Grayscale has added ONDO! RWA leader Ondo Finance joins forces with Mastercard and Pantera to rebuild trillion US dollars

## Grayscale's entry triggered ONDO! RWA leader Ondo Finance, with Mastercard and Pantera, has joined forces to reconstruct the trillion-dollar market. Institutional funds are pouring into the real-world asset tokenization track at an unprecedented speed, and Ondo Finance has become the biggest beneficiary with its ecological moat. When Grayscale, the world's largest crypto asset management company, released its quarterly portfolio adjustment announcement on July 8, a name caused a shock in the market - Ondo (ONDO)** was selected into its DeFi fund portfolio as the only new asset. This is not only a simple asset inclusion, but also represents the acceleration of the integration of traditional financial forces and crypto-native forces. Ondo Finance teamed up with top venture capital Pantera Capital to announce the establishment of a $250 million special fund, targeting the real-world asset (RWA) tokenization field. --- ### 01 Grayscale action analysis: The logic of increasing holdings and market shock wave Grayscale, as the core channel for traditional funds to enter cryptocurrencies, its asset portfolio adjustment has always been the market trend. In this quarterly rebalancing, three key actions are worth exploring: - **DeFi fund strategic adjustment**: Add ONDO as a component asset, while maintaining the dominance of weight of Uniswap (34.01%) and Aave (30.74%) - **Smart contract fund iteration**: Remove Polkadot (DOT), add Hedera (HBAR), retaining the dual cores of Ethereum (30.22%) and Solana (29.87%) - **Report mechanism description**: Grayscale specifically stated that the fund needs to sell underlying assets regularly to pay management expenses, resulting in the number of tokens corresponding to the shares decreasing over time. The market is sensitive to ONDO selection. This inclusion directly opened the faucet for ONDO that ** institutions passively allocate funds ** - Grayscale DeFi fund scale is approximately US$320 million, and will bring millions of dollars in initial buying based on current weights. Looking deeper, this represents the recognition of the traditional financial system for the RWA (real-world asset) track. In the report, Grayscale clearly positioned ONDO as a **DeFi protocol** rather than a simple asset tokenization service provider, implying that it is optimistic about the complete financial ecosystem built by Ondo. ### 02 Dissect Ondo Finance: The technical moat of the RWA track Ondo Finance is by no means an ordinary token issuer, but has built a set of asset circulation protocols that penetrate the traditional finance and crypto world. Its core innovation is concentrated in three aspects: ** Cross-chain liquidity engine** In May this year, Ondo completed the integration of Solana blockchain, and achieved zero-slip transfer of tokenized assets such as USDY between chains such as Ethereum, Solana, and Arbitrum through the ** decentralized verification network** (DVN) built by LayerZero. This technological breakthrough directly pushed the total USDY lockout (TVL) on Solana chain to exceed US$17 billion, verifying the market's demand for seamless cross-chain RWA. **Revenue generation mechanism** Flagship product OUSG (short-term US Treasury token) allows investors to obtain US Treasury interest income every day. Through integration with Mastercard Multi-Token Network (MTN), corporate users can directly call OUSG on the public blockchain to achieve: - T+0 settlement of US bond interest (T+2 is required for traditional system) - 7×24-hour subscription and redemption - Instant liquidation as collateral in cross-border payments** Compliance architecture** The MTN network has built-in KYC/AML modules to make OUSG compliant with the US and European regulatory framework. In the Mastercard cooperation case, European companies allocated US dollar assets through OUSG and paid payments in Asia, and cross-border handling fees dropped from 1.5%-3% to below **0.3%. ### 03 Institutional chess game: Mastercard and Pantera's capital surround Ondo's institutional cooperation network has formed an ecological synergy effect, and the two major actions in 2025 reshape the industry structure: **Mastercard: Opening up the fiat currency channel** The strategic cooperation announced in February introduces RWA assets into Mastercard's payment network for the first time. Enterprise customers can call OUSG funds through traditional banking channels without building their own encryption infrastructure. This solves the biggest pain point of RWA - the **Free currency deposit and exit channel**, making tokenized US bonds a cash management tool for multinational enterprises. **Pantera Capital: Ecological Incubation Offensive** On July 3, Ondo and Pantera jointly launched the $250 million "Ondo Catalyst" fund, supported by Peter Thiel's Founders Fund. The fund adopts a mixed investment strategy: - 50% of funds acquire equity in RWA project - 50% of the allocation project tokens focus on incubating tokenized stocks, bonds and commodity agreements, directly pointing to the 2026 USD 500 billion RWA market forecast by Chainlink. *Table: Ondo Finance Core Partner Matrix* | **Institution Type** | **Representative Enterprise** | **Cooperation Content** | **Business Value** | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Improve the depth of retail liquidity | ### 04 Market performance and valuation prospects: Data Revealed Growth Flywheel Although the cryptocurrency market fluctuations have intensified recently, ONDO has shown independent market characteristics: - **Technical integration effect**: After Solana cross-chain bridge was launched in May, ONDO****Solana soared by 24% in 24 hours, and SOL rose 2.2% during the same period - **Trading liquidity jumped**: Binance's listing significantly increased the depth of trading, with the average daily trading volume jumping from tens of millions to hundreds of millions of dollars**-**On-chain asset verification**: Ondo managed OUSG (tokenized US bonds) reached 2.2 billion US dollars**, and 85% of institutional users used for working capital management valuation core driving force comes from the acceleration of market expansion of RWA. Currently, the scale of US bond tokenization only accounts for 0.02% of the traditional market. If the penetration rate increases to 1%, it will generate incremental demand of 100 billion US dollars. With its first-mover advantage and capital endorsement of Grayscale and Pantera, Ondo is expected to capture more than 30% of the market share. ### 05 Risk Warning: Navigation Challenges in Reefs Although the prospects are bright, investors must be wary of triple risks: ** Regulatory arbitrage uncertainty** The US SEC has not yet clarified the regulatory ownership of tokenized securities. If OUSG is identified as an unregistered securities, it may cause cross-border compliance conflicts. For example, European companies hold OUSG through MTN and must meet the accounting rules of the United States and Europe at the same time. **Technical Coupling Risk** Cross-chain bridges rely on the LayerZero protocol. If there is a security incident similar to Wormhole in 2024 (loss US$320 million), it may trigger the **collateral liquidation crisis**. Although Ondo uses a custom verification stack, the complex architecture still has an attack surface. **Competition for red oceanization** Traditional institutions are entering the market strongly: - BlackRock has applied for a tokenized fund license - Coinbase and Kraken plan to launch tokenized stock trading - Injective, Backed and other crypto-native protocols to compete for the vertical market Ondo must consolidate barriers within 12-18 months, otherwise it may be overtaken by traditional players with stronger capital. --- The crypto world has witnessed the surge and plummeting of countless tokens, but the real asset support behind ONDO makes it unique. When European companies use OUSG to pay for Asian suppliers through Mastercard networks, and when Pantera's $250 million fund begins to acquire tokenized real estate projects, RWA's story is moving from concept to $17 billion a day on-chain flow. Grayscale chose to enter the market at this moment, not betting on a single token, but to bet on the next generation of financial protocol layer built by Ondo - an invisible infrastructure that allows billions of users to use blockchain without any sense. The boundaries between the traditional finance and crypto world are dissolved in the protocol layer built by Ondo, and asset flows are no longer blocked by custody high walls.