RWA軌道總數TVL（來源：Defillama）

區塊鏈世界的下一波不僅是關於績效和吞吐量，而且還涉及如何將現實世界中的資產與分散的財務深入融合。

The next wave of the blockchain world is not only about performance and throughput, but also about how to deeply integrate real-world assets with decentralized finance. Just as Ethereum laid the foundation for the era of smart contracts, the RWA track is leading the transformation from technology to assets, making the on-chain ecology and traditional wealth achieve an unprecedented intersection.

區塊鏈世界的下一波不僅是關於績效和吞吐量，而且還涉及如何將現實世界中的資產與分散的財務深入融合。就像以太坊為智能合約時代奠定了基礎一樣，RWA軌道正在引導從技術到資產的轉變，從而使鏈上的生態和傳統財富實現了前所未有的十字路口。

Currently, according to DeFi Llama, RWA has jumped to the seventh largest category of DeFi, with a total locked value of more than 12 billion U.S. dollars.

目前，根據Defi Llama的說法，RWA已跳入DEFI的第七大類，總鎖定價值超過120億美元。

RWA track total TVL (source: defillama)

RWA軌道總數TVL（來源：Defillama）

U.S. Treasury bonds are the most liquid financial assets in the world. The average daily trading volume is as high as trillions of dollars all year round. They can be bought and sold at any time with extremely low bid-ask spreads. They are backed by the U.S. government with “full faith and credit” and have never defaulted substantially, making them a model of zero default risk. Their yield is regarded as a risk-free rate by the industry, meaning that investors can obtain a benchmark rate of return without any credit risk, providing the most reliable anchor for pricing and risk management of various assets.

美國國庫債券是世界上最流動的金融資產。每年的平均每日交易量全年高達數万億美元。它們可以隨時以極低的出價銷售價值買賣。他們得到了美國政府的“充分信仰和信譽”的支持，從未實質上違約，使其成為零默認風險的型號。他們的收益率被行業視為無風險利率，這意味著投資者可以在沒有任何信用風險的情況下獲得基準收益率，這為各種資產的定價和風險管理提供了最可靠的錨點。

The RWA track has become the best paradigm for off-chain assets to move towards on-chain innovation by virtue of its unique value of connecting to the real economy and combining it with the U.S. Treasury bonds, which are the most liquid and secure in the world. Tokenized Treasury bonds not only inherit the core advantages of the “risk-free interest rate” and the highest credit endorsement of U.S. Treasury bonds, but also integrate the transparency, efficiency and composability of DeFi into sovereign bonds, creating an unprecedented investment tool. The Boston Consulting Group predicts that by 2030, the global illiquid asset tokenization market will exceed $16 trillion, accounting for 10% of global GDP, including both emerging on-chain asset tokenization and traditional ETFs, real estate investment trusts and other share models. As of May 13, 2025, the market value of tokenized Treasury bonds has soared from approximately $1.39 billion a year ago to $6.89 billion, confirming the explosive growth potential of this track.

RWA軌道已成為鍊鍊資產的最佳範式，憑藉其與真實經濟相連並將其與美國最液體且最安全的美國財政部債券相結合的獨特價值，使其成為鏈接創新的最佳範圍。令牌化的財政債券不僅繼承了“無風險利率”的核心優勢和美國財政債券的最高信貸認可，而且還將Defi的透明度，效率和合成性整合到主權債券中，創建了前所未有的投資工具。波士頓諮詢小組預測，到2030年，全球流動性的資產令牌化市場將超過16萬億美元，佔全球GDP的10％，包括新興的鍊鍊資產令牌化以及傳統的ETF，房地產投資信託和其他份額。截至2025年5月13日，令牌化財政債券的市場價值從一年前的大約13.9億美元飆升至68.9億美元，證實了這條賽道的爆炸性增長潛力。

U.S. debt tokenization protocol market capitalization ranking (source: rwa.xyz)

美國債務令牌協議市值排名（來源：rwa.xyz）

Ondo Finance has firmly established itself at the forefront of the tokenized US Treasury market through its two flagship products, USDY and OUSG. USDY and OUSG account for two out of five of all tokenized US Treasury assets, and together contribute approximately 25% of the market share, significantly ahead of other similar products.

Ondo Finance通過其兩種旗艦產品USDY和OUSG牢固地確立了美國財政市場的最前沿。 USDY和OUSG佔所有標記的美國財政資產中的五分之二，並共同貢獻了大約25％的市場份額，大量領先於其他類似產品。

At the same time, Ondo Finance's overall TVL has also hit new highs. On March 3, 2025, the platform announced that its TVL exceeded US$1 billion for the first time, and now it is approaching US$1.2 billion in just two months.

同時，Ondo Finance的整體TVL也達到了新的高點。 2025年3月3日，該平台宣布其TVL首次超過10億美元，現在在短短兩個月內接近12億美元。

Against the backdrop of falling global inflation and diverging interest rates, investors’ demand for stable and highly liquid assets continues to rise, and tokenized government bonds have emerged. What kind of innovations does Ondo Finance rely on to continue to lead? Where does its core moat come from? Looking forward to its development, how will Ondo use its unique tools and architecture to connect the last mile between the crypto world and Wall Street and achieve a truly “seamless asset channel”? Next, we will analyze in depth:

在全球通貨膨脹率下降和利率不同的背景下，投資者對穩定和高度流動資產的需求不斷上升，並且已經出現了標記的政府債券。 Ondo Finance依靠哪些創新來繼續領導？它的核心護城河從何而來？期待其發展，Ondo將如何使用其獨特的工具和架構來連接加密貨幣世界和華爾街之間的最後一英里並獲得真正的“無縫資產渠道”？接下來，我們將深入分析：

2. Overview

2。概述

2.1 Project Introduction

2.1項目簡介

Ondo Finance is a large, highly liquid ETF managed by asset management giants such as BlackRock and Pacific Investment Management Company (PIMCO). It has launched three tokenized U.S. Treasury and bond products, namely the U.S. Government Bond Fund (OUSG), the Short-Term Investment Grade Bond Fund (OSTB), and the High Yield Corporate Bond Fund (OHYG).

Ondo Finance是由BlackRock and Pacific Investment Management Company（PIMCO）等資產管理巨頭管理的大型，高度流動的ETF。它已經推出了三個令牌化的美國財政和債券產品，即美國政府債券基金（OUSG），短期投資級債券基金（OSTB）和高收益公司債券基金（OHYG）。

l Market share: about 20%

l市場份額：約20％

l Treasury bond product market value: $122,511,877

L債券產品市場價值：$ 122,511,877

Management fee: 0.15%

管理費：0.15％

2.2 Core Product Introduction

2.2核心產品簡介

Ondo Finance's two core and best-performing products are USDY and OUSG, which are respectively aimed at stable income needs and U.S. Treasury bond investment scenarios, and constitute the basic pillars of its RWA product system.

Ondo Finance的兩種核心和表現最佳的產品是USDY和OUSG，它們分別針對穩定的收入需求和美國國債投資方案，構成了其RWA產品系統的基本支柱。

2.2.1 USDY

USDY (US Dollar Yield Token) is an interest-bearing stablecoin issued by Ondo USDY LLC. Each USDY is backed by short-term U.S. Treasury bonds and bank demand deposits. Holders can automatically earn interest on the underlying assets without having to participate in additional contracts or pledges.

USDY（美元收益令牌）是由Ondo Usdy LLC發行的帶有利息的Stablecoin。每個USDY都得到美國短期債券和銀行需求存款的支持。持有人可以自動在基礎資產上賺取利息，而無需參與其他合同或承諾。

Mechanism Introduction:

機理簡介：

l Issuance and minting: For institutions and qualified investors outside the United States, it can be minted and redeemed daily at the net value ($1 USDY≈$1

l發行和鑄造：對於美國以外的機構和合格投資者，可以每天以淨值鑄造和贖回（1美元USDY≈$ 1 $ 1