RWA轨道总数TVL（来源：Defillama）

区块链世界的下一波不仅是关于绩效和吞吐量，而且还涉及如何将现实世界中的资产与分散的财务深入融合。

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.

区块链世界的下一波不仅是关于绩效和吞吐量，而且还涉及如何将现实世界中的资产与分散的财务深入融合。就像以太坊为智能合约时代奠定了基础一样，RWA轨道正在引导从技术到资产的转变，从而使链上的生态和传统财富实现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，根据Defi Llama的说法，RWA已跳入DEFI的第七大类，总锁定价值超过120亿美元。

RWA track total TVL (source: defillama)

RWA轨道总数TVL（来源：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.

美国国库债券是世界上最流动的金融资产。每年的平均每日交易量全年高达数万亿美元。它们可以随时以极低的出价销售价值买卖。他们得到了美国政府的“充分信仰和信誉”的支持，从未实质上违约，使其成为零默认风险的型号。他们的收益率被行业视为无风险利率，这意味着投资者可以在没有任何信用风险的情况下获得基准收益率，这为各种资产的定价和风险管理提供了最可靠的锚点。

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轨道已成为链链资产的最佳范式，凭借其与真实经济相连并将其与美国最液体且最安全的美国财政部债券相结合的独特价值，使其成为链接创新的最佳范围。令牌化的财政债券不仅继承了“无风险利率”的核心优势和美国财政债券的最高信贷认可，而且还将Defi的透明度，效率和合成性整合到主权债券中，创建了前所未有的投资工具。波士顿咨询小组预测，到2030年，全球流动性的资产令牌化市场将超过16万亿美元，占全球GDP的10％，包括新兴的链链资产令牌化以及传统的ETF，房地产投资信托和其他份额。截至2025年5月13日，令牌化财政债券的市场价值从一年前的大约13.9亿美元飙升至68.9亿美元，证实了这条赛道的爆炸性增长潜力。

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

美国债务令牌协议市值排名（来源：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通过其两种旗舰产品USDY和OUSG牢固地确立了美国财政市场的最前沿。 USDY和OUSG占所有标记的美国财政资产中的五分之二，并共同贡献了大约25％的市场份额，大量领先于其他类似产品。

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.

同时，Ondo Finance的整体TVL也达到了新的高点。 2025年3月3日，该平台宣布其TVL首次超过10亿美元，现在在短短两个月内接近12亿美元。

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:

在全球通货膨胀率下降和利率不同的背景下，投资者对稳定和高度流动资产的需求不断上升，并且已经出现了标记的政府债券。 Ondo Finance依靠哪些创新来继续领导？它的核心护城河从何而来？期待其发展，Ondo将如何使用其独特的工具和架构来连接加密货币世界和华尔街之间的最后一英里并获得真正的“无缝资产渠道”？接下来，我们将深入分析：

2. Overview

2。概述

2.1 Project Introduction

2.1项目简介

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）等资产管理巨头管理的大型，高度流动的ETF。它已经推出了三个令牌化的美国财政和债券产品，即美国政府债券基金（OUSG），短期投资级债券基金（OSTB）和高收益公司债券基金（OHYG）。

l Market share: about 20%

l市场份额：约20％

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

L债券产品市场价值：$ 122,511,877

Management fee: 0.15%

管理费：0.15％

2.2 Core Product Introduction

2.2核心产品简介

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的两种核心和表现最佳的产品是USDY和OUSG，它们分别针对稳定的收入需求和美国国债投资方案，构成了其RWA产品系统的基本支柱。

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发行的带有利息的Stablecoin。每个USDY都得到美国短期债券和银行需求存款的支持。持有人可以自动在基础资产上赚取利息，而无需参与其他合同或承诺。

Mechanism Introduction:

机理简介：

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发行和铸造：对于美国以外的机构和合格投资者，可以每天以净值铸造和赎回（1美元USDY≈$ 1 $ 1