Ondo U.S. Dollar Token

USDon exists to settle trades. Ondo Finance created it as the internal cash leg of Ondo Global Markets, its platform for tokenized stocks and ETFs: when a user buys a tokenized security, their stablecoin is converted into USDon, which then purchases the asset, giving the venue a single, reliable dollar to clear against. It is backed one-to-one by dollars held in a Global Markets brokerage account and pegged flat at a dollar, with no yield passed to holders. Access is aimed at non-US users through Ondo Global Markets, and the token is meant to be redeemable at par by holders rather than only institutions, keeping it tightly tethered while it circulates inside the trading system. Issued on Ethereum and BNB Chain, USDon is best understood not as a coin to hold but as settlement plumbing for onchain equities.