The ONDO price remains one of the more debated assets in the crypto market. Ondo has built a strong position in the real-world asset (RWA) sector, attracting billions of dollars in value and partnering with major financial institutions.
Yet the token itself continues to trade far below its previous highs. That disconnect has left investors asking the same question: if the business is growing, why has the ONDO price struggled to keep pace?
What you'll learn 👉
Ondo’s Growth Numbers Continue to Impress
Supporters of Ondo point to the protocol’s expanding footprint across tokenized finance. Data shared by crypto analyst 2xnmore shows Ondo has accumulated more than $3.5 billion in total value locked.
Ondo Global Markets crossed $1 billion in TVL in less than eight months and has generated more than $18 billion in cumulative trading volume. The platform also reports over 180,000 on-chain holders.
Everyone is talking about $ONDO like it is a clean win.
— 2xnmore (@2xnmore) June 25, 2026
It is more complicated than that.
Here is the full picture most people are missing.
THE BULL CASE
$3.5B+ TVL with real institutional usage.
Not narrative. Not hype. Actual volume.
Ondo Global Markets crossed $1B TVL in… https://t.co/nhzrsSwIh1
The company has also established relationships with several well-known names in traditional finance. Partnerships and integrations involving JPMorgan, Mastercard, Ripple, Broadridge, and Mirae Asset have helped strengthen Ondo’s institutional profile.
Another development came on June 9, 2026, when Ondo launched Ondo Perps, a product that gives eligible non-U.S. users leveraged exposure to tokenized stocks and indices. The company claims more than 70% market share in tokenized equities, putting it ahead of many competitors in the sector. These numbers help explain why many investors continue to view Ondo as one of the strongest RWA projects in crypto.
The Opportunity Behind the ONDO RWA Narrative
Much of the optimism surrounding the ONDO price comes from expectations about the future size of the tokenization market. Recently, Ondo Finance reported research results from Boston Consulting Group on how tokenized physical assets would rise to reach $88.2 trillion by 2035.
The analysis indicates that the asset market may balloon from approximately $20 billion in 2025 to more than $88 trillion in the coming decade. This prediction is not only made by Boston Consulting Group but also echoed by similar predictions made by Citi, McKinsey, and Standard Chartered.
The report further explains that tokenized assets help to speed up settlements, maximize collateral effectiveness, offer fractional ownership opportunities, facilitate global distribution, and automatize financial processes.
For Ondo, the opportunity is obvious. If even a portion of that projected growth materializes, the sector could become one of the largest areas of expansion in digital assets.
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Why the ONDO Price Hasn’t Followed the Growth
Despite the strong business metrics, the ONDO price remains well below its all-time high. The token trades around $0.30 to $0.34, leaving it roughly 80% to 85% below the peak of $2.14. A large part of the concern comes down to supply. ONDO has a maximum supply of 10 billion tokens, but only about 48.7% is circulating.
The market has already gone through two major unlock events. Around 1.94 billion tokens entered circulation in January 2025, followed by another 1.94 billion token unlock in January 2026. At the time, the second unlock was valued at approximately $737 million.
Another unlock is already scheduled for January 2027. That creates a sizable gap between Ondo’s circulating market capitalization and its fully diluted valuation. Estimates place the circulating market cap near $1.55 billion, while the fully diluted valuation ranges between $3 billion and $3.17 billion. For many investors, that future supply remains one of the biggest obstacles standing in the way of a stronger ONDO price recovery.
What ONDO Traders Are Watching Next
The ONDO price now sits between two competing narratives. Bulls argue that the strength of Ondo is based on its adoption, increase in TVL, diverse products, and projections that show trillions of dollars flowing into tokenized assets in the coming years. The bearish thesis is based on dilution, future token unlocks, increased competition, and lack of any direct income generated from token holders.
For now, investors are watching to see whether Ondo’s business growth can eventually translate into stronger demand for the token itself. The protocol continues to expand across multiple areas, but many traders want clearer evidence that the growth of the ecosystem can lead to a stronger ONDO price over time.
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