Ondo Finance has launched Ondo Network, an offchain execution network that separates trade execution from settlement. This launch marks a departure from the previously announced Ondo Chain layer-1 blockchain, with interpretations of this shift ranging from an 'evolution' of the project to its abandonment.
CEO Ian De Bode described Ondo Network as the 'evolution' of Ondo Chain. The new infrastructure powers Ondo Perps, the firm’s perpetual futures platform.
According to data from rwa.xyz, Ondo holds approximately $2.6 billion in tokenized US Treasury products and roughly $850 million in tokenized equities. The company’s broker-dealer, Oasis Pro Markets, recently obtained FINRA approval to launch regulated markets and services for tokenized securities.
How the execution network operates
Execution on Ondo Network runs inside secure hardware enclaves, known as Trusted Execution Environments. A group of independent operators, called attestors, verify the enclave code and hold parts of cryptographic keys to authorize transfers.
No single attestor or Ondo can reconstruct a complete key, meaning funds cannot be moved without following system rules. Attestors must independently verify that enclave code matches an approved version before any enclave can run.
Every action taken by an enclave is recorded in a signed log that can be independently audited. While execution occurs offchain, transfers settle on public blockchains, providing a verifiable record.
The network currently runs in a single high-performance enclave, making the system more concentrated than a live public blockchain. Ondo states that this design gives traders speed close to a centralized exchange while keeping trading activity private.
The company says the network will decentralize over time, potentially opening the attestor set and adding cryptographic proof systems. Ondo did not identify the current operators or specify how many are involved.
Regulatory and partnership context
The launch follows several regulatory and operational milestones. On July 23, Ondo's Oasis Pro Markets unit secured FINRA authorizations to offer tokenized equities and funds to US investors.
Prior to that, in mid-July, Ondo partnered with Japan's SBI Group to bring Japanese equities onchain. The earlier Ondo Chain initiative had reached testnet in 2025, where JPMorgan's Kinexys and Chainlink completed its first transaction involving a tokenized US Treasury settlement.