RWA Might Heat Up Again in 2026 – But ONDO Is Not Yet a Good Investment

Topic RWA (Real World Assets) is likely to continue attracting attention in 2026, especially as the wave of tokenization of bonds, stocks, and traditional assets gains acceptance among major organizations. In this context, ONDO emerges as a “star” project, backed by large funds and receiving high market interest. However, a good project does not necessarily mean a good token. This is a point that investors often overlook, especially in previous cycles. Core Issue of ONDO Is Not About the Project From a product perspective, Ondo Finance is on the right track: focusing on tokenizing traditional assets such as US bonds, stocks, money market funds… This is a segment with real demand and long-term growth potential. But the real issue lies with the ONDO token. Currently, ONDO is mainly positioned as a governance token. It has no mandatory mechanism directly linked to asset size, revenue, or cash flow generated by Ondo. In other words: Ondo can develop very stronglyAUM could increase to tens or hundreds of billions of USDThe project’s revenue could grow steadily 👉 But the price of ONDO may not necessarily reflect these factors This is the “structural legacy” of many Web3 projects in the previous cycle: Good fundamentals of the project, but the token is not a good financial asset. Tokens Without Cash Flow = Long-Term Risk If a token: Does not share revenueLacks a burn mechanism from profitsNot linked to actual usage feesHas no mandatory role in the ecosystem Then its value largely depends on market expectations and speculation, not real cash flow. In such cases, tokens often: Rise sharply when narratives are hotFall sharply when capital flows outDifficult to maintain long-term price What to Watch: Does the Project “Empower” ONDO or Not The key point for ONDO in the near future is not: “Is RWA still hot?” But: Does Ondo create a clear value capture mechanism for the ONDO token? A typical example is UNI: Initially just a governance tokenLater, the market started to expect (and put pressure) on fee sharing, buybacks, or linking the token to revenue If ONDO: Links the token to profitsAllows sharing a portion of cash flowOr makes ONDO a mandatory link in the ecosystem 👉 Then, ONDO would be worth accumulating long-term Conversely, if: Holders only have “vote for the sake of voting” rightsNothing benefits from the project’s development 👉 Then ONDO is only suitable for trading based on narratives, selling during rallies, and should not be held long-term. Conclusion RWA is a long-term trend, with high potential to continue into 2026Ondo is a strong project, backed with a clear directionHowever, the current ONDO token is not yet a good asset for value capture Investors need to clearly distinguish: Investing in the project ≠ investing in the token Only when the project’s benefits and the token holders’ benefits are closely linked will ONDO truly be worth “holding long-term.” For now, stay alert: narratives can be very attractive, but the token structure is what ultimately determines whether you make money or not.