Wall Street 2.0: What stablecoins did for the dollar, Ondo is doing to capital markets originally appeared on TheStreet.

The old system still sleeps.

Closes on weekends. Clears trades in days. Moves money in loops and calls it “settlement.” A slow maze of custodians, paper trails, and batch processors dressed up as modern finance. Everyone nods. No one questions the lag.

It’s a scaffold of rules and rituals. Stitched together by inertia, policy, and trust in institutions that forgot how to earn it.

Then stablecoins exposed the whole thing.

They didn’t just digitize the dollar, they outperformed it. Moved faster. Worked harder. Never closed. The result? A $230 billion asset class, foundational to crypto and leaking into TradFi like a quiet virus. A dollar that didn’t need permission.

Nathan Allman, founder and CEO of Ondo Finance saw it early. The Markets aren’t built for a world that never closes.

“The financial system wasn’t designed for the world we live in—it was stitched together over centuries,” he wrote. “It’s a patchwork of middlemen, paper trails, and private databases.”

“We have global investors, 24/7 assets, and programmable money. But the infrastructure they run on is still built around banking hours.”

“That’s the disconnect we’re addressing.”

OUSG isn’t a whitepaper. It’s a pipeline. It wraps short-term U.S. Treasuries into a tokenized instrument that behaves like software. Internet-native yield. Real-time liquidity. Fully composable.

It’s not trying to be flashy. It just works.

This isn’t a concept. It’s already in motion:

-$1.3 billion in Treasuries tokenized between OUSG and USDY

-BlackRock’s BUIDL sits around $2.9b

-Franklin Templeton’s fund holds roughly $752b

The total tokenized RWA market has surpassed $7 billion and it's no longer just theory. It's becoming standard infrastructure.

“Our approach is simple,” Allman says. “Tokenize high-quality, yield-bearing assets. Wrap them in code. Make them programmable. Make them liquid.”

“What we’ve seen with OUSG is that institutions want the yield of Treasuries, but they also want the speed and composability of crypto. We’re giving them both.”

Earlier this month, Ondo integrated PayPal’s PYUSD, bridging Treasuries and a major fiat-backed stablecoin. The result? Investors can now convert between sovereign debt and digital dollars instantly, on-chain.

No wires. No waiting. Just finality.

“Finance is built on conversions,” Allman said in a recent statement. “If you can’t convert between assets instantly, at scale, you don’t have real liquidity—you just have accounting entries.”