Ondo recently wrapped up its 2-year SEC investigation without facing any charges—a clean slate that signals regulatory confidence. The project further strengthened its position by securing FMA approval across 30 European countries, establishing real institutional credibility.

Looking at the numbers, Ondo's treasury sits at $770M in TVL while pulling in roughly $7.7M in annual fees. These figures reflect solid business fundamentals and sustainable revenue streams. Yet here's where things get interesting: the token trades at $0.41, down 62% from its all-time peak.

The disconnect is worth examining. While BlackRock ultimately went with Securitize's equity-based model for their approach, Ondo has carved out its own pathway—one that combines regulatory validation with genuine on-chain utility. The gap between what the protocol generates and how the market prices it remains a central point in the ongoing debate around real-world asset tokenization.