Ondo launches tokens that each hold a whole investment portfolio designed by BlackRock

Ondo Finance launched Ondo Intelligent Portfolios on 24 September 2026, a product that puts a whole investment portfolio inside one token. The first three follow model portfolios that BlackRock, the world’s largest asset manager, developed for Ondo, and they are open to eligible investors outside the United States.

Each token holds a basket of tokenised shares and ETFs, weighted to BlackRock’s model and rebalanced automatically on a fixed schedule. Ian De Bode, acting chief executive and president of Ondo Finance, said in the launch release: “Portfolios like these have never been available onchain. Now, they are made accessible onchain, transferable at any time, and usable across DeFi.”

Three portfolios launched on day one

Ondo launched three portfolio tokens, one for income and two for growth, each built on a strategy BlackRock developed for Ondo. The launch post sets them out as follows.

The assets and target weights of all three were set at inception, and each rebalances on a fixed schedule. Ondo says it plans to expand the product line with additional onchain portfolios over time, and that future portfolio strategies can come from a third party such as BlackRock or from Ondo itself.

How one token holds a whole portfolio

An Intelligent Portfolio token gives its holder economic exposure to a weighted basket, and smart contracts keep the basket on its model. The positions inside are Ondo Stocks, Ondo’s tokenised US shares and ETFs, which Ondo describes as “backed by real securities sourced from real market liquidity”. Allocation, rebalancing and fee logic are written into the contracts and run automatically.

An investor mints one token to take the exposure and redeems it to leave. Holdings, weights and every rebalance are visible onchain, and the token moves peer to peer across wallets, exchanges and DeFi protocols. Ondo Global Markets issues each portfolio token, and Ondo Finance tokenises it.

The roles are divided precisely. BlackRock supplies the portfolio allocation. Ondo, in the words of its launch post, “determines how that model is implemented within the Ondo product and executes rebalancing pursuant to the product’s rules”.

What BlackRock said

Lisa O’Connor, global head of BlackRock’s Model Portfolio Solutions team and co-chief investment officer for Global Solutions in its Multi-Asset Strategies group, framed the launch as a new route for an old product. “Tokenization creates new ways for portfolio strategies to be delivered through digital infrastructure,” she said in Ondo’s release. “Diversified portfolio strategies can be incorporated into tokenized investment products, enabling eligible investors to access diversified allocations through a single instrument.”

Diversified, professionally built strategies like these have historically needed a brokerage account and a traditional fund structure, Ondo’s release says. Here the allocation arrives as a token. “It shows how established portfolio construction approaches can be delivered through new channels and technologies,” O’Connor said.

The token borrows from both an ETF and a DeFi vault

Ondo pitches the product as a cross between a traditional ETF and an onchain vault holding real-world assets. An ETF brings institutional strategies and the liquidity of public markets, and trades in market hours. An RWA vault, the onchain fund structure that holds tokenised real-world assets such as Treasury bills, is programmable and self-custodial, and Ondo notes that such vaults often come with exit queues and liquidity gates.

Ondo’s own comparison chart gives the Intelligent Portfolios every feature on its list, from diversification in a single token to self-custody.

Because each portfolio is itself a token, Ondo says it can serve as collateral for a DeFi loan or a perpetual futures position, power an earn product, or sit inside another Intelligent Portfolio. The launch post also sets out where the product is heading: portfolios that add perps, spot crypto, options and futures as those assets come onchain.

Ondo’s Treasury fund already holds $101.7 million of BlackRock’s BUIDL

Ondo’s tokenised Treasury fund, OUSG, held $101,749,300 of BlackRock’s tokenised money market fund at 16:00 New York time on 23 September 2026, 31.95 per cent of the portfolio. The fund is the BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, and the OUSG product page lists it as OUSG’s primary asset. The largest holding at that date was State Street’s Galaxy Onchain Liquidity Sweep Fund, at $151,199,143, or 47.47 per cent. OUSG showed $318.48 million in total value locked on 24 September 2026.

BUIDL itself held $2.24 billion across 107 holders on 24 September 2026, with a seven-day yield of 3.61 per cent, according to RWA.xyz. That figure is down 18.53 per cent from 30 days earlier.

ONDO rose 12 per cent on launch day

The ONDO token traded at $0.4822 at 13:56 UTC on 24 September 2026, up 12.1 per cent over 24 hours, according to CoinGecko. That put its market value at about $2.35 billion.

Most of the move came in two steps on the day. CoinGecko’s data shows ONDO at $0.4284 at 11:50 UTC and $0.4525 ten minutes later, then climbing again after 13:00 UTC, the hour Ondo’s release went out at 09:00 in New York.