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Token Dossier

Ondo ($ONDO), taken apart the way the desk does.

Ondo (ONDO) Token Dossier · Token edition, as of 2026-11-13

The ONDO dossier is the desk's Ondo teardown written out as a document, with the figures a short video cannot hold in one place: the token in numbers, the supply in circulation against the total and the maximum, the protocol's fees and revenue where they are tracked, and the level map rebuilt from the latest price. A token files no quarterly report, so this is a shorter document than a stock dossier, and it is priced as such.

Look inside before you buy

1,426 words · about 6 min to read · 10 sections · data as of 13 November 2026

Table of contents

  1. What is in this dossier
  2. What this is not
  3. 1. The teardown
  4. The setup
  5. The business
  6. The yield
  7. The filing
  8. The token
  9. The unlock
  10. The risks
  11. The chart: Saturday's close
  12. The verdict
  13. 2. What changed since it was written
  14. 3. The token in numbers (as of 2026-11-13)
  15. 4. Fees and revenue of the protocol
  16. 5. The level map (as of 2026-11-13)
  17. 6. Sources
  18. 7. What this dossier cannot do
  19. More dossiers in this theme

Excerpt

1. The teardown

Written 2026-11-08, with prices as of 2026-11-08. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-13.

The setup

This week, Ondo Finance was ranked the largest tokenization platform, with more than $4 billion of tokenized assets. Its token closed Saturday at 36.4 cents, down 45% in a year. The answer is one line in a public filing, and I will read it before the end.

The business

Start with what Ondo builds: traditional assets turned into tokens on a blockchain. The biggest product is USDY, a token backed by short term US. Treasuries. On November 5, Ondo reported about $2.06 billion of it outstanding. Its fund for institutions, OUSG, held about 317 million. Then come Ondo Stocks, more than 100 tokenized US stocks and ETFs. In September, the DTCC, the plumbing behind US settlement, made Ondo the first tokenization member of its fund network.

The yield

DeFi Llama tracks the yield Ondo's Treasury tokens pay their holders. Over the past twelve months, it comes to about $65.4 million. And it is growing. October brought about $7.6 million. November last year brought about 4.3 million. But look at DeFi Llama's revenue line for the same products. It reads zero. USDY charges no fee. The fee on OUSG is waived until January 1. Every dollar of yield goes to the people holding the products.

One table from the document

4. Fees and revenue of the protocol

SourceFees, 30 daysFees, one yearRevenue, 30 daysRevenue, one year
Ondo Finance$7.93M$65.96M$0.00$0.00

The preview stops here. The full document is delivered by email after purchase.

What the dossier has that the video does not

One dated table for the token: price, market value, fully diluted value, supply in circulation, total and maximum supply, volume and the record high, with a plain read of what the table says. Where a data provider tracks the protocol, its fees and revenue over 30 days and one year, and how many times annualised fees the token trades at, said as an estimate.

Kept current

The dossier carries an "as of" date. The tables are rebuilt on a regular schedule and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a line says how far the price has moved since.

What is inside

  • The teardown in writing: what the token is, who earns it, the weak points and the verdict, dated.
  • What changed since it was written: the price then and now.
  • The token in numbers: market value, fully diluted value, supply in circulation, total and maximum supply, with a plain read.
  • Fees and revenue of the protocol over 30 days and one year, where a public data provider tracks them.
  • The level map rebuilt from the latest price: the 52-week range and the 50 and 200-day averages.
  • Sources: a link to every data page used.

Buy it if

  • You hold or watch $ONDO and want a structured read before acting.
  • You want figures you can check yourself, not an opinion.

Skip it if

  • You want a buy signal. A dossier explains and maps; it does not signal.
  • You expect audited accounts. A token has none: the figures come from public data providers and are labelled as such.

How delivery works

Pay through Stripe, and the document arrives by email within seconds as a permanent link tied to your address. Read it in the browser or print it to PDF. Nothing to install, nothing recurring: a one-time purchase. Lost the email? Sign in to your library with the same address and it is there.

Included in Pro. See Pro

An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.