JPMorgan's rails with Solana's speed. Someone has to get the SEC's blessing. Someone has to partner with BlackRock and Fidelity and Franklin Templeton. And someone has to have the former chairman of the congressional committee that writes financial law sitting at the leadership table. That someone is already Ondo. And when the tokenized Treasury market that crossed $8 billion in May 2026 becomes $800 billion, the protocol that built the plumbing will own the most valuable position in all of finance.
Zcash has held up remarkably well during crypto winter. While $BTC now sits -35% off its cycle high of $125,000… $ZEC is only about 20% away from its November 2025 high near $698.
ZCASH $ZEC has one of the best looking charts in crypto right now I think $1,000 per $ZEC is only a matter of time
Hyperliquid vs. EdgeX: which will dominate? On raw numbers, Hyperliquid takes the cake. Hyperliquid: $57M earnings / $63M fees EdgeX: $14M earnings / $19M fees But when you factor in valuation and supply design, EdgeX makes a strong case.
Buybacks and burns are active but modest relative to that large release. The market will have to absorb it. EdgeX, on the other hand, trades at 1.83x price-to-fees. At that multiple, you are paying very little for each dollar of fee generation — a level that typically signals either deep undervaluation or deep skepticism.
After the May high … we’re headed for a key, 320-day cycle low. That, according to our Crypto Timing Model, will likely be the final low of this crypto winter. That'll be an opportunity to load up on top cryptos at bear-market prices before the bulls take over. #NFA #DYOR
Hyperliquid trades at 13.74x price-to-fees. That's the multiple you pay for a market leader being priced like a high-growth tech monopoly. But be wary: over $400M in tokens will be unlocked on May 6, just above 4% of circulating supply.
Hyperliquid vs. EdgeX: which will dominate? On raw numbers, Hyperliquid takes the cake. Hyperliquid: $57M earnings / $63M fees EdgeX: $14M earnings / $19M fees But when you factor in valuation and supply design, EdgeX makes a strong case.
And Bitcoin finally has some room to move. Crypto markets will likely rally into an early-to-mid-May high. From there, we will likely see a correction lasting until late June or early July.
#Bitcoin 2018-2026 Bull Market Blow-off targets ~$400k+
May 9 — plus or minus a week — is the most likely top of Bitcoin’s current rally. And everything is still on track for $80,000 to $85,000 by early May.
