$ONDO ' tokenized funds (USDY, OUSG) still do the heavy lifting. Stablecoins are growing steadily at +36% YoY.

But the number worth watching is somewhere else.

Tokenized stocks (still the smallest segment) grew over 3,000% YoY. That's roughly 14x faster than everything else in their product suite.

Small base, yes. But this is how category shifts start. The thing growing 14x faster than the core product usually isn't a side feature for long.

If tokenized stocks maintain even a fraction of this pace, they stop being a complement to the fund products and start becoming the reason institutions pay attention to Ondo.