Ondo, Ripple, Mastercard, and JPMorgan Complete First Cross-Border Tokenized Treasury Settlement

Ondo Finance announced the unexpected passing of founder Nathan Allman. The company described his impact on building accessible financial technology as profound. **Leadership Transition** - Ian De Bode, longtime President, will serve as CEO - De Bode has led strategy, product, and operations for over two years - Leadership team expresses full confidence in the transition The organization emphasized Allman's role in building a durable company structure with experienced leaders. Ondo Finance stated they will continue building on Allman's vision as a way to honor his legacy.

**Tokenized equities reached a record $3.57 billion in daily trading volume**, marking a significant milestone in institutional adoption of onchain markets. **Key developments:** - Tokenized real-world assets (RWAs) surpassed $34B in total value with over 815,000 holders - Tokenized U.S. Treasuries lead the category at $15B - Solana's RWA ecosystem grew 43% in Q1 2026 to $2B, driven by tokenized stocks, ETFs, and commodities **Institutional expansion:** - [Franklin Templeton partnered with DigiFT](https://www.ledgerinsights.com/franklin-templeton-taps-digift-to-distribute-benji-tokenized-mmf-in-asia/) to bring its BENJI money market fund to Asian investors - [SocGen and flatexDEGIRO joined Seturion](https://www.ledgerinsights.com/socgen-partners-boerse-stuttgart-settlement-platform-seturion-for-tokenization/), Boerse Stuttgart's tokenized securities platform, opening access to 3.5M retail investors across 16 European countries The data shows traditional finance institutions are building infrastructure for tokenized assets across multiple regions and asset classes.

Ondo Finance has implemented a significant upgrade for USDY on Sui Network. **Peer-to-peer USDY transfers on Sui now require no gas fees**, marking a notable development in tokenized treasury infrastructure. **Key Details:** - Gas-free P2P transfers for $USDY on Sui Network - Aims to reduce transaction costs for users - Part of broader effort to improve financial infrastructure accessibility This follows USDY's January 2026 launch on Sei Network, where it brought tokenized U.S. Treasury exposure to another high-performance blockchain. USDY represents one of the largest tokenized U.S. Treasuries by total value locked. The gas-free transfer feature addresses a common friction point in blockchain transactions, potentially making USDY more practical for everyday financial operations.

The Trump administration has allocated **$2 billion** to quantum computing companies through a grant program that includes equity stakes. Several recipients are already available as tokenized stocks on Ondo Global Markets: - **IBM** (IBMon) - **Rigetti** (RGTIon) - **D-Wave** (QBTSon) This strategic investment positions the U.S. in the global quantum computing race. **Tokenized versions** of these stocks make it possible for international investors to access the same opportunities the U.S. government is backing.

**Token Terminal** has published new research mapping Ondo's evolution as a leading real-world asset tokenizer: - **2023**: Launched OUSG (tokenized U.S. Treasuries) and USDY (tokenized dollar yield) - **2025**: Expanded into tokenized stocks and ETFs Ondo's trajectory reflects a broader shift: tokenization has moved from experimental thesis to foundational infrastructure for the next era of finance. Each product launch represents progress toward making financial markets more accessible and efficient. The research highlights how Ondo has consistently executed on its long-term vision of bringing traditional financial assets onchain, establishing itself as a key player in the tokenization movement that's reshaping how investors access U.S. capital markets.