Transcription
Hello team, I hope you are doing well. We are meeting today for an update on the Hondo project with the launch today of the Hondo Global Market, which we have been waiting for for months. We spoke to you about it over a year ago when it was the first announcement of the Hondo Global Market project. Since then, many things have changed, and we will therefore provide an update from March 2025. What has happened? What has the project consolidated and its place in RWAs? So, at the Hondo level, for now, it remains the undisputed leader in the tokenization of real assets, particularly for stocks, with precisely the launch today of the Hondo Global Market, which will be accessible almost everywhere in the world, except in the United States, Canada, and a few other countries. So, to quickly review the asset, we have Ondo at $0.97, a total market capitalization of $3 billion, and a circulating supply of 32%. Regarding the chart, Paul mentioned it in the latest chart reports; there were trade ideas that are still interesting regarding accumulation rectangles. So, I advise you to check out the latest chart reports concerning taking a position on Ondo with a potential for an upward breakout and explosion in the coming weeks. Regarding the project, since our analysis in March 2025, we had a TVL that was approaching $1 billion; we were around $990 million. And so, the USDI, which is one of their main products that we will look at a little later, had a market capitalization of around $400 million. Since then, Ondo has truly experienced exponential growth. Not so much in terms of price, but in terms of fundamental advancements and the increase in TVL and revenue. We will go through all of that. Today, we have a TVL of $1.4 billion. So, despite the market being sideways, we still have an increasing TVL, which is mainly driven by growing institutional adoption. We can quickly look at the TVL with, yes, the TVL that continues to increase. So, in March, we were around here on a plateau, and it continued to increase in May and June until the current plateau. So, now we are integrated with over 80 DeFi projects on blockchains like Ethereum, Solana, BNB, and Cosmos, while strengthening its partnerships with giants like BlackRock, JP Morgan, Coinbase, and Mastercard. So, we are really talking about the most important players, let's say, in traditional finance and in new finance with Coinbase. In July, there were two acquisitions that are quite interesting. We had StrangeLove, which is a blockchain infrastructure, and Oasis Pro, which is a broker certified by the SEC. So, this strengthens technical capabilities and regulatory compliance. We know that regulatory compliance at Ondo is an extremely important element since their objective is to bring in institutions. And that's also why, at the validation level, only institutions have the possibility to perform validation. This is to be as compliant as possible and to be able to bring in maximum institutional money to bridge the gap between traditional finance and decentralized finance. So, the launch of Hondo Global Market, built on the Hondo Chain, which we presented to you, based on Cosmos SDK, will make over 100 tokenized stocks and on-chain US ETFs accessible, with planned expansion to several thousand by the end of 2025. So, we will have to see if there is indeed a large expansion in terms of new stocks, and especially, what might interest Wall Street, is that we will offer 24/7 trading, possible fractional ownership, and fluid interoperability via Chainlink CCIP, while respecting KYC and AML regulations, which are again very important for institutions. Regarding important advancements, we have the expansion of USDY, which is a stablecoin backed by short-term assets, and OND, which is the tokenized fund on US Treasury bills that can now be used as collateral in MakerDAO, Aave, and Morpho, and there is a $250 million fund for RWA innovation, plus an integration with Mastercard for instant treasury management. We can quickly look at these two products. So, these are the first two flagship products where there has been collaboration with giants like BlackRock. So, the Hondo US Dollar Yield, we see that the value increases over time, but what is especially interesting is the market capitalization that continues to increase, quite abruptly, but yes, we go up, we have a plateau, we go up, we have a plateau, and today we have a market capitalization of $670 million. Similarly for their USG product. Here, we have the same format with significant increases in market capitalization and a current market capitalization around $700 million. So, these are really the two flagship products of Ondo. And regarding other metrics, well, we have the TVL that we saw earlier, which has increased significantly. And regarding revenue, this is quite interesting because we have quite stable revenues of several hundred thousand dollars each day. So, this started from early June, and it will be interesting to monitor the protocol's revenue, given that the Hondo Global Market will collect fees by playing on spreads. So, this is a bit like brokers such as Robinhood, such as WeBull, where we will have this model where between the advertised price and the actual price, there is a very slight percentage difference, and on each transaction, Hondo Global Market collects a part of this small difference to generate revenue. So, revenues at Ondo should increase; we'll see how it's implemented, and of course, this is an element to watch closely. Next, regarding partnerships, we have a real strengthening of institutional ties. So, we have collaborations with JP Morgan and Chainlink for cross-chain settlements. Also, a partnership with Apex Group to tokenize illiquid private assets, and Mastercard to integrate the Ousg Treasury. We also have, as we mentioned, the famous partnership with MakerDAO, Aave, and Morpho to use Ondo products as DeFi collateral, and Flux, which allows users to collateralize tokenized assets like stocks to obtain loans. So, this will also be very interesting, as it will no longer be just the financial elite who can collateralize stocks, but anyone by tokenizing stocks will be able to use them as collateral, which is very interesting and part of the core values that Ondo wants to bring to the market. Ondo Chain is evolving with regulated institutional validators. We have about a hundred validators who are truly approved. So, they use staked RWAs for network security and improve proof of reserves by reducing counterparty risk, which is essential for institutions, and especially since, yes, the tokenized assets are truly managed. So, it is important that this is regulated for the future and for adoption by the big players of the Hondo Global Market. And finally, the token. So, it is mainly used for governance via the DAO, which allows holders to vote on protocol decisions. Well, that's quite standard, but what is important to monitor regarding the token, and we mentioned it at the beginning, is the vesting, with a new 19% of the value that will be delivered on January 17, 2026. If we look quickly on Block Unity, we see that it's always quite abrupt. So, it's every year in January, it ends in January 2028, where each time we have large percentages that are unlocked. So, really, be careful every January until 2028. To conclude, Ondo is in full acceleration towards massive institutional adoption with the Hondo Global Market as the central point of Wall Street's transition to on-chain models. With favorable regulations and solid integrations, Ondo is of course well-positioned to capture a significant share of real asset tokenization. So, it remains the undisputed leader, and moreover, they are currently creating a place for themselves that will allow them to become an essential player for the tokenization of real assets. So, that's all for this analysis. I hope you enjoyed it, and I wish you a very good day. Goodbye!