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Market cap
DIA price
Total supply
Holders
29.1M USDonpartial
DIA holds no verified contract address on BSC. The figure above is a floor.
5,042holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-$545.5Ksince Sat, Aug 29 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USDon's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
DIA price
$1.0005
Peg deviation
—
Peg currency
USD
Primary use
—
Last snapshot
Sat, Sep 5 UTC
USDon is the settlement leg of Ondo's tokenized stock platform. It is issued by Ondo Finance through Ondo Global Markets (BVI) Limited, described in the documentation as a dedicated special purpose vehicle and a wholly separate legal entity from Ondo Finance Inc. The peg currency is the US dollar, and distribution is global.
How it is used
The token exists so a stock purchase and its cash leg settle in one transaction. Ondo's docs call USDon "our native stablecoin" and state that USDC can be atomically converted 1:1 to USDon for mints, and that 1 USDon is always swappable 1:1 for 1 USDC. Minimum redemption is $1.00. By default users are not whitelisted to swap between USDon and USDC, and the swapper has no user interface, so using it directly means interacting with the smart contract. Bank wire redemption to USD is not supported.
USDon is not USDY, Ondo's yield-bearing note, and it is not OUSG. USDon carries no yield and exists inside the Ondo Stocks flow.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Global Markets)
What the documentation states
Ondo's redemption page says each USDon is backed by a dollar of cash or equivalents at an Ondo Stocks brokerage account. The Trust and Transparency pages say all Ondo Stocks holdings are held with one or more US-registered custodial broker-dealers, and that the issuer must ensure additional collateral is available above and beyond full backing at all times.
What the attestation covers
Ondo Stocks provides daily attestations conducted by Ankura Trust Company, an independent third-party verification agent. Those attestations are described as covering Ondo tokenized stock holdings, with daily holdings and NAV updates published on individual asset product pages, monthly reconciliation reports by the 20th of the following month, and annual audits by an independent firm. The independent audit firm is not named.
What it leaves out
Neither Trust and Transparency page mentions USDon or its cash reserves. The perimeter written down is tokenized stock holdings, not the dollar balance sitting behind the settlement token. No separate reserve report, attestation or bank-level breakdown for USDon was found on Ondo's site. Smart contract audits by Spearbit and Cyfrin are cited for the tokenized stock contracts, not for USDon specifically.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Stocks)
Ondo announced on 3 February 2026 that Ondo Global Markets had confidentially filed a registration statement with the US Securities and Exchange Commission. The post says that once effective it would make Ondo Stocks the first issuer of transferable tokenized stocks subject to the SEC's reporting requirements. The filing is described as providing issuer-level disclosures for the tokenized stock products. It is confidential, so its contents are not public, and the announcement does not say USDon is covered by it.
Sources: Ondo Finance blog, Ondo Global Markets files registration statement with SEC
Redemption is gated
The 1:1 USDC swap is the redemption path, and Ondo's docs say users are not whitelisted for it by default. A holder who acquires USDon on the secondary market has no documented route back to a dollar without contacting Ondo, and bank wire redemption is not offered.
The disclosure perimeter stops short of the token
The Ankura Trust Company attestation is written against Ondo tokenized stock holdings. Nothing published names USDon's cash balance as inside that engagement, so the claim that each token is backed by a dollar at a brokerage account rests on Ondo's own documentation rather than on a third-party report a reader can open.
Issuer concentration
Backing sits at brokerage accounts of Ondo Global Markets (BVI) Limited with US-registered custodial broker-dealers. The docs do not name the broker-dealers or say how many hold the cash.
Sources: Ondo Finance docs, Investing and Redeeming (Ondo Global Markets), Ondo Finance docs, Trust and Transparency (Ondo Global Markets)
What is read on chain
The Global Stablecoin Map reads USDon on Ethereum, at contract 0xace8e719899f6e91831b18ae746c9a965c2119f1, where supply is about 32.5 million tokens across roughly 4,960 holders. Price sits marginally above the dollar. A Blockscout read of the same Ethereum contract returns the token name Ondo U.S. Dollar Token, symbol USDON, 18 decimals, and a supply figure consistent with the map's.
Where the numbers differ
The map's registry carries a circulating value of about $69.8 million spanning Ethereum and BNB Chain. The 32.5 million figure is the Ethereum balance alone. RWA.xyz lists USDon on three networks, BNB Chain, Ethereum and Solana, so Solana supply is outside both the per-chain read and the registry total.
The cash held at the brokerage account is off chain and is not observable from any contract. Comparing coins by chain and supply is what the stablecoin explorer is for.
Sources: Blockscout Ethereum token API, USDON contract, RWA.xyz asset page, Ondo U.S. Dollar Token (USDon)
USDon is Ondo's native stablecoin, used as the cash leg when buying or redeeming Ondo tokenized stocks. Ondo's documentation says each USDon is backed by a dollar of cash or equivalents at an Ondo Stocks brokerage account.
No. USDY is Ondo's yield-bearing tokenized note. USDon carries no yield and exists to settle tokenized stock trades.
Ondo's docs say 1 USDon is always swappable 1:1 for 1 USDC, with a $1.00 minimum. Users are not whitelisted for the swapper by default, and bank wire redemption to USD is not supported.
Ankura Trust Company provides daily attestations of Ondo tokenized stock holdings. Ondo's published transparency pages do not name USDon or its cash reserves as inside that engagement.
The map reads USDon on Ethereum, with a registry circulating figure spanning Ethereum and BNB Chain. RWA.xyz also lists a Solana deployment.
0xace8e719…5c2119f1Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xace8e719…5c2119f1paused()mint(address,uint256)eip1967-transparentRead from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.