Ondo Finance announced the launch of the Ondo Network, a new execution layer that combines the speed of centralized exchanges with blockchain-level verifiability and non-custodial design. The network, which powers the recently launched Ondo Perps platform, uses secure enclaves for fast, private execution while a decentralized attestor set ensures only approved code runs. CEO Ian De Bode described it as the “evolution” of Ondo Chain.
How the Ondo Network works
The Ondo Network separates execution from settlement and verification. Trade execution occurs inside secure enclaves [Trusted Execution Environments (TEE)] at near-centralized exchange (CEX) speed, while a decentralized set of attestors verifies that only approved code is running and holds the keys needed for operation.
Attestors work under a quorum model: they independently check hardware measurements against approved code, reconstruct keys only inside verified enclaves, and act as oracles for asset transfers.
Every core state transition is recorded in a cryptographically signed, replayable log, allowing independent verification that the correct code ran and produced the right results.
Asset transfers settle on public blockchains (Ethereum initially), with plans to commit settled state onchain for a durable record. Therefore, this design ensures no single operator can run unapproved code, reconstruct a key, or move funds alone.
Why Ondo changed course
Ondo originally planned to build a full blockchain through Ondo Chain. However, while developing Ondo Perps and speaking with customers, the company realized that execution, not settlement, was the main bottleneck.
Standard blockchains try to do everything (execution, verification, and settlement) all on one ledger, which makes them way too slow and public for serious trading. By splitting these tasks up, Ondo can offer the speed and privacy traders actually need without giving up verifiability and self-custody.
The network is currently live with multiple attestors and is designed to progressively decentralize over time, with potential future directions including a larger permissionless attestor set, external watchers, and additional cryptographic proofs.
Recent milestones: DTCC integration and the SBI partnership
The Ondo Network launch is really just the latest in a string of big wins lately. Back on July 15, Ondo rolled out the first tokenized stocks that actually use the Depository Trust and Clearing Corporation (DTCC) Tokenization Service. They started things off with Circle (CRCL) and the SPDR S&P 500 ETF (SPY).
This marks the first time tokenized stocks have been directly linked to the infrastructure that clears the majority of U.S. stock trades, with underlying securities remaining in DTC custody while digital twins move onchain. Ondo joins BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and the New York Stock Exchange (NYSE) in the DTCC initiative.
A few days after that, Ondo teamed up with SBI Group, a massive financial player in Japan managing over $238 billion. This partnership is all about bringing Japanese stocks onchain and getting Ondo’s tokenized products into SBI’s world. Plus, they’ll be using SBI’s JPYSC stablecoin for payments instead of the usual dollar-based stablecoin.
Right now, Ondo owns nearly 60 percent of the global market for tokenized equities. It’s clear they’re moving way beyond just offering a few products; they are becoming the actual foundation for trading stocks on the blockchain across the U.S. and Asia.
