Ondo U.S. Dollar Token (USDon) is a fiat-backed US dollar stablecoin. It has about $64.2M in circulation, ranking #66 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDon?
Ondo U.S. Dollar Token (USDon) is a fiat-backed US dollar stablecoin. It has about $64.2M in circulation, ranking #66 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: USDon is a USD-pegged stablecoin issued by Ondo Finance that serves as the settlement currency for tokenized stocks and ETFs on Ondo Global Markets.
USDon supply history
USDon supply fell 2.5% over the past 30 days, to $64.2M. Its peak was $90.4M in August 2026, and supply is 29% below that high.
Is USDon holding its peg?
USDon is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDon lives: supply by blockchain
USDon is spread across several networks. The largest, BSC, holds 57% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USDon is backed
Each USDon is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: USDon is backed 1:1 by US dollars held in Ondo Global Markets' brokerage accounts. It is minted by converting USDC 1:1 when buying tokenized assets and redeemed 1:1 back to USDC.
USDon risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDon vs USDT and USDC
Similar fiat-backed stablecoins
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USDon FAQ
What is USDon?
Ondo U.S. Dollar Token (USDon) is a fiat-backed US dollar stablecoin. It has about $64.2M in circulation, ranking #66 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDon pegged 1:1 to the US dollar?
USDon targets 1 USD. At the last update it traded at $1.0000, a deviation of 0.00%, which we classify as "on peg".
What backs USDon?
USDon is a fiat-backed stablecoin. Each USDon is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDon on?
USDon is live on 2 blockchains. The largest by supply are BSC ($36.6M), Ethereum ($27.3M).
How much USDon is in circulation?
About $64.2M of USDon was in circulation at the last update, -2.5% over 30 days. That makes it the #66 stablecoin by supply among those we track.
Is USDon safe?
No stablecoin is risk-free. As a fiat-backed design, USDon's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.