Ondo Finance is quietly building its position in the fast-growing tokenized real-world asset market, even as the $ONDO token continues to struggle far below its all-time high.

According to RWA.xyz, the tokenized RWA market has reached $38.14 billion excluding stablecoins, with Ondo accounting for about $3.61 billion. That puts Ondo at roughly 9.5% of the market and among the largest platforms in the sector.

The competition remains fairly spread out, with Ondo at 7.7%, Circle at 6.7%, Tether at 6.1%, Franklin Templeton at 5.6%, Justoken at 5.0%, Tradable at 4.9%, Paxos at 4.2% and Maple Finance at 3.7%.

Ondo Finance Builds a Strong RWA Position

Ondo’s biggest strength is tokenized equities, where estimates put its market share between 58% and 70%. Its major products include $USDY and OUSG, while its tokenized stock offerings provide exposure to companies including Circle, NVIDIA and Tesla.

The broader RWA market is also expanding quickly. Tokenized assets have crossed $38 billion in distributed value, while tokenized stocks have surpassed $1 billion. This shows that investors are increasingly using blockchain infrastructure to access traditional financial assets.

Holder Growth Draws Attention

Onchain analyst Dami-Defi says investors should look beyond TVL and focus on holder growth. Data shared by the analyst shows Ondo-issued assets have surpassed 228,000 holders, with tokenized stocks accounting for 80.2% and tokenized funds another 12.6%.

EVERYONE IS CHASING TVL. SMART MONEY IS WATCHING HOLDERS.$ONDO is quietly building one of the largest onchain investor bases in RWAs.

Ondo-issued assets have now surpassed 228,000 holders, with tokenized stocks accounting for 80.2% of all holders and tokenized funds… https://t.co/APkdjk5sVF

— Dami-Defi (@DamiDefi) August 10, 2026

$USDY remains the most widely held Ondo asset, while NVDAon leads its tokenized equity category. RWA.xyz also tracks more than 205,000 holders across Ondo’s ecosystem, highlighting growing activity around its tokenized products.

$ONDO Price Faces a Key Test

Despite the strong RWA growth, $ONDO remains under pressure. The token is trading around $0.33–$0.35, roughly 85% below its $2.15 all-time high.

Deep Blue Alpha tracked 2,437 whale wallets over 30 days. These wallets recorded $212.31 million in inflows and $216.37 million in outflows, resulting in a $4.06 million net outflow. This suggests some large holders may be reducing their exposure, potentially adding pressure to the altcoin.

Can Ondo Break Higher?

One analyst identified $0.30–$0.50 as a potential accumulation range after months of sideways movement. She revealed $0.80 and $1.25–$1.30 as possible upside levels if token breaks higher.

$ONDO accumulation range. $0.30 to $0.50. Six months of nothing, that is what boring looks like. That is also what bottoms look like before they explode.
$0.80. $1.25-$1.30. +300% if this breaks right.

The ones making money will be the ones who held through the boredom. Not the… pic.twitter.com/D9LNZ2giSz

— LλURA-VΞRSΞ (@Laura__crypto) August 11, 2026

Meanwhile, another user sees $0.19–$0.25 as another potential accumulation zone. According to him a 3-day close above $0.5394 could strengthen the bullish setup, with possible targets at $1, $1.60, $3 and $5.

$ONDO Down ~85% From $ATH: Is This A Macro Accumulation Base Before A Potential 1,400% Expansion?#$ONDO Is Trading Inside A Multi-Month Compression Structure After A ~92% Drawdown From Its $2.15 Cycle $ATH, With Price Holding Above Major HTF Demand And Approaching A Critical… pic.twitter.com/ToZ8upR1sT

— Crypto Patel (@CryptoPatel) August 12, 2026

These remain analyst projections rather than confirmed targets. For $ONDO, the bigger question is whether growing RWA adoption, rising holder numbers and expanding ecosystem can eventually translate into stronger demand for the token.