How does ONDO, BUIDL and ETH work together?

Help me understand the relationship between these tokens and ETH and see if the below is correct? I was curious because on Etherscan, it shows that Ondo Finance (ONDO) is the largest holder of BUIDL:
🔗 https://etherscan.io/token/0x7712c34205737192402172409a8f7ccef8aa2aec#balances

(used chatgpt for the below)

• $ONDO — Ondo Finance’s governance and utility token.
  • Users buy $ONDO to participate in governance or earn protocol rewards.
• OUSG — Ondo’s tokenized U.S. Treasury product.
  • Ondo uses OUSG to give users exposure to Treasuries by buying BUIDL tokens.
• BUIDL — BlackRock’s tokenized U.S. Treasuries.
  • Fully backed by real U.S. Treasury bonds.
• Ethereum (ETH) — The settlement layer.
  • All transactions involving $ONDO, OUSG, and BUIDL happen on Ethereum and require ETH for gas fees.