Real-world asset tokenization platform Ondo Finance has introduced an off-chain execution network that processes trades outside public blockchains, marking a shift from the institution-oriented layer-1 blockchain it outlined in 2025. The system, known as Ondo Network, is already operational for the company’s perpetual futures platform.

Conventional blockchains depend on distributed computers to validate transactions and maintain a shared state. Ondo Network instead executes its trading software inside protected computing environments referred to as enclaves. A set of operators verifies that the software remains unaltered, and each operator holds a portion of the digital key required to authorize asset transfers.

Transfers are ultimately settled on public blockchains. The company has not disclosed the identity or number of the operators involved. It characterized the arrangement as a continuation of Ondo Chain, the project announced in February 2025 to bring traditional financial assets on-chain. The current system is not itself a blockchain. Future steps may include additional operators, greater recording of activity on public chains and a mechanism that requires participants to post tokens as security, although no schedule has been provided.

Ondo Chain entered testnet in 2025. Its first transaction, a settlement of tokenized US Treasuries, was completed by JPMorgan’s Kinexys unit and Chainlink.