Ondo U.S. Dollar Token 

USDON Price

What is USDON (Ondo U.S. Dollar Token)?

USDON is the native stablecoin of the Ondo Stocks platform, issued by Ondo Global Markets as a 1:1 USD-collateralized tokenized currency — not an equity. Each USDON settles purchases of tokenized U.S. stocks and ETFs, enabling atomic on-chain mint and redeem of Ondo's tokenized securities in a single transaction. USDON launched into an ecosystem that expanded to Solana in January 2026 with 200+ tokenized instruments.

Is USDON a stablecoin?

USDON is a 1:1 USD-backed stablecoin, classified by its issuer as a tokenized U.S. dollar settlement currency. Ondo's own documentation describes USDON as "our native stablecoin," and each unit is minted against a dollar of cash or equivalents. This distinguishes USDON from Ondo's tokenized equities, which carry price exposure to underlying stocks rather than a fixed dollar peg.

What backs USDON's value?

Each USDON is backed by cash and equivalents held in regulated Ondo Stocks brokerage accounts, rather than commercial paper or algorithmic mechanisms. The reserves depend on Ondo Global Markets' solvency and its single-issuer brokerage relationship, which concentrates custody risk. USDON is also "always swappable 1:1 for 1 USDC" through Ondo's stablecoin swapper, providing a secondary liquidity bridge — though instant large swaps are not guaranteed.

How large is USDON's total supply?

USDON has an elastic supply with no fixed maximum — minting and burning track user deposits and redemptions for Ondo Stocks settlement. Per DropsTab data, total supply stood at approximately 78.28 million USDON as of August 2026. Because supply fluctuates continuously with settlement demand, this figure should be treated as a snapshot rather than a cap.

When is USDON minted and redeemed?

USDON is minted against USD deposits into an Ondo Stocks brokerage account and burned on redemption, so supply expands and contracts with user demand rather than a token-release calendar. The same mechanism powers atomic settlement: tokenized stocks are purchased with USDON and redeemed back to USDON in one transaction. There is no vesting schedule, investor allocation, or emission cliff — USDON is a product-issued settlement currency, not a fundraised protocol token.

What blockchains is USDON deployed on?

USDON operates across multiple chains. Primary deployments are documented on Ethereum and BNB Smart Chain, with DEX liquidity indexed on both. The DropsTab-listed block explorer also points to an XDC Network deployment at a specific contract address, indicating multi-chain presence beyond the two primary networks.

Is USDON the same as USDY or the ONDO token?

USDON is distinct from Ondo's other products. USDY is a yield-bearing Treasury token, OUSG tracks short-term U.S. Treasuries, and the ONDO token is Ondo Finance's governance asset — each a separate instrument with its own risk profile. USDON alone functions as the 1:1 dollar settlement currency for Ondo Stocks. Backers of Ondo Finance the entity funded the firm overall, not USDON specifically, which carries no associated funding round.

Where can USDON be traded?

USDON trades primarily on the Ondo Stocks platform, where tokenized-stock pairs such as MUON/USDON are among the most active markets, with additional DEX availability on Ethereum and BNB Smart Chain. Liquidity is concentrated on the Ondo Stocks venue, which creates concentration risk for secondary-market trades. Per DropsTab data, no exchange venues are currently surfaced, so traders should verify live pairs directly before execution.