Affordability is Not an Obstacle: Analyzing the Increase in User Demand at Ondo, 2026/02/09 10:50:45

Despite the recent decline in price, the crypto asset Ondo remains on the verge of the top 50 by market capitalization. This suggests that the current status of the project may be more resilient than what the price movements indicate. But is this truly the case?

Launch of Ondo Global Listing

On February 3, One Finance — the company behind the Ondo crypto asset — announced the launch of the Ondo Global Listing service, which will enable other projects to tokenize their securities from the first day of public trading. This will only apply to companies that have listed on the New York Stock Exchange (NYSE) or Nasdaq.

Tokenization will be available on three blockchains: Ethereum, Solana, and BNB. The Ondo Global Listing aims to eliminate geographical and infrastructural barriers for users. This service is an extension of the Ondo Global Markets securities tokenization platform, which was launched in September 2025. Clearly, if the situation were dire, Ondo would not be pursuing the development of its infrastructure.

Partnership with MetaMask

On the same day, it was revealed that the Ondo Global Markets platform (Ondo GM), designed for the tokenization of U.S. securities, has become accessible in MetaMask. Now, all wallet users can access various U.S. stocks and exchange-traded funds (ETFs) without the need to open a brokerage account.

Currently, Ondo GM provides access to over 200 tokenized stocks, including major tech giants such as Apple, Nvidia, Amazon, and Tesla. These will be available to all clients in permitted jurisdictions, primarily citizens of the European Economic Area. Access to the platform remains unavailable in Russia, the U.S., or China.

MetaMask is a well-known crypto wallet with a user base exceeding 30 million. A project of such success would not engage with Ondo if there were significant issues with the project.

Spot ONDO ETF

The Swiss company 21Shares has revised its application to the Securities and Exchange Commission (SEC) for a spot ETF on Ondo. Specifically, the product name has been changed: in July 2025, 21Shares submitted an application for the 21Shares Ondo Trust, which has now been renamed to 21Shares Ondo ETF.

Rebranding is not the only modification made to the application. Initially, it was planned that shares would be created and redeemed in large blocks (baskets), managed by broker-dealers. The revised version specifies that the basket size will be 10,000 shares. This is crucial information for market makers engaged in arbitrage on the secondary market.

The updated application explicitly outlines the role of brokers, who will be able to issue shares (units) through cash deposits with the fund’s custodians. Additionally, the number of custodians has increased — the revised application moves away from a single custodian model with the crypto exchange Coinbase. The new version indicates that cryptocurrency will also be held at BitGo Bank & Trust, N.A., which specializes in the custody of digital assets.

The amended application also includes terms such as “storage balance” and differentiates between “cold storage balance” and “hot storage balance.” 21Shares stipulates that most of the time, assets should be stored in cold wallets — hot wallets may only be used for transactions.

The Nasdaq exchange has been selected for trading the new fund’s shares. The application for the 21Shares Ondo ETF may be approved as early as February to April 2026.

The submission of the application for a spot exchange-traded fund, with its potential subsequent approval, suggests investments in Ondo. If the project were problematic and the crypto asset raised doubts, 21Shares would not have taken such a step.

Technical Analysis

After reaching its all-time high of $2.1463 in December 2024, Ondo entered a prolonged correction phase. Over the course of just over a year, the crypto asset has depreciated more than eightfold.

Naturally, the trend for Ondo is downward. Moreover, at the beginning of 2026, the situation, according to indicators, is not improving. The largest trading volume for Ondo in nearly four months was recorded during a 16.7% drop on February 5. Notably, this volume was higher than on October 10, 2025, during a decline of 22.14%. This only confirms the dominance of sellers (bears) in the instrument.

The strength of the downward trend is indicated by the rising ADX indicator. On a positive note for buyers and holders of Ondo, although the price has fallen below the support level of $0.2482, it has not managed to remain below that level. A trend reversal may be anticipated if the price of the crypto asset rises above the resistance level of $0.3188 or exceeds the 50-day moving average (marked in blue).

Source: tradingview.com

The price decline of ONDO is linked to the ongoing periodic significant token unlocks. The total supply of the crypto asset is 10 billion coins, of which only 53% have been circulated so far. The remaining 47% are scheduled to be unlocked by early 2029.

TVL Ondo

Since 2025, the total value locked (TVL) has quadrupled: from $612.02 to over $2.6 billion. This indicates a growing trust in Ondo, as well as the project’s increasing popularity. This is partly due to the fact that the project is one of the leaders in the tokenization of real-world assets (RWA).

Ondo has managed to secure its leading position thanks to two flagship products — USDY and OUSG. The former is a tokenized note backed by bank deposits and short-term U.S. Treasury bonds, available to retail users. The latter is also linked to short-term U.S. government debt but is aimed at institutional investors.

Source: defillama.com

Conclusion

Although Ondo has been declining since 2025, it remains in demand within the crypto industry. This is evidenced by both internal innovations surrounding the project and external interest from MetaMask and 21Shares. The drop in ONDO’s value is largely attributed to significant token unlocks that the market is struggling to absorb in the short term, as well as the overall decline in digital asset prices at the end of January and early February 2026.

This material and the information contained herein do not constitute individual or any other investment advice. The views of the editorial team may not align with those of analytical portals and experts.