In the ever-changing crypto market, each shift in policy direction can trigger massive fluctuations. Recently, the news of the White House's first crypto summit on March 7, 2025 ignited market sentiment, followed by Trump's announcement of establishing a "Crypto Currency Strategic Reserve", this political drama has caused the entire crypto market to reach a climax.
As one of the tokens related to the March 7 meeting, ONDO saw a strong surge on March 6, with a rise of about 20% as of March 6, as well as fundamental support from the TVL breaking through $1 billion. Behind this round of price increase, apart from policy catalysts, what are the deeper driving factors?
The "Ferris Wheel Players" on Wall Street
In this frenzy, ONDO seems to have stepped on the Ferris wheel of Wall Street. As the top player in the RWA track, ONDO Finance had already brought US Treasuries onto the chain, directly turning DeFi into "high-end financial products" on Wall Street.
OUSG (tokenized US Treasuries) + USDY (US dollar yield product), it sounds like traditional finance, but it's actually running a bank in the Web3 world. Institutions clapped their hands, retail investors cried, and everyone wanted a piece of the pie.
As of March 6, 2025, ONDO's TVL has exceeded $1 billion, setting a new high and accounting for 85% of the entire tokenized US Treasuries market. If RWA is the "money printer" in Web3, then ONDO is undoubtedly the one that prints the most. With the backing of big shots like Pantera Capital and Coinbase Ventures, ONDO's surge is like the Federal Reserve on Red Bull, soaring high, with a market cap approaching $3.75 billion.
Since the massive unlocking of $2 billion worth of ONDO tokens in mid-January, ONDO's price performance has remained strong, and ONDO Finance's TVL has also increased by nearly 100%. As one of the leading tokens in the RWA track, ONDO has surged over 40 times in 2024, second only to the OM token of MANTRA Chain.
ONDO will see another wave of unlocking this year, with about 61.4% of ONDO tokens to be unlocked in the next 10 months. ONDO's current circulating market cap is $3.7 billion, and its fully diluted market cap is $11.6 billion.
Will the ONDO CEO also come to the White House?
Nathan Allman, the CEO of ONDO Finance, has recently been speculated on Twitter to potentially attend the meeting, and ONDO is also a crypto project that has donated to Trump's inauguration committee. The Trump family's crypto project WLFI has also previously bought ONDO tokens.
Nathan Allman expressed his support for the US Crypto Currency Strategic Reserve, saying, "As a blockchain company headquartered in the US, we believe President Trump's establishment of a US strategic crypto currency reserve is a key step towards the US taking a leadership position in the digital asset space."
How far has the tokenization of US Treasuries gone?
In a nutshell: in just two years, it has reached a scale of $4 billion, as stable as the Federal Reserve's money printer.
According to data from RWA.xyz, the tokenized US Treasuries market has already exceeded $4 billion, a milestone that took stablecoins four years to reach. The keen sense of capital - safety, liquidity, and institutional-grade yields - has naturally attracted a flood of money.
ONDO Finance has directly brought RWA into Mastercard's ecosystem, joining Mastercard's Multi-Token Network (MTN), allowing enterprises to directly access OUSG through Mastercard's blockchain infrastructure, meaning traditional financial institutions don't even need to touch crypto wallets to earn yields on tokenized assets.
In simple terms, Mastercard's MTN is a blockchain-based tool that supports APIs, helping banks and enterprises simplify domestic & cross-border transactions, allowing traditional financial institutions to seamlessly integrate with digital assets without the hassle of crypto accounts.
In a nutshell: Mastercard is building the bridge upfront, and ONDO is paving the way behind, the RWA superhighway has officially opened.
ONDO's surge is not undeserved, the RWA track is indeed in a frenzy, and the recent rapid development of the stablecoin track has also been widely discussed, with the voice growing louder and louder. Stablecoins not only serve as a payment tool in multi-token networks, but also act as a "stable anchor for the RWA underlying infrastructure".
Of course, market sentiment is always changing rapidly, and whether it can be stabilized in the future depends on policy implementation, institutional support, and capital flows. But one thing is certain: RWA has evolved from a "concept" to "reality", and as a top player, how ONDO moves forward will continue to be closely watched by the market.
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