“Gradually, then suddenly.” A newly released report by analysts at @StanChart highlights a fundamental truth: Tokenized assets need “to be cheaper, quicker to settle, and/or create access for more investors than [their] offchain equivalent; or need to solve an onchain need, such as yield.” At Ondo Finance, that's exactly what we're focused on with our market-leading tokenized treasuries: → Ondo Short-Term US Treasuries Fund (OUSG) currently offers 4.09% APY, zero management fees, market-leading instant liquidity, and is accessible to global Qualified Purchasers. → Ondo US Dollar Yield (USDY) currently offers 4.29% APY, with daily subscriptions and redemptions. It’s available to a global (non-US) audience—including retail—serving over 15,000 holders. Standard Chartered analysts conclude that “tokenized T-bills may become akin to onchain savings accounts” and that “this space should continue to grow.” Ondo Finance is witnessing that growth firsthand—our tokenized treasuries now represent 19% of the $7.4B market by TVL and 36% by number of token holders, with adoption continuing to accelerate. These products—with features such as instant-liquidity, quasi-permissionless transferability, and global accessibility—represent a re-architecture of financial market access: more efficient, more inclusive, and more aligned with the internet-native economy. And this is just the beginning. Soon, we’ll extend tokenized access to US equities and ETFs, helping to reshape the world’s capital markets.