John Hoffman, managing director and head of product portfolios at Ondo Finance, has drawn parallels between the evolution of tokenized assets and the 33-year development of exchange-traded funds (ETFs), citing increasing adoption and evidence of product-market fit. Ondo, which launched tokenized U.S. Treasuries in early 2023, now holds $2 billion in total value locked (TVL) across its Treasury products, with its Ondo Global Markets platform reaching $1 billion TVL in eight months.
Hoffman highlighted the rapid growth of Ondo’s perpetuals platform, which has processed $9 billion in notional volume since launching seven weeks ago. The firm plans to introduce “intelligent portfolios” as part of its expansion, reflecting growing confidence in the tokenized assets market. He noted that the trajectory of tokenized assets mirrors that of ETFs, which transformed from niche instruments to mainstream investment vehicles over decades.
Ondo’s products remain available only outside the U.S., with U.S. availability contingent on legislative developments such as the Clarity Act. Hoffman expressed optimism that regulatory clarity will pave the way for broader adoption in the U.S., though he acknowledged the hurdles facing the sector. His remarks underscore the potential for tokenized assets to replicate the success of ETFs, provided regulatory frameworks align with market demand.
The Wyoming Blockchain Symposium, scheduled for 2026, may provide a forum for further discussion on regulatory advancements. Hoffman’s background at Invesco, where he led ETF operations in the Americas, adds credibility to his analysis of market parallels. Ondo’s progress highlights the accelerating integration of blockchain technology into traditional finance, though challenges remain in scaling and securing U.S. regulatory approval.
Written by Steven Cook
Regulation Desk
