Live · updated 17 minutes ago
Ondo U.S. Dollar Token Price chart
Key stats
Performance
How the price moved over each period.
Supply
67.59M USDON circulate. No maximum supply is set.
- Circulating
- 67.59M
- Total supply
- 67.59M
- Max supply
- No max supply
ⓘ Circulating · Total supply · Max supply
Circulating supply: coins currently available to trade, as reported by the data provider.
Total supply: coins created so far, minus any burned. It includes locked or not-yet-released coins.
Max supply: the hard cap on coins that can ever exist. Shown as “No max supply” when the protocol sets no cap.
CryptoWave Health score
Five measurable signals. Each ring segment’s length is its weight; how full it is shows the score.
Volume is 0.00% of market cap. Thin trading; small orders can move the price.
$67.59M market cap, rank #363. Bigger is harder to push around.
100% of the total supply circulates. Little dilution ahead.
8.3% below its all-time high of $1.09.
Largest recent swing: 0.00% a day. Calm.
Describes market structure today. Not a price forecast and not investment advice.
How this score is calculated
A weighted average of five signals computed from the market data on this page. Each signal is scored from 0 to 100:
- Liquidity (25%): 24-hour trading volume divided by market cap.
- Market depth (25%): market cap, on a logarithmic scale from $10 million to $1 trillion.
- Supply (15%): circulating supply divided by max supply, or by total supply when there is no cap. More supply already in circulation scores higher.
- Distance from peak (15%): the current price compared with the all-time high.
- Stability (20%): the largest recent price swing among the 1-hour move (×3), the 24-hour move and the 7-day move (÷2.6).
Bands: 75 and above strong, 55–74 fair, 35–54 weak, below 35 fragile.
Limits: the score describes current market structure only. It is not a price forecast, an audit or investment advice, and it does not consider the team, code or token unlocks. A missing input counts as a neutral 50.
Missing inputs for this asset, counted as a neutral 50: Liquidity
Time machine
Drag the date. See what a one-off buy or a regular buy would be worth today. Real daily closing prices, fees not included.
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What is Ondo U.S. Dollar Token (USDON)?
Ondo U.S. Dollar Token, or USDon, is a stablecoin from Ondo's Global Markets platform. Ondo describes it as backed one to one by US dollars held in Global Markets brokerage accounts, and its main job is to act as the dollar leg for buying and redeeming Ondo tokenized stocks. It launched in July 2025 and is issued by an Ondo entity in the British Virgin Islands. It is not a general payments coin like USDT or USDC.
It also differs from yield-bearing Ondo products such as USDY, which gives holders exposure to short-term US Treasuries. USDon is a settlement tool for stock trading, not a savings product, and it is tied to a brokerage-account structure rather than to bank deposits or Treasury bills.
How USDON works
When a user buys an Ondo tokenized stock with another stablecoin such as USDC, the platform swaps that stablecoin into USDon and uses it to complete the purchase. Redeeming a tokenized stock returns USDon the same way. Typical uses:
- Settling purchases and redemptions of Ondo tokenized stocks and ETFs.
- Holding a dollar balance within the Global Markets ecosystem.
- Moving value across supported chains.
Direct minting and redemption through Ondo is limited to eligible users outside the United States who pass identity and compliance checks. Holding the token on a secondary market does not by itself give a right to redeem with Ondo.
USDON supply and token design
USDon has no fixed cap, because supply expands and contracts with the dollars held against it. It exists as a token on Ethereum, BNB Chain and Solana. The Ethereum contract is 0xAcE8E719899F6E91831B18AE746C9A965c2119F1. Ondo names BitGo as crypto custodian and Alpaca Securities as the broker for related accounts. Live circulating supply is shown in the market data on this page.
Official information is on app.ondo.finance.
What to check before using USDON
- Counterparty risk: the dollars sit with brokers and custodians, so the token depends on those firms and on Ondo remaining solvent.
- Access limits: the token is not available to US persons through Ondo, and eligibility rules can change.
- Redemption: secondary holders may have no direct route back to dollars, which could cause a price gap from one dollar.
- Reserve proof: check what independent attestation covers the cash balances, since an audit of stock holdings does not automatically cover USDon.
- Verify the contract on each chain from the official site, since stablecoin lookalikes are common.
Ondo U.S. Dollar Token project profile
- Open source
- No
Token contracts
- Ethereum:
0xace8e7…2119f1 - BNB Chain:
0x1f8955…20dfe6
Always confirm links on the project's own official channels before connecting a wallet or sending funds.
Ondo U.S. Dollar Token market analysis
With a market capitalisation of $67.59 million, Ondo U.S. Dollar Token (USDON) is classed as a micro-cap asset and ranks #363 of 1,340 cryptocurrencies with a reported market cap on CryptoWave, larger than about 72.9% of them. It accounts for roughly under 0.01% of the combined tracked market value. Micro-cap assets are thinly traded in most cases: a modest order can move the price and spreads are often wide.
Over the last 24 hours roughly $0.00 of USDON changed hands, equal to 0.00% of its market cap, which puts its trading volume ahead of about 2.8% of tracked assets. Trading activity is very low relative to market cap, which usually points to poor liquidity. Its turnover ratio is higher than that of about 0% of tracked assets.
Price action: USDON moved +0.00% in 24 hours and +0.00% over 7 days. It outperformed Bitcoin by 2.21 percentage points over 24 hours and by 4.13 points over 7 days. Against the median tracked coin (ahead by 2.28 points on the day and ahead by 6.22 points on the week), it has been a relative strength in recent sessions.
To overtake Livepeer (LPT) just above it, Ondo U.S. Dollar Token would need to grow its market cap by about 0.2%; it is 0.0% larger than Moolah (MOOLAH) just below. Its market cap is under 0.01% of Bitcoin's.
Based on market data; not investment advice.
Ondo U.S. Dollar Token FAQ
What is USDon?
USDon is Ondo's dollar stablecoin for its Global Markets platform. It is used to buy and redeem Ondo tokenized stocks and is described as backed one to one by US dollars.
Who issues USDon?
It is issued by an Ondo Global Markets entity based in the British Virgin Islands and launched in July 2025.
Which blockchains support USDon?
USDon exists on Ethereum, BNB Chain and Solana.
Who can redeem USDon with Ondo?
Direct minting and redemption is limited to eligible users outside the United States who pass identity checks. Other holders depend on secondary market liquidity.
Price history
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