Ondo Finance, a firm specializing in the tokenization of real-world assets, has launched the Ondo Network, an offchain execution platform designed to support high-speed, private trading while preserving non-custodial asset control and blockchain-based settlement. The system went live on July 27 and currently powers the company’s perpetual futures platform.

The move represents a change in direction from Ondo’s earlier plan to develop Ondo Chain, an institution-focused layer-1 blockchain announced in February 2025 for bringing traditional financial assets onchain. Company leadership describes the new network as an evolution of that original vision rather than a separate project, and confirms the two systems will not operate in parallel.

Why the Architecture Changed

During development of its perpetual futures product and discussions with potential users, Ondo determined that execution speed—not settlement capacity—was the primary constraint preventing onchain platforms from matching the performance of centralized exchanges. Traditional blockchains typically handle execution, verification and settlement on a single public ledger. That design delivers transparency and durable records but can reveal order flow and introduce latency unsuitable for rapid trade matching.

The Ondo Network separates these functions. Trade execution occurs away from public ledgers inside protected computing environments known as enclaves, or trusted execution environments. A decentralized group of attestors verifies that only approved software runs inside those environments. Each attestor holds a portion of the digital key required to authorize transfers, so no single party can alter code, reconstruct a full signing key or move user assets independently.

Asset transfers ultimately settle on public blockchains. Settlement currently takes place on Ethereum, with support for additional chains planned. The network’s settled state presently remains inside the enclaves; the company intends to commit that record to public blockchains over time to create a durable, immutable history.

First Application and Broader Potential

Ondo Perps is the initial application running on the network. The platform offers round-the-clock perpetual futures linked to equities and commodities, with support for tokenized real-world assets as collateral. It launched earlier in July for users outside the United States and allows leverage of up to 20 times on selected markets. Trading occurs privately at speeds comparable to centralized venues, while users retain control of their funds and transfers settle through public blockchain infrastructure.

The company positions the network as general-purpose infrastructure rather than a single trading venue. Potential future uses include spot markets, lending platforms, structured products, settlement systems and non-financial applications that require fast, private and verifiable execution.

Ondo Chain had reached testnet status in 2025. During that phase, JPMorgan’s Kinexys and Chainlink completed the platform’s first transaction, involving settlement of a tokenized U.S. Treasury. The new network continues the broader effort to connect traditional finance with crypto rails, but through a different technical approach.

Token Role and Future Decentralization

The launch does not alter the function of the ONDO token, which remains the governance and ecosystem token for Ondo’s real-world asset and market infrastructure. As the network adds more attestors, independent watchers, bonded participation requirements and additional cryptographic proofs, the token is expected to support incentives and governance for the execution layer.

Company statements indicate plans to expand the number of operators, increase the volume of activity recorded on public blockchains and introduce mechanisms requiring participants to post tokens as collateral. No specific timeline for these steps has been provided.

Separately, Ondo’s SEC-registered broker-dealer subsidiary, Oasis Pro Markets, recently received FINRA authorizations covering National Market System stocks, ETFs, mutual funds, index funds and securities issued through initial public offerings. Those permissions support regulated infrastructure for tokenized securities in the United States but do not automatically extend access to every Ondo product, including the perpetual futures platform, to U.S. residents.

Following the announcement, the ONDO token traded near $0.40 with a market capitalization of approximately $2 billion.