Ondo Finance Pivots to Execution Layer to Rival Centralized Exchanges

The shift marks a strategic evolution for the firm, which previously focused on building a Layer 1 blockchain for tokenized real-world assets. CEO Ian De Bode confirmed the company will not operate both systems, opting instead to prioritize an architecture that separates trade execution from public settlement. By moving execution away from the public ledger, the network aims to eliminate the latency and order-flow exposure that often hinder onchain trading.

To maintain security and privacy, the network utilizes hardware enclaves—isolated environments that process application code without exposing sensitive data. A decentralized group of attestors oversees this process, ensuring that only verified code runs within the enclaves. While initial asset transfers settle on Ethereum, the firm plans to expand support to other public blockchains and further decentralize governance through the ONDO token.

The first application to leverage this infrastructure, Ondo Perps, offers 24/7 perpetual futures on commodities and equities with up to 20x leverage. While the network launch proceeds globally, the company is concurrently expanding its U.S. capabilities. Its subsidiary, Oasis Pro Markets, recently secured FINRA authorizations to facilitate a range of regulated securities, including ETFs and mutual funds, providing a distinct, compliant pathway for U.S. institutional and retail access.