Tokenization · U.S. Treasury · The Block
Ondo executive confirms tokenization is following the same path as early ETFs
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Tokenized assets look to be following the trajectory of exchange-traded funds, with early skepticism starting to move into a phase of growing adoption, according to John Hoffman, Ondo Finance’s managing director and head of product portfolios.
Key facts
- Ondo began offering tokenized U.S. Treasuries in early 2023 with the launch of OUSG, its institutional fund that gives investors exposure to short-term government debt, and now has about $2 billion
- The parallels between what’s happened with ETFs over the last 33 years are similar to how I see this market developing right now," Hoffman told The Block at Wyoming Blockchain Symposium 2026
- Tokenized treasuries took 18 months to reach $1 billion
- The company would go on to launch Ondo Global Markets, a platform for tokenized stocks and ETFs, which he said reached $1 billion in TVL within eight months
Summary
"The parallels between what’s happened with ETFs over the last 33 years are similar to how I see this market developing right now," Hoffman told The Block at Wyoming Blockchain Symposium 2026. Hoffman joined Ondo a little over two months ago after spending 18 years in traditional finance, most recently leading Invesco's ETF business in the Americas. Ondo began offering tokenized U.S. Treasuries in early 2023 with the launch of OUSG, its institutional fund that gives investors exposure to short-term government debt, and now has about $2 billion in total value locked across its Treasury products, according to Hoffman.