---
title: "Ondo U.S. Dollar Token (USDon) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdon-ondo/"
description: "Build-time stablecoin profile for Ondo U.S. Dollar Token (USDon). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Ondo U.S. Dollar Token (USDon)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

USDon is platform settlement cash inside Ondo Global Markets, backed 1:1 by USD in brokerage accounts -- institutional rails with a whitelisted {{term:redemption}}redemption{{/term}} route, not retail. USDon is the dollar settlement token inside Ondo Global Markets, backed 1:1 by U.S. dollars in brokerage accounts and used to move between cash and tokenized assets including {{term:rwa}}RWA{{/term}} positions. It is closer to platform settlement cash than a standalone retail stablecoin, which shapes the risk model: institutional rails, access restrictions, and dependence on Ondo's Global Markets structure. CoinGecko provides price and market-cap coverage; reserves are treated as brokerage-account cash and {{term:redemption}}redemption{{/term}} as a whitelisted platform route until Ondo exposes a dedicated public liquidity or reserve feed.

## Collateral

U.S. dollar cash or cash equivalents held in Ondo Global Markets brokerage accounts at regulated U.S. custodial broker-dealers

## Peg Mechanism

USDon is used as the native settlement stablecoin for Ondo Global Markets; USDC can be swapped 1:1 into USDon for purchases, and tokenized-asset redemptions can settle to USDon or to USDC when swapper liquidity is available

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| British Virgin Islands | N/A | Ondo Global Markets SPV; Regulation S restrictions |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xace8e719899f6e91831b18ae746c9a965c2119f1` | 18 |
| bsc | `0x1f8955e640cbd9abc3c3bb408c9e2e1f5f20dfe6` | 18 |
| solana | `ZPFtoCe7WWqG4N3ZFRccS8T9SMBeHsd1Vmgv2i7ondo` | 9 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdon-ondo.