Ondo Finance's token ONDO surged to $0.48 on May 8, its highest since December 2025, before pulling back to $0.44. The 70% weekly gain follows two big catalysts: a spot on the Depository Trust & Clearing Corporation's new tokenization working group and a cross-border pilot that settled tokenized U.S. Treasuries in near real time.
DTCC pick and a working group of 50+ firms
On May 4, the DTCC named Ondo Finance to its tokenization working group, a committee of over 50 financial institutions. The group is laying groundwork for the DTCC's tokenization service, set to launch in October 2026, with initial production trades penciled in for July. Being in the room matters — it signals Ondo has a seat at the table as Wall Street infrastructure goes on-chain.
A cross-border first with JPMorgan, Mastercard, Ripple
Two days later, on May 6, Ondo joined Kinexys by JPMorgan, Mastercard, and Ripple to complete a pilot redemption of tokenized U.S. Treasuries. The group described it as the first time tokenized Treasuries settled across borders and banks outside traditional banking windows, in near real time. That's the kind of use case that turns a governance token into something with actual utility in institutional finance.
Whales kept buying through the run
The accumulation didn't stop. Over the past month, wallets holding 1 million to 10 million ONDO added about 38.67 million tokens. The next tier down — holders with 100,000 to 1 million ONDO — bought roughly 9.08 million. Even the biggest whales, those with 10 million to 100 million ONDO, added about 30 million. Combined, the three cohorts absorbed roughly 77.7 million ONDO in 30 days.
Resistance chatter and what's next
A social media post from Crypto Patel claims ONDO is 52% up from its average entry, 88% from the recent low, and has a strong bounce off a bullish order block near $0.20. He pegs resistance at $0.60–$0.65. The real test will come in July, when the DTCC's first production trades are expected to go live. If that timeline holds, Ondo Finance will have a chance to show whether the tokenization working group seat and the pilot redemption translate into real volume — or just more speculation.
