Ondo Finance now has $4.02B in tokenized real-world assets in circulation, ranking second among tokenization platforms behind Securitize, per RWA.xyz data.
@Ondo now has $4.02B in tokenized real-world assets (RWAs) in circulation, up 5.74% over the past 30 days, according to RWA.xyz data. That places Ondo Finance second among tokenization platforms, behind @Securitize at $4.3B.
Holders and transfer volume riseOver the same 30-day period, the number of holders rose 11.6% to 555,157. Monthly transfer volume jumped 38% to $2.47B, with 165,304 active addresses.
Transfer volume counts token movements between wallets, so it does not necessarily reflect new purchases, sales or fresh investor capital. The same caveat applies to active address counts, which are not a verified tally of individual investors, as analysis from Insights4.VC notes.
Treasuries still anchor the totalUS Treasury products account for $3.0B of Ondo's total, while 408 tokenized stocks add $908.2M. The Treasury figure is consistent with a recent report by Yahoo Finance, which said RWA.xyz data ranks Ondo's tokenized Treasury holdings at $3 billion, higher than any other issuer. Ondo's Treasury offering includes USDY and OUSG. According to RWA.xyz, USDY is a tokenized note for non-US individuals and institutions, secured by short-term US Treasuries and bank demand deposits.
The growth comes as the wider sector gains institutional attention. The IMF's October 2026 Global Financial Stability Report names Ondo among the top tokenization platforms, alongside Securitize, Circle and Tether, TheStreet reported. As of October 9, RWA.xyz reported about $39.02 billion in distributed asset value across the market, according to KuCoin.
Competition is also building in tokenized equities. A DWF Labs report cited by CoinMarketCap put the tokenized equity market at $3.8 billion, up 483% since January, though Ondo's lead has narrowed as rivals gained share. Ondo's native token is $ONDO.
SourcesYahoo Finance: Ondo Finance says total value locked has topped $4 billion
TheStreet: IMF ranks Ondo among largest tokenized asset issuers
Ondo Finance tokenized instruments reached 166,723 active addresses over 30 days, up 100.16% in three months, passing PayPal's PYUSD stablecoin in active users.
Ondo Finance's tokenized instruments have doubled their on-chain user base in three months, according to on-chain data. The products recorded 166,723 active addresses over the last 30-day period, a 100.16% increase from 83,295 active addresses three months earlier.
The figure puts Ondo's on-chain presence ahead of the active user base of PayPal's dollar stablecoin, $PYUSD, which has a market capitalization of $2.86 billion.
What is driving Ondo's growthOndo began by tokenizing U.S. Treasuries and now offers a wider range of products. Ondo Finance said the total value locked across its products has crossed $4 billion, a milestone driven by growth in tokenized stocks and exchange-traded funds (ETFs). The company said more than $1.3 billion of that total now sits in tokenized stocks and ETFs, and that its products have drawn more than 1 million cumulative holders.
Ondo's Treasury business is also expanding. Crypto Briefing reported, citing Token Terminal data, that Ondo added $41.6 million in market cap over seven days, ahead of Superstate at $34.2 million. The same report said Ondo crossed $3 billion in tokenized U.S. Treasury assets on October 13, 2026, with its USDY product accounting for about $2.328 billion of that total.
Ondo's reach across networks may also be helping user numbers. According to a KuCoin News summary of Ondo's disclosure, Ondo Stocks can be transferred permissionlessly on Solana, Ethereum and BNB Chain.
How PYUSD comparesPayPal USD is a regulated stablecoin. CoinMarketCap describes $PYUSD as issued by Paxos Trust Company and backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Its market capitalization has hovered near the $2.8 billion to $2.9 billion range in recent weeks, according to market data aggregators such as Bybit, which listed $2.84 billion as of October 20, 2026.
The comparison is limited. Active addresses measure wallet activity, not the amount of capital held, and the two products serve different purposes. PYUSD is a payments-oriented stablecoin, while Ondo's instruments are investment products such as tokenized Treasuries and stocks. Address counts can also vary depending on the data provider and how activity is measured.
Even so, the jump in active addresses points to growing demand for tokenized real-world assets (RWAs), as issuers expand from Treasuries into equities and other asset classes.
SourcesOndo Finance Says Total Value Locked Has Topped $4 Billion (Yahoo Finance)
Ondo and Superstate lead weekly growth in tokenized US T-bill market (Crypto Briefing)
PayPal USD price and statistics (CoinMarketCap)
Ondo Global Markets se v květnu 2026 stalo první platformou, která dosáhla celkové uzamčené hodnoty (TVL) 1 miliardy USD, a nabízí více než 450 tokenizovaných akcií a ETF pro způsobilé investory mimo USA.
Tokenized stocks have tripled in 2026, growing from under $1 billion to more than $3 billion in onchain market cap in just eight months. That growth has the attention of the world’s most important financial institutions, which are no longer asking whether tokenization belongs in global markets but how to build around it.
In October, the IMF dedicated a chapter of its Global Financial Stability Report to tokenization, naming Ondo Finance among the largest tokenization providers and using Ondo Stocks in its analysis. Its findings show what investors want from tokenized stocks: the ability to trade around the clock, act on news as it breaks, and put their assets to work.
Ondo Stocks has been built for that demand from day one, setting milestones the rest of the category now measures itself against:
First to bring traditional finance liquidity onchain, minting and redeeming through U.S.-registered broker-dealers against the liquidity of traditional exchanges like Nasdaq and NYSE. First to scale to hundreds of permissionless tokenized stocks, with more than 450 stocks and ETFs available to eligible non-U.S. investors. First to reach $1 billion in total value locked (TVL) in May 2026, the total value of assets deposited in the platform. First with real 24/7 trading, with minting and redemption live around the clock for 25+ of the most popular Ondo Stocks, including Apple, Nvidia, and Tesla. What is Ondo Stocks? Ondo Stocks (previously known as Ondo Global Markets) has tokenized more than 450 stocks and ETFs, making them accessible to billions of eligible investors outside the U.S. Each token is fully backed by the underlying shares together with cash in transit, and mints and redeems to the liquidity of traditional markets such as Nasdaq and NYSE. That connection helps enable large trades with minimal slippage. Beyond trading, Ondo Stocks can be used as collateral across DeFi, and participating institutions can convert shares they already hold. Eligible investors outside the U.S. can gain exposure to U.S. stocks and ETFs onchain.
Here’s What Sets Ondo Stocks Apart 1. Connecting to TradFi Liquidity Liquidity on other tokenization platforms is limited because it relies on onchain liquidity alone. Those platforms are disconnected from traditional markets, so they have to bootstrap their own liquidity onchain. Ondo Stocks overcomes that limit by tapping into the deep liquidity of traditional markets. Ondo Stocks mints and redeems against the liquidity of exchanges like Nasdaq and NYSE. These venues process hundreds of billions in daily volume. This helps provide decreased slippage (the gap between the price you expect and the price you get) in a 24/7 environment. The result is that Ondo Stocks can be bought and sold at scale, with consistent execution.
2. Bringing True 24/7 to Tokenized Stocks Ondo Stocks recently became the first tokenization platform to support 24/7 minting and redemption for tokenized stocks and ETFs. Minting and redemption are live around the clock for 25+ of the most popular Ondo Stocks, including Apple, Nvidia and Tesla, across BNB Chain, Ethereum, and Solana.
Eligible users outside the U.S. can enter and exit positions at any hour, including weekends and public holidays. On other platforms, 24/7 features were limited to secondary-market transfers on centralized or decentralized exchanges, where thin onchain liquidity can lead to high execution costs. Market-moving news doesn't wait for the Monday open. Until now, tokenized stock holders had to either wait for the market to reopen or accept high slippage in thin onchain liquidity pools. The weekend data below shows the difference.
3. Institutional-Grade Investor Protections Ondo Stocks are built with several protections for holders. Each token is fully backed and secured by U.S. stocks and ETFs held at one or more U.S.-registered broker-dealers, along with cash in transit. An independent third-party Verification Agent reviews the asset backing and publishes a report each business day. An independent third-party Security Agent holds a first-priority security interest in the underlying assets for the benefit of token holders, and the structure is designed for bankruptcy remoteness. The underlying securities are not lent out without express token holder consent.
4. Global Access Across Ethereum, BNB Chain and Solana Ondo Stocks is built for a global audience. Eligible investors outside the U.S. can hold and trade Ondo Stocks on Ethereum, BNB Chain, and Solana, and more than 450,000 holders already do. Ondo Stocks are available through the Ondo web app and across platforms including 1inch Fusion, UniswapX, MetaMask, Ledger, Trust Wallet, Binance Wallet, Bitget Wallet, KuCoin, Gate, and MEXC, where available, and select Ondo Stocks are also admitted to trading on Nest Exchange, a Binance-operated venue in Abu Dhabi.
5. Composable Across DeFi Composability means onchain assets can plug into one another like building blocks. Because Ondo Stocks are tokens, holders can swap them on decentralized exchanges and aggregators, keep them in self-custody wallets, and use them in DeFi apps, all around the clock. It also means new products can be built directly on top of them, as the portfolios below show.
Ondo Stocks can be used as collateral in lending markets and for perpetual futures trading. On Morpho, SPYon, and QQQon can back stablecoin borrowing in isolated lending markets, with risk parameters managed by Gauntlet. On Euler, SPYon, QQQon and TSLAon can be used to borrow stablecoins, with risk parameters set by Sentora. On Ondo Perps, traders can post tokenized stocks and ETFs directly as margin, starting with SPYon and QQQon for Pre-Alpha users. Ondo Perps is built to draw on the real liquidity of the underlying markets. For market makers, hedging with tokenized stocks as collateral can improve capital efficiency, which means more capital deployed and deeper liquidity for everyone.
6. 450+ Tokenized Stocks and ETFs Across Every Sector Ondo Stocks covers more than 450 U.S. stocks and ETFs. Sectors include technology, semiconductors, AI and data infrastructure, consumer, financials, digital assets, energy and utilities, industrials, healthcare, mining and materials, fixed income, commodities, international ETFs, defense, space, quantum, cybersecurity, and many more.
7. Institutions Can Convert Underlying Shares Into Ondo Stocks Approved institutions can turn shares they already hold into Ondo Stocks, and back again. Through Alpaca's Instant Tokenization Network, those shares become tokens on Ethereum or BNB Chain without the institution sourcing separate cash. For market makers, that means inventory they already hold can become onchain liquidity, which Ondo expects to support tighter spreads and deeper secondary-market liquidity.
8. Bringing Voting Preferences to Tokenized Stocks
Ondo has partnered with Broadridge so that holders of Ondo Stocks will be able to express voting preferences for the underlying shares. Holders will also be able to review prospectuses, regulatory filings, and other governance information through Broadridge's investor communications infrastructure.
"By working with Broadridge, we are enabling holders of our onchain wrapper stocks to access governance and voting capabilities like holders of the traditional offchain stocks, with all the additional benefits onchain wrapper tokens provide."
— Matthieu de Vergnes, MD, Global Head of Institutional at Ondo Finance
9. Curated Portfolios, Built With Ondo Stocks Ondo Stocks are the building blocks for Ondo Intelligent Portfolios, a new onchain product category. Ondo intelligent Portfolios are curated portfolios delivered as single onchain transferable tokens, whose underlying positions are Ondo Stocks. Ondo intelligent Portfolios are designed to scale with Ondo Stocks. The more stocks and ETFs available on Ondo Stocks, the more assets Intelligent Portfolios can choose from. The first three portfolios launched are based on strategies developed by BlackRock for Ondo, marking the first time eligible investors outside the U.S. can access onchain exposure to a full strategy through a single token.
Being onchain also unlocks programmatic rebalancing, onchain transparency, and multiple asset classes in a single token. Ondo Intelligent Portfolios offer diversified exposure in a single token with transferability and transparency of the blockchain.
Ondo Stocks vs. Others Put it all together and Ondo Stocks combines the best of traditional finance with the best of blockchain: the liquidity and asset backing of traditional markets, with the 24/7 access, transferability, and DeFi compatibility of onchain tokens.
Case Study: A 40% Return With Tokenized Stocks in 35 Days
Deep liquidity and fast redemption matter most at scale. Here’s one example of both in practice.
One wallet has already used Ondo Stocks to execute one of the largest trades in the history of tokenization technology thus far. It built a $13.5M position in CRCLon, the Ondo Stock for Circle, and redeemed at a 40% return in 35 days.
It started on January 19, 2026, when the wallet began accumulating CRCLon through Ondo Stocks. Over the following weeks, the wallet built a $13.5M position. By February 22-23, 2026, the wallet had redeemed a substantial portion of the position, receiving $18.9M in proceeds. A $13.5M position, built and redeemed entirely onchain, with the liquidity of traditional markets behind it.
*The change in the position's value over the period given above reflects movements in Circle's share price. A similar position could have lost value. This example illustrates liquidity and redemption features of Ondo Stocks and is not in any way a recommendation, guarantee of returns, or investment advice. Past performance is not indicative of future results.
Conclusion Ondo has spent years building the infrastructure for tokenized markets, and it is not slowing down.Tokenized stocks, portfolios, and U.S. Treasuries are all part of the same platform. As markets move onchain, Ondo is building the infrastructure where they will run.
More than 450 tokenized US stocks and ETFs from Ondo Finance are now live on Jumper, the cross-chain app from LI.FI, across Ethereum, Solana, BNB Chain and HyperEVM.
More than 450 tokenized US stocks and ETFs from @Ondo are now live on @jumperapp, the cross-chain trading app launched by @lifiprotocol. Users can access them on Ethereum ($ETH), Solana ($SOL), BNB Chain ($BNB) and HyperEVM.
Each token is backed by real shares held with US-registered broker-dealers. LI.FI first opened Ondo's stocks to its partner apps in June.
How the rollout reached JumperLI.FI announced on June 22 that Ondo's tokenized assets were available through its network. According to LI.FI, the launch covered Ethereum and BNB Chain, with Solana listed as coming soon. The company said any integration partner could unlock the assets through its existing LI.FI integration.
LI.FI describes itself as powering cross-chain routing across more than 1,000 apps, wallets, fintechs and neobanks. Jumper is the consumer-facing app built on that infrastructure, which now gives retail users a direct route to the Ondo catalog.
Solana support followed this week. Solana Compass reported that LI.FI said on October 19 that Ondo's tokenized US stocks and ETFs on Solana were live through LI.FI Intents. The outlet noted that neither company had named a specific app or wallet that had switched the assets on.
What the tokens are, and who can hold themOndo Global Markets, since rebranded Ondo Stocks, launched in September 2025. MetaMask's explainer says the product runs on a mint-and-redeem model: Ondo, through its broker-dealer partner, buys and holds the underlying asset when a token is issued. It names Alpaca Markets as the US-registered broker-dealer that custodies the assets, with Ankura Trust providing independent verification.
The tokens give economic exposure rather than direct share ownership. CCN reported at launch that the assets mirror the performance of the underlying securities but do not grant shareholder rights such as voting, and that access was restricted to non-US and non-UK investors. Users should check eligibility in their jurisdiction before trading.
The platform has grown quickly. The Defiant reported in June that Ondo added 173 assets, taking its catalog past 430 across Ethereum, Solana and BNB Chain, and that Ondo holds more than 70% share among tokenized equity issuers, citing RWA.xyz.
Sources:
LI.FI: Ondo Tokenized Stocks Are Now Live on LI.FISolana Compass: LI.FI Brings Ondo Tokenized Stocks and ETFs to SolanaMetaMask: What is Ondo Stocks?
Intelligent Portfolios od společnosti Ondo Finance překonala během 30 dnů hranici TVL více než 20 milionů USD. Jednotné tokeny kombinují akcie, dluhopisy a hotovost ve strategiích vytvořených ve spolupráci s BlackRock.
Ondo Finance says its Intelligent Portfolios have passed $20 million in TVL within 30 days, offering single tokens backed by equities, fixed income and cash, with BlackRock-built strategies.
@ondofinance says its Intelligent Portfolios product range has reached more than $20 million in total value locked (TVL) in just 30 days, an early sign of demand for tokenized, multi-asset investment products.
How Ondo Intelligent Portfolios workEach portfolio is packaged into a single liquid token backed by a mix of equities, fixed income and cash. Holders get exposure to the full allocation without buying and rebalancing each position themselves. Transparency comes through proof-of-reserves, while rebalancing is automated and programmatic, run through the non-custodial consumer wallet and DeFi protocols.
The product category launched on Sept. 24, 2026. Ondo Finance described it as curated portfolios delivered as single onchain transferable tokens. According to the company, constituents, weights and every rebalance are visible onchain, and the tokens can be transferred peer-to-peer across wallets, exchanges and DeFi protocols. Each portfolio token is issued by Ondo Global Markets and tokenized by Ondo Finance.
The structure goes beyond tokenizing a single asset. Earlier tokenization efforts focused on single assets such as Treasuries or individual stocks, while this launch packages an entire portfolio strategy into one transferable token, according to Genfinity.
BlackRock-built strategies and who can access themThe current range consists of seven institutional strategies, three of which are custom portfolio allocations created with BlackRock. The first three launched were Ondo High Income Powered by BlackRock (BLKHIon), Ondo Diversified Growth Powered by BlackRock (BLKDIGon) and Ondo High Growth Powered by BlackRock (BLKGRWon), according to Blockhead.
Access is limited. The portfolio tokens are aimed at eligible investors outside the United States. Blockhead reported that BlackRock supplies the model allocations while disclaiming any role as adviser or manager.
The launch also builds on an existing relationship. Ondo previously used BlackRock's BUIDL tokenized money-market fund for its OUSG treasury product, per CryptoRank's coverage. Ondo has said it intends to expand the product line with additional onchain portfolios over time.
A $20 million TVL figure is modest next to the wider Ondo ecosystem, but the 30-day pace suggests investors are testing portfolio-style tokens alongside single-asset products. Whether that growth continues will depend on how many strategies Ondo adds and how many jurisdictions it can serve.
Sources
Ondo Finance press release via Morningstar and PR Newswire
Blockhead: Ondo launches tokenised model portfolios built on BlackRock strategies
Genfinity: Ondo Intelligent Portfolios turn BlackRock strategies into single onchain tokens
1inch adds 450+ Ondo tokenized US stocks and ETFs on Solana, using Fusion RFQ matching for MEV-resistant execution of assets backed 1:1 by regulated custody.
@1inch has added more than 450 tokenized public stocks and ETFs from @OndoFinance to its Solana routing, giving users on the @Solana network access to tokenized equity trading through the 1inch ecosystem. The integration uses 1inch Fusion's RFQ matching protocol and the company's consumer apps to deliver MEV-resistant execution for tokenized assets backed 1:1 by shares held in regulated custody.
How the integration worksOndo's tokens are designed to mirror the underlying securities. According to Ondo's legal documentation, the tokens are fully backed on a 1:1 basis, plus a buffer, by securities held through a regulated custodial broker-dealer, along with cash in transit. Ondo's documentation also states that the structure is a note issued by a bankruptcy-remote special purpose vehicle in the British Virgin Islands.
Holders should note the legal distinction. MetaMask's explainer on Ondo Stocks says the tokens give economic exposure to an asset's price and total return, including reinvested dividends, rather than legal ownership. It adds that equities are held via US-registered broker-dealer Alpaca Markets and verified through independent attestations from Ankura Trust.
Ondo's tokens are aimed at users outside the US. Ondo has said its tokenized stocks are available from anywhere outside the US, subject to jurisdictional and other restrictions, and that mints and redemptions are aligned with market hours while transfers can happen at any time.
Ondo's growth on Solana1inch is not new to the Ondo ecosystem. At the platform's September 2025 launch, The Block reported that 1inch had upgraded its Swap API to give access to the tokenized assets through its dapp, wallet and partner platforms in eligible jurisdictions.
Ondo then expanded to Solana. Ondo said in a post on Solana's website that users could access more than 200 tokenized US stocks and ETFs on the network at launch, including NVDA, AAPL, META, SPY and QQQ. The platform has since been renamed Ondo Stocks. Genfinity reported that the rebrand followed TVL passing $1 billion and the catalog growing above 438 assets.
The 1inch integration brings that catalog into a DEX routing environment. For traders, the pitch is tighter pricing and protection from MEV, the practice of reordering or inserting transactions to extract value, on assets that track traditional equity markets. As with all tokenized securities, access depends on local eligibility rules, and the tokens do not carry the same rights as shares held directly.
Sources:
Ondo Finance: Legal and Regulatory documentationMetaMask: What is Ondo Stocks?Solana: Ondo Global Markets on Solana
According to official announcements, Ondo Perps has launched the OpenAI Private Market Note (ticker: OPAIPon), a tokenized financial exposure instrument tied to OpenAI. The note is now available for 24/7 trading on Ondo Perps’ permissionless spot order book, with the trading pair OPAIPon/USDC. OPAIPon falls under Ondo Private Markets, a product line designed to provide accredited investors with economic exposure to leading private companies via tokenized notes. Users can participate in transactions without waiting for the companies to go public, and may self-custody the tokens in personal wallets.
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Ondo za sedm dní zvýšilo tržní kapitalizaci tokenizovaných amerických státních pokladničních poukázek o 41,6 mil. USD, zatímco Superstate o 34,2 mil. USD.
Ondo Finance and Superstate pulled ahead of the pack in the tokenized US Treasury bill market this past week. According to Token Terminal data, Ondo added $41.6 million in market cap over seven days, while Superstate added $34.2 million.
Together, that is roughly $75.8 million of fresh capital flowing into two issuers in a single week.
Who grew, and by how much
The weekly gains cover the period ending around October 19, 2026. Ondo led the way, with Superstate a fairly close second.
A tokenized T-bill product takes short-term US government debt and represents it as a token on a blockchain. Holders get exposure to Treasury yields and can move that exposure around on-chain instead of waiting on traditional settlement rails.
Ondo’s weekly jump came on the heels of a bigger milestone. On October 13, 2026, the platform crossed $3 billion in total tokenized US Treasury assets.
Its flagship product, USDY, accounted for over $2.3 billion of that total, at approximately $2.328 billion. OUSG, Ondo’s other Treasury offering, held approximately $319 million.
That haul made Ondo the leading platform by assets, according to RWA.xyz.
USDY’s roughly $2.328 billion edged past BlackRock’s BUIDL, which sat at about $2.2 billion in the same October 13 snapshot.
The top spot for a single product, however, belonged to someone else. Circle’s USYC held roughly $2.38 billion under management, keeping it narrowly ahead of both USDY and BUIDL.
So the leaderboard depends on how you count. Measured by platform, Ondo leads. Measured by individual fund, Circle holds the crown.
A market measured in billions
The total tokenized US Treasury market was valued at between $14.9 billion and $15.5 billion in mid-October 2026. Against that backdrop, Ondo’s $3 billion represents roughly a fifth of the entire sector.
The broader category is bigger still. Total tokenized funds reached $35.1 billion by early October 2026, with T-bill funds standing out as a leading category within that universe.
Superstate’s USTB product is now marketed under the Invesco Short Duration US Government Securities Fund branding, putting a traditional asset management name on an on-chain Treasury vehicle. USTB has posted strong daily leadership in some recent periods, with on-chain assets under management in the hundreds of millions.
Why the growth matters, and where it stalls
There is a catch. Use of these tokenized assets inside decentralized finance remains low, estimated at only 0.4% to 2%.
The vast majority of tokenized Treasuries are being bought and held, not deployed. They are sitting in wallets collecting yield rather than serving as collateral in lending markets or liquidity pools.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
LI.FI spustilo na Solaně obchodování založené na záměru s tokenizovanými akciemi a ETF Ondo Finance, čímž zpřístupňuje více než 450 aktiv uživatelům více než 1 000 peněženek, aplikací a neobank.
LI.FI is launching intent-based execution for Ondo Finance tokenized stocks and ETFs on Solana, linking 450+ assets to its network of 1,000+ wallets, apps and neobanks.
@Lifiprotocol is launching native, intent-based execution for @OndoFinance tokenized stocks and ETFs on @Solana, connecting more than 450 tokenized securities to its distribution network. The network spans more than 1,000 consumer wallets, DeFi applications and neobanks.
The launch uses a Request for Quote (RFQ) liquidity model through LI.FI Intents, enabling one-click secondary market trading of tokenized securities. Retail and institutional traders can trade tokenized stocks against on-chain capital, without routing through traditional broker-dealer clearinghouses or dealing with cross-chain bridging.
How the integration worksLI.FI describes itself as an intent-based execution engine for same-chain and cross-chain token transfers. According to LI.FI, market makers in its network quote competitive prices for tokenized assets, which helps partners offer access at the best available prices across supported chains. Partners can unlock the assets through their existing LI.FI integration.
Ondo and LI.FI first announced the tie-up with support for Ethereum and BNB Chain, with Solana listed as coming soon. Ondo said the integration brought 438+ tokenized U.S. stocks and ETFs, including Tesla, NVIDIA, Apple, QQQ and SPY, to LI.FI's partner network. The Solana launch extends that access to a third chain.
Ondo's growing footprint on SolanaOndo Finance brought its tokenized equities platform to Solana on January 21, 2026. The Solana Foundation said the tokens are backed 1:1 by securities held at U.S.-registered broker-dealers, and can be minted and redeemed 24 hours a day, five days a week. That launch made Ondo the largest real-world asset issuer on Solana by asset count.
Tokenized stocks are often spread across several blockchains, which fragments liquidity. LI.FI notes that Ondo's platform currently covers Ethereum, BNB Chain and Solana, and that its products are offered to non-U.S. users, with an institutional-first approach. Routing trades through a single intent-based layer is intended to reduce that friction for wallets and apps.
Tokenized securities give holders economic exposure to the underlying shares rather than shareholder rights, Cointelegraph reported in its explainer on Ondo's Solana plans.
Sources:
LI.FI: Ondo Tokenized Stocks Are Now Live on LI.FIOndo Finance: Ondo Tokenized Stocks Are Live on LI.FISolana Foundation: Ondo Global Markets on Solana
Debata o ONDO sílí: token poskytuje hlasovací práva v Ondo DAO a Flux Finance, nikoli nárok na dividendy či podíl ve společnosti. Tokenizovaná aktiva Ondo na Solaně mezitím překročila 500 milionů USD.
TLDR: ONDO is described by the Ondo Foundation as a governance token for the Ondo DAO and Flux Finance. Published risk disclosures say ONDO holders have no shareholder rights or claim to company dividends. Andreou asks for a clear mechanism, enforceable scope and measurable benefit linking products to holders. Ondo’s Solana tokenized assets passed $500M, and Ondo Stocks reached $1B TVL and $18B in volume. The ONDO token faces a fresh debate over what its holders actually own as Ondo expands its tokenized finance business. Questions have emerged over how product growth translates into value for token holders.
Meanwhile, tokenized assets tied to Ondo on Solana reportedly crossed $500 million. The two views reflect a wider discussion about the link between platform adoption and governance token demand. Both positions depend on how the token is defined in Ondo’s published documents.
What the ONDO Token Represents The Ondo Foundation describes ONDO as a governance token for the Ondo DAO and Flux Finance. Holders therefore take part in decisions tied to those two areas. The ONDO token is not presented as a claim on company revenue.
Giannis Andreou raised the question in a post on X. He asked how the success of Ondo’s products reaches someone holding the token.
🏦 $ONDO BULLS: WHAT EXACTLY DOES THE TOKEN HOLDER OWN?
Ondo could become an important business in tokenized finance.
Institutions could adopt its products. Assets under management could grow. Distribution could expand across wallets, exchanges and financial platforms.
My… pic.twitter.com/F8tbhdRGjE
— Giannis Andreou (@gandreou007) October 18, 2026
He pointed to the Foundation’s token-sale risk disclosures. Those disclosures state that holding the token provides no shareholder rights. They also exclude rights to company dividends and distributions.
Andreou added that a customer buying a tokenized financial product acquires something different from an ONDO buyer.
The yield or economic rights attached to a product do not automatically belong to the governance token holder. Governance rights and product economics therefore sit in separate categories.
What Would Support a Bullish Case Andreou acknowledged that governance can carry value. He also noted that future changes could strengthen the token’s role. Market demand may rise as the ecosystem grows. However, he asked that each of those arguments be evaluated separately.
He wants supporters to identify the existing mechanism, its enforceable scope, and the measurable economic benefit for holders.
If a thesis relies on a future governance decision, he asked that the dependency be explained. He also asked who holds the power to deliver that decision.
According to Andreou, a documented link between product success and durable demand for the ONDO token would change his view. He said numbers should show why that link matters. This standard applies to any claim that product growth benefits holders.
Solana Milestone Adds Another Angle Niels offered a separate view in a post on X. He reported that ONDO crossed $500 million in tokenized assets on Solana. Ondo brought its tokenized stocks to the network only in January. The launch started with more than 200 U.S. stocks and ETFs.
$ONDO crossed $500M in tokenized assets on Solana.
Ondo only brought its tokenized stocks to Solana in January, starting with 200+ U.S. stocks and ETFs.
Since then, it has expanded 24/7 minting and redemption on Solana, while the wider Ondo Stocks platform has grown past $1B…
— Niels (@Web3Niels) October 18, 2026
Since then, Ondo has expanded 24/7 minting and redemption on Solana. Niels added that the wider Ondo Stocks platform has passed $1 billion in TVL. Cumulative volume has reached $18 billion in under eight months.
Niels described the pace of cross-chain expansion as hard to ignore. His post centers on platform scale. Andreou’s post centers on how the ONDO token captures benefits from that scale. Both posts therefore frame the same debate from different sides.
Tržní podíl Ondo Finance v segmentu tokenizovaných akcií klesl od začátku ledna do týdne končícího 5. října z 56 % na 26 %, zatímco Binance a Robinhood získávaly uživatele i kapitál.
Ondo Finance’s dominance of the tokenized equities market has narrowed, with its share sliding from 56% to 26% between early January and the week of Oct. 5 as new entrants such as Binance and Robinhood attracted users and capital, according to new research from DWF Labs.
An early mover in institutional real-world asset tokenization, Ondo still led the market with about $1 billion in value during the period, while the sector’s total market value climbed 483% to $3.8 billion.
Binance’s bStocks, which recently hit $1 billion in assets under management, grew to $905 million and captured 24% of the tokenized stock market, the report reveals. Robinhood’s tokenized equities increased from $20 million following their July launch to $170 million.
Meanwhile, Securitize reached $290 million, accounting for 8% of the market, while xStocks grew from $187 million to $954 million and maintained a 25% share.
The report notes that Ethereum’s early lead in tokenized equities has weakened as issuers have expanded into competing networks. Its share declined from 50% at the start of the year to 22% in October, while BNB Chain increased from 9% to 32%.
Binance’s entry also strengthened BNB Chain, where CRCLb, SPCXb and MSTRb rank among the 10 largest tokenized equities. Avalanche, which had no market share at the start of the year, reached 9% after Securitize launched tokenized shares on the network in July.
On-chain activity jump 42-fold in 2026
On-chain activity in tokenized equities has increased sharply in 2026, with weekly transfer volume rising 41.8-fold from $420 million in early January to $17.5 billion in early October, according to the report.
Turnover climbed from 0.64 times to 4.6 times market capitalization, while weekly decentralized exchange (DEX) trading velocity rose from 0.07 times to 0.67 times market capitalization.
Trading peaked at about $7.3 billion in the week of Aug. 31, with Robinhood Chain accounting for approximately $5.4 billion, the report details.
Activity has also spread across more networks. Solana’s share of trading fell from 99.8% in January to 31% in October, while Robinhood Chain, BNB Chain and Base captured 26%, 25% and 18%, respectively.
Tokenized equities are also seeing increased use in decentralized finance (DeFi). Active total value locked (TVL) rose about 20-fold, from $15.5 million on Jan. 1 to $313 million on Oct. 15, compared with 5.8-fold growth in market capitalization between early January and early October. Deployed capital increased from approximately 2% to 8% of market capitalization.
Spot DEX pools held $77.9 million, followed by lending and borrowing markets at $51.3 million, Saturn at $50.9 million, Figure Markets Exchange at $48.9 million and Pendle yield markets at $42.6 million. The top 10 protocols accounted for 89% of total deployed value.
Despite rising trading activity and DeFi adoption, tokenized equities are still small relative to traditional equity markets, which DWF Labs estimates at $75 trillion in the US and $150 trillion globally. The gap leaves enormous potential for further growth as on-chain trading and DeFi use develop.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Tržní kapitalizace tokenizovaných ETF a indexů letos vzrostla o 213 % a dosáhla 686,5 milionu USD; Ondo Finance představuje 47,4 % hodnoty tohoto trhu.
Tokenized exchange-traded funds (ETFs) and indices have seen remarkable growth in 2026, with the sector’s market value more than tripling since the start of the year. Data from the blockchain analytics platform Token Terminal shows that the combined market capitalization of tokenized ETFs and indices rose from $219.2 million on January 1 to $686.5 million, an increase of 213% year to date.
Surge in Holder NumbersThe number of wallets holding tokenized ETFs has grown at an even faster pace. Since the beginning of 2026, the total has climbed from approximately 17,500 wallets to 897,700, increasing more than 51-fold. By comparison, the holder base for individual tokenized stocks grew by 26.6 times across the same span. This trend highlights that tokenized ETFs are now attracting holders at more than twice the rate seen for single stock tokens.
Much of this growth accelerated over the past two months. Holder counts saw steady increases through the first seven months of 2026, followed by a sharp rise in late August after Binance introduced its bStocks tokenized products, which significantly changed activity patterns in the sector.
Holder and Capital DistributionAnalysis of user demographics and funding shows a bifurcation in the market. Binance, one of the world’s largest cryptocurrency exchanges, leads in holder numbers with its bStocks platform, reaching 448,400 holders and accounting for half of all tokenized ETF users tracked by Token Terminal. However, Binance’s share of the market capitalization stands at $160.1 million or 23.3%, signaling that individual holders, primarily retail, tend to invest smaller amounts.
Robinhood’s tokenized ETF platform demonstrates a similar trend, with 13.1% of holders making up just 5.4% of overall sector market cap. These statistics suggest growing adoption by retail investors through familiar trading apps.
In contrast, Ondo Finance, a decentralized finance platform, holds a smaller share of wallet count at 20.3% but commands the largest portion of market capitalization, with $325.7 million or 47.4% of the total. This distribution points to fewer, likely institutional participants with much larger individual stakes.
Mini dictionary: Ondo Finance is a decentralized finance (DeFi) platform that enables users to access tokenized securities and investment products, often bridging traditional and blockchain finance.
PlatformHolder Share (%)Market Cap Share (%)Market Cap ($M)Binance bStocks50.023.3160.1Robinhood13.15.4N/AOndo Finance20.347.4325.7Top Tokenized ETF ProductsBinance’s product based on the Nasdaq-100, QQQb, has emerged as the largest tokenized ETF by market cap and user count. QQQb now holds $67.6 million in capitalization and serves 314,500 holders, representing roughly 35% of all tokenized ETF holders. The SPYx tokenized S&P 500 tracker follows at $62.2 million, with Ondo’s IVVon, another S&P 500-linked token, trailing closely at $61.5 million.
Broad U.S. index trackers now dominate tokenized ETF demand; S&P 500 and Nasdaq-100-linked products in the top 10 capture nearly $330 million, about half of the sector’s overall value.
Many of these products track identical underlying indices but are launched by different issuers across multiple blockchains. This has led to demand being distributed among similar or near-identical tokens depending on the network and provider.
Ethereum Leads Among BlockchainsEthereum remains the leading blockchain for tokenized ETFs, hosting $303 million in value and representing 44.1% of the market. BNB Chain, often used for Binance’s products, ranks second with $192.1 million and 28% of sector share. Solana’s share stands at 13.3%, while Arbitrum One, Robinhood Chain, and X Layer each account for less than 5%.
The increase in holder numbers since August has outpaced the growth in capital, highlighting a clear divide between platforms like Binance, which draw numerous users making smaller investments, and Ondo, which aggregates larger capital often from institutional sources.
Ondo's tokenized Treasury note $USDY (Ondo US Dollar Yield) has hit a record supply of $2.35B, up about 233% since February, as tokenized Treasuries gain traction.
Ondo Finance's yield-bearing token $USDY (Ondo US Dollar Yield) has reached a record supply of $2.35 billion, according to CoinMarketCap data. On February 24, supply stood at about $705 million. That is growth of roughly 233% in under eight months.
$USDY is issued by @Ondo, the tokenized real-world asset (RWA) project behind the $ONDO governance token. The milestone adds to a broader push to bring U.S. government debt onto blockchains.
What $USDY is and how it works$USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits, as described by RWA.xyz. The token is aimed at non-U.S. individuals and institutions. It does not pay out interest directly. Instead, Eco's explainer notes that it accrues yield through a rising redemption value, so the token trades at a premium to $1.00 that grows over time.
Access is also relatively broad. Altrady's guide to Ondo says USDY has a $50 minimum, compared with $5 million for BlackRock's BUIDL fund. That gap helps explain why a retail-accessible product can scale quickly outside the U.S.
Growth in a competitive marketOndo's own figures show how fast the product has expanded. In a company blog post, Ondo said USDY had passed $1 billion in total value locked and was available across nine blockchains. The latest supply figure is more than double that earlier milestone.
Data from RWA.xyz, as reported by KuCoin News, shows USDY holdings of about $2.328 billion, ahead of BlackRock's BUIDL at about $2.204 billion. The same report put Ondo's combined tokenized Treasury holdings, including $USDY, OUSG and tokenized ETFs, at about $3 billion. Figures differ slightly between data providers because of timing and methodology.
Competition is likely to intensify as more issuers launch tokenized Treasury products. For now, $USDY's supply trend suggests demand for onchain, dollar-denominated yield remains strong among non-U.S. investors. Investors should note that $USDY is not available to U.S. persons and that its yield depends on the performance of the underlying Treasury and deposit portfolio.
SourcesRWA.xyz: Ondo U.S. Dollar Yield (USDY)
Ondo Finance: Largest provider of tokenized Treasuries and stocks
KuCoin News: Ondo tokenized U.S. Treasury reaches $3 billion
Tokenizované produkty Ondo Finance dosáhly TVL ve výši 4 miliard USD; tokenizované akcie a ETF přesáhly 1,3 miliardy USD. Počet držitelů všech produktů překonal 1 milion.
Ondo Finance has announced that the total value locked (TVL) of its tokenized products stands at $4 billion, with tokenized stocks and ETFs exceeding $1.3 billion. The firm noted it holds the leading position in the tokenized U.S. Treasuries segment, with cumulative holders of all its products surpassing 1 million. Ondo Finance’s tokenized products can be permissionlessly transferred across networks including Solana, Ethereum, and BNB Chain, while Ondo Stocks accesses traditional financial liquidity via a request-for-quote (RFQ) mechanism.
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Více než polovina obchodů s tokenizovanými americkými akciemi probíhá mimo obchodní hodiny Wall Street, zjistil MMF. Přibližně 80 % obchodů se týká méně než jedné akcie.
The fund's study of Ondo and xStocks tokens found most trades are for less than one share, and their overnight moves show up in the real stocks minutes after the open.
The IMF finds most tokenized stock trading happens after hours
Posted October 12, 2026 at 5:38 am ET.
More than half of all trading in tokenized U.S. stocks happens while Wall Street is closed, according to new data from the International Monetary Fund.
The figure comes from the tokenization chapter of the IMF’s Global Financial Stability Report, which the fund released on Oct. 8. Titled “Scaling Tokenization: New Efficiencies, New Vulnerabilities,” the chapter puts the tokenized equity market at about $2.3 billion as of July 31, a small slice of roughly $65 billion in publicly tokenized real-world assets outside of repo.
To measure how that market behaves, IMF staff studied five of the most liquid tokens issued by Ondo Finance and Backed Finance’s xStocks, which track the S&P 500, the Nasdaq, Tesla, Google and Nvidia. The sample spanned 11 venues and 365 trading days and was worth about $345 million, or roughly 15% of the market. Ondo and Backed together hold more than 70% of tokenized equity value, and their products target investors outside the U.S. Ondo, for example, expanded its tokenized stock platform to BNB Chain for users in Asia and Latin America.
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Retail Buyers Trade Around the Clock
About 80% of the trades studied were for less than a single share, which the IMF read as a sign that small retail investors dominate. The IMF said in the report that round-the-clock access is “not merely a technical feature but a source of demand,” especially among investors in time zones far from New York.
The tokens also appeared to carry useful price information. Within five minutes of the U.S. opening bell, the underlying stocks absorbed more than 87% of the move their tokenized versions had made overnight, the IMF found.
Thinner Markets, Bigger Swings
Realized volatility on tokenized venues ran about 1.5 times that of the traditional shares. Liquidity was weakest on decentralized exchanges, with centralized exchanges in between. Prices still tracked the underlying stocks closely, especially on busier venues.
The IMF said “tokenized equity markets are so far less liquid, more volatile, and more fragmented than traditional ones,” mainly because the market is small. The IMF said its “empirical findings should be interpreted with caution.”
“For now, systemic risks remain limited,” the IMF said. Its policy recommendations include asking authorities to “design circuit breakers and liquidity safeguards for tokenized trading environments” and to regulate under the principle of “same activity, same risk, same regulatory outcome.”
The IMF said the central question is “whether tokenized market infrastructure, legal foundations, liquidity arrangements, and risk controls are adequate if tokenization were to achieve broader adoption.”
Related Listen: Should Stock Tokens Be Limited to KYC’d Users? Or Be Tradeable by Anyone?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Ondo Finance zpřístupní prostřednictvím Assetera oprávněným evropským investorům ve 30 zemích EU a EHP tokenizované americké akcie a ETF na blockchainu.
Ondo Finance is pushing further into Europe, giving eligible investors on the continent access to tokenized U.S. stocks and ETFs directly onchain. The expansion marks a notable step in the broader effort to bring traditional Wall Street assets onto public blockchain infrastructure.
Assetera Handles the Regulatory Layer The distribution is being handled by Assetera, By managing the entire issuance, distribution, and settlement process, the platform removes the regulatory burden for partners looking to offer tokenized securities in Europe.
The full product range is projected to cover hundreds of U.S. stocks and ETFs by Q4 2026.
How the Tokens Work Each token issued through the platform represents an underlying security. That structure means investors hold an onchain instrument with a direct claim on the real-world asset, rather than a synthetic or derivative product, distributed across 30 EU and EEA markets.
The partnership builds on Ondo Finance's broader European push.
Ondo Finance's tokenized equities platform has also reached a significant milestone globally.
The move reflects growing momentum in the real-world asset sector, where tokenization platforms are racing to bring regulated, onchain exposure to conventional financial markets to investors outside the United States.
Sources:
Assetera Opens Tokenized Securities Market to Crypto Exchanges With MiFID-Compliant API (CoinDesk)
Ondo Finance Secures EU Regulatory Approval to Offer Tokenized Stocks and ETFs (Blockhead)
Ondo Global Markets Tops $1B TVL As Tokenized Stocks Gain Ground (CCN)
Ondo Finance spouští tokenizované směnky navázané na hodnotu nejmenované AI firmy před vstupem na burzu; výplata závisí na ceně akcií při události zajišťující likviditu. Směnky nenabízejí vlastnická ani akcionářská práva.
The notes pay out based on the company’s share value at a liquidity event, carry no shareholder rights and are open only to eligible investors outside the U.S.
Ondo's new tokenized notes track an unnamed pre-IPO AI company
Posted October 6, 2026 at 8:38 am ET.
Ondo Finance is extending its tokenization business from public stocks and Treasuries to companies that have not yet listed. The firm announced Ondo Private Markets on Tuesday, a product offering tokenized notes that track the value of individual private companies.
The first market references an unnamed pre-IPO AI company and is expected to begin secondary trading this week. Ondo said robotics, cybersecurity, biotech and infrastructure names will follow, and a company blog post also lists defense, energy and space. The product is open only to eligible investors outside the U.S., in jurisdictions where it is permitted.
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How the Notes Work Payouts depend on what the referenced company’s common stock is worth per share when a “qualifying liquidity event” occurs, according to Ondo. Buyers do not get stock. The notes are obligations of their issuer and come with no ownership or shareholder rights in the underlying company, the release states.
Holders can keep the tokens in self-custody wallets, send them to other eligible holders, trade them around the clock on secondary markets or deploy them in DeFi. Ondo said that tradability targets a long-standing problem in private markets, where investors can wait years for an IPO before they are able to sell.
“In the US, the majority of the investment options accessible for retail are public companies, yet 87% of companies with over $100m in revenue are private. That’s where many of the leaders defining the next era of our economy are emerging, and retail investors can’t access them today,” Ian De Bode, Ondo’s acting CEO and president, said in the release. “Ondo Private Markets is built to change that, bringing tokenized exposure to the world’s best companies with 24/7 trading on permissionless rails.”
A Different Structure From Ondo’s US Tokens Ondo said the infrastructure behind its tokenized stocks and Treasuries holds $3.7 billion in total value locked across more than 1 million cumulative holders.
The new notes work differently from the tokenized BlackRock ETF and Micron shares Ondo brought onchain in July inside the U.S. regulatory perimeter. Those tokens are backed one-for-one by custodied securities and give holders proxy voting rights.
Coinbase has offered pre-IPO exposure through a different instrument, derivatives. It listed SpaceX pre-IPO perpetual futures on its international exchange in June, also limited to users outside the U.S.
Ondo has not said which AI company the first notes reference or which trading venues will list them.
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AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Saturn spustil sUSDat V2 s integrací Ondo Finance, která zkracuje dobu vypořádání USDat z T+7 na T+1 a přidává nepřetržitou likviditu i oceňování on-chain v reálném čase.
Saturn Launches sUSDat V2 With Ondo Integration@saturn_credit, a decentralized private credit protocol, has upgraded its flagship product to sUSDat V2 through a new integration with @Ondo Finance. The upgrade introduces 24/7 liquidity, real-time on-chain pricing, and improved composability for institutional debt pools, replacing what the teams describe as inefficient legacy clearing processes.
At the core of the upgrade is the STRCon execution model running on Ondo's network. STRCon is Ondo's tokenized version of Strategy's STRC preferred stock, providing blockchain-based economic exposure to the underlying asset. By routing through STRCon rather than holding STRC directly, Saturn shifts every asset-swapping route on-chain where it can be verified in real time, and no longer needs to operate its own brokerage and custody setup, with Ondo handling that layer instead.
Faster Settlements and Broader DeFi CompatibilityThe practical impact on settlement speed is significant. The upgrade cuts sUSDat redemption time for the USDat underlying asset from the current T+7 to T+1, replacing multi-day waiting periods with on-chain valuation models. This makes structured credit instruments directly compatible with broader DeFi protocols.
USDat is a dollar-pegged asset backed by tokenized U.S. Treasury bills, and users can stake USDat to receive sUSDat, whose reserve is tied to STRC and whose value rises as dividends from the preferred shares accrue. The V2 architecture preserves this dual-token structure while adding the speed and transparency that on-chain settlement enables.
The partnership also carries a financial dimension. Ondo made a strategic investment in Saturn, though financial details were not disclosed. Saturn previously reported deposits exceeding $220 million across USDat and sUSDat within six weeks of earlier launches, illustrating demand for on-chain access to the STRC yield profile.
On the infrastructure side, Ondo Finance has built the Ondo Network as an execution environment tailored for modern financial markets, delivering rapid processing and confidentiality associated with traditional centralized platforms while retaining blockchain-style verifiability. The products are available only to eligible participants outside the US and EEA, with yield described as variable and not guaranteed.
Sources:
crypto.news: Saturn adds Ondo tokenized stocks to STRC products
The Crypto Times: Saturn Partners With Ondo to Bring Tokenized STRC Into DeFi
Crowdfund Insider: Ondo Finance Unveils Execution Network
BlackRock a Ondo Finance spouští na blockchainu tři tokenizovaná portfolia modelových strategií zaměřená na vyšší výnos, diverzifikovaný růst a vysoký růst. Každý token kombinuje akcie, dluhopisy a Bitcoin ETF.
BlackRock built three model portfolios, covering high income, diversified growth, and high growth. Ondo turns each strategy into one token, so investors skip managing and rebalancing separate positions. Tokenized real-world assets near $9 billion in market cap, with equities growing fastest in holders. Partners like Mirae Asset in Korea and SBI in Japan widen access across Asia, Europe, and Australia. BlackRock tokenized portfolios are now entering the onchain market through a collaboration with Ondo Finance. BlackRock built three model portfolios focused on high income, diversified growth, and high growth.
Ondo then converted each strategy into a single token. The portfolios combine stocks, bonds, and Bitcoin ETFs. Holders can trade the tokens around the clock, including outside traditional market hours. The launch comes as tokenized real-world assets near $9 billion in market capitalization.
How the Ondo Tokenization Model Works Tokenization so far has centered on individual assets. Stocks, bonds, Treasuries, and funds have each been placed onchain separately.
This launch takes a different route by tokenizing a complete investment strategy. As a result, investors can hold one token rather than several separate positions.
Coin Bureau described the structure in a post on X. According to the post, BlackRock designs the portfolio while Ondo turns access into an onchain token.
Blackrock took TOKENIZATION to the NEXT LEVEL
Until now, most tokenization has focused on putting individual assets onchain.
Stocks. Bonds. Treasuries. Funds.
Now BlackRock and Ondo Finance are pushing toward something bigger: putting the entire INVESTMENT STRATEGY onchain.… https://t.co/rRCp2nGqTG
— Coin Bureau (@coinbureau) October 4, 2026
Therefore, investors avoid managing and rebalancing multiple positions by hand. Each token represents one of the three BlackRock strategies.
Because the BlackRock tokenized portfolios exist on blockchain rails, the tokens can move between wallets and platforms. They can also connect with other financial applications. Holders may use them as collateral in onchain apps. This feature extends the use of the tokens beyond simple holding.
Coin Bureau added that this move points toward tokenizing asset management itself. Model portfolios held roughly $9.8 trillion in assets as of June, according to Broadridge.
Consequently, asset managers could distribute full strategies through blockchain infrastructure if part of that market moves onchain.
Market Growth and Global Expansion The launch comes as tokenized real-world assets near $9 billion in market capitalization. Among these assets, equities have seen the fastest growth in holders and trading volume.
Ondo’s portfolio tokens enter this market as a new category of product. BlackRock tokenized portfolios therefore join a market that is already expanding.
Ondo has also secured partnerships across Asia, Europe, and Australia to widen access. In Asia, Mirae Asset in Korea and SBI in Japan are among the partners.
The partnerships expand access to the tokenized portfolios in those regions. Together, these partners broaden the distribution of the tokens.
The Coin Bureau post also looked at what could come next. AI could eventually build personalized portfolios around an investor’s goals, risk tolerance, and tax situation.
Tokenization would then provide access to a much wider range of assets. This scenario remains a possibility rather than a confirmed development.
The post also summarized the progression in three steps. Stablecoins brought cash onchain, while tokenization brought assets onchain.
Now BlackRock and Ondo are bringing entire portfolios onchain. According to Coin Bureau, blockchain could become part of global asset management infrastructure rather than only a settlement layer.
Likvidita Ondo se rozšiřuje napříč řetězci a Ethereum nyní tvoří jen 52,37 % z celkové hodnoty 2,1 miliardy USD. Na Solaně tokenizovaná aktiva za posledních 30 dní vzrostla o 60,32 % na více než 456,7 milionu USD.
Ondo’s tokenized asset growth is shifting from a single-network model toward a broader distribution of liquidity.
Although Ethereum [ETH] remains at the core of the platform with a value of $2.1 billion, this represents only 52.37% of the total and therefore implies that concentration is easing.
The most notable example is Solana [SOL]. Tokenized assets have now surpassed $456.7 million on Solana, an increase of 60.32%, or approximately $147 million, over the past 30 days. Meanwhile, BNB Chain has increased to $429.7 million, representing an increase of 19.15%.
Source: RWA.xyz This increase in tokenized assets increases the number of ways that Ondo can distribute its tokenized product offerings to other users. Also, there are currently 521,028 token holders transferring $2.38 billion per month.
Source: RWA.xyz This indicates that these assets are being transferred into circulation as opposed to simply being created.
As adoption grows, the current $3.89 billion asset base of Ondo will be distributed among many networks and no longer rely solely on Ethereum.
Solana leads tokenized-equity lending Tokenized equities are moving beyond simple ownership as users begin putting them to work in on-chain credit markets. Solana is at the forefront of this evolution, as over $20.7 million worth of tokenized stock is being utilized as collateral via Kamino.
As such, it appears many of these users are seeking to utilize liquidity locked up by their equity holdings but avoid liquidating their equity exposure. On the other hand, Ethereum has $5.8 million in tokenized stocks serving as lending collateral through Euler and Morpho.
Meanwhile, Robin Hood Chain has produced just under $2 million in additional supply also via Morpho.
Source: X The large disparity illustrates that lending is still in its infancy and unevenly distributed among various networks. However, the fact that this functionality exists represents a significant expansion of tokenization.
Additionally, if adoption of lending grows, then tokenized equities will likely be given greater utility, which will drive even greater demand for on-chain collateral.
Tokenized stocks test credit demand Tokenized equities now face a test of whether lending protocols can manage their risks without limiting adoption. On Aave [AAVE] V4’s Equities Hub, collateral factors range from 65% to 79%, forcing borrowers to maintain buffers before liquidation.
Source: Aave Governance However, these constraints create a measurable path for growth. Rising collateral deposits and USD Coin [USDC] borrowing would show stronger credit demand.
Meanwhile, limited liquidations would indicate that risk controls remain effective as activity expands across tokenized stocks.
Final Summary Ondo has expanded its $3.89 billion tokenized asset base across multiple networks. Tokenized equities are gaining credit utility as Solana leads on-chain collateral activity.
Tokenizované akcie Ondo dosáhly rekordního TVL 1,26 mld. USD a kumulativní objem obchodů přesáhl 28 mld. USD. Platforma nyní nabízí více než 450 tokenizovaných akcií a ETF.
TLDR: Ondo’s stock platform surpassed a record $1.26 billion in total value locked, per reported figures. The platform supports more than 450 tokenized stocks and ETFs, with $28B in cumulative trading volume. The TVL figures track product adoption and do not directly measure the value of the ONDO token. ONDO trades near $0.49; a break below $0.46 would weaken the chart’s bullish falling wedge setup. Ondo tokenized stocks have reached a record $1.26 billion in total value locked, according to figures reported by Ondo. The platform now lists more than 450 tokenized stocks and ETFs.
Cumulative trading volume has also passed $28 billion. Meanwhile, the ONDO token trades near $0.49, with 24-hour volume of about $129 million.
The token’s price rose 0.43% over the past day, according to market data. However, the reported figures track product adoption rather than the token’s value directly.
X user Giannis Andreou shared the milestone in a post on the platform. He cited Ondo’s reported figures for its stock offering. The post pointed to total value locked of $1.26 billion. It also referenced the catalog of more than 450 tokenized stocks and ETFs.
📈 $ONDO STOCKS REACHES A $1.26B TVL RECORD
According to Ondo’s reported figures, its stock platform surpassed $1.26B in TVL across more than 450 tokenized stocks and ETFs.
Cumulative trading volume also topped $28B.
Those numbers track product adoption, rather than the ONDO… pic.twitter.com/sqRgojRW3h
— Giannis Andreou (@gandreou007) October 3, 2026
Total value locked measures the assets deposited in a given platform or protocol. In this case, the metric reflects capital held in Ondo tokenized stocks and ETFs.
Cumulative trading volume offers a separate view of activity. That figure has now topped $28 billion, according to the reported data.
The post also clarified how readers should interpret these numbers. According to the post, the figures track product adoption. They do not directly measure the value of the ONDO token. Therefore, the TVL record for Ondo tokenized stocks and the token price should be viewed as separate data points.
Furthermore, the post closed with a question about demand. It asked whether tokenized equities can keep attracting capital at the same pace. The question centers on whether inflows can continue. The post did not offer a forecast.
ONDO Price Action and Technical Setup Separately, the account Crypto With Gopal shared a technical view of the ONDO token on X. The post describes a falling wedge on the one-hour chart. Price was around $0.480 at the time. It was trading near the lower wedge support after a prolonged consolidation.
$ONDO is forming a clear falling wedge on the 1H chart 👀📐
Price is currently around $0.480, trading near the lower wedge support after a prolonged consolidation. The structure shows lower highs and compressed price action, with $0.46–$0.48 acting as an important support zone.… pic.twitter.com/YzqD8hsMms
— Crypto With Gopal (@cryptowithgopal) October 3, 2026
The structure shows lower highs and compressed price action. In addition, the post marks the 0.46–0.48 range as an important support zone. A breakout above wedge resistance could open the way toward 0.62–0.64. That range is the chart’s projected target.
On the downside, the post sets a clear invalidation level. A decisive break below $0.46 would weaken the bullish setup.
Therefore, the post treats $0.46 as the key level for the pattern. Price would need to hold above that mark for the setup to stay valid.
Market data shows ONDO at $0.4929 as of writing. The 24-hour trading volume stands at $129,481,564. Meanwhile, the price is up 0.43% over the same period.
Notably, the current price sits slightly above the 0.480 level cited in the chart post. These figures come from the market data provided alongside the posts.
Ondo Finance rozšířila Intelligent Portfolios o čtyři nové programovatelné indexové tokeny na sítích Ethereum a BNB Chain. Nabízejí tematické strategie včetně AI a výnosových tokenů s cílem výnosu 5 % a 8 %.
@Ondo Finance has expanded its Intelligent Portfolios lineup by releasing four new programmatic index tokens simultaneously on the @Ethereum and @BNBChain networks, broadening a product suite that first launched with three BlackRock-powered strategies in late September 2026.
Four New Tokens, Four Distinct Strategies The newly added tokens each target a specific investment theme. $MAG7Xon blends mega-cap technology stock exposure with crypto holdings, while $BRAINon focuses on high-growth artificial intelligence companies. The two fixed income tokens, $YLD5on and $YLD8on, are designed to generate returns of 5% and 8% respectively, giving yield-focused investors an onchain alternative to traditional fixed income instruments.
Like the rest of the Intelligent Portfolios range, the new tokens are structured as single transferable onchain instruments. Rebalancing executes automatically at the smart contract level, and the portfolios are fully programmable and composable with the broader onchain economy. Constituents, weights, and every rebalance are visible onchain, and the tokens are freely transferable peer-to-peer across wallets, exchanges, and DeFi protocols.
Building on the BlackRock Partnership The expansion follows the initial Intelligent Portfolios launch on September 24, 2026, when Ondo introduced three tokens built around strategies developed by BlackRock. The portfolio tokens are based on strategies powered by BlackRock, developed by BlackRock for Ondo, marking the first time eligible onchain investors could access exposure to such strategies through a single token. Diversified, professionally constructed portfolios have historically required brokerage accounts and traditional fund structures, but by incorporating BlackRock's portfolio construction experience into tokenized structures, eligible investors in supported jurisdictions can now obtain that exposure through a single token.
The launch builds on BlackRock's foray into tokenization, having previously launched its BUIDL tokenized money market fund with Securitize in March 2024. Ondo subsequently moved $95 million of OUSG assets into BUIDL. The addition of four further tokens deepens that relationship and signals that Ondo intends to build out a comprehensive onchain portfolio offering across multiple asset classes and risk profiles.
Ondo Stocks had already reached $1 billion in total value locked within eight months , underscoring the appetite for tokenized real-world assets among eligible non-US investors. The new Ethereum and BNB Chain deployments position Ondo to capture demand from two of the largest smart contract ecosystems simultaneously.
Sources:
Ondo Finance Official Press Release via PR Newswire
The Block: Ondo launches onchain portfolio tokens based on BlackRock-developed strategies
Morningstar: Ondo Launches Intelligent Portfolios, Powered by BlackRock
Tokenizovaná akciová platforma Ondo Finance dosáhla rekordního TVL 1,26 miliardy dolarů. Ondo Stocks tak překonala předchozí milník 1,01 miliardy dolarů.
Ondo Finance’s tokenized stock platform just set a new high. Total value locked on Ondo Stocks reached a record $1.26 billion.
How Ondo Stocks got to $1.26 billion Ondo Stocks launched in September 2025. It first pushed past the billion-dollar line on or around August 15, 2026, posting a TVL of $1.01 billion.
It didn’t stop there. The platform later climbed to its record $1.26 billion, a gain of roughly a quarter billion dollars on top of that first milestone.
What goes into that pile here is tokenized exposure to US stocks and ETFs. Ondo offers total-return exposure, so holders track both price moves and the returns that come with owning the underlying asset.
The product is aimed at retail and institutional users outside the US. Americans are not the target customer, at least for now.
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The tokens also live on several networks. As of August 2026, Ondo Stocks supported a range of assets across Solana, Ethereum, and BNB Chain.
Ondo Global Markets, the business behind Ondo Stocks, ranks among the largest tokenized equity platforms by TVL.
Tokenized stocks are doing more than sitting still Ondo’s tokens have found their way into leveraged trading. They are also being posted as collateral in lending markets, where users can borrow against them.
Cumulative trading volume for the tokenized equities has exceeded several billion dollars, well above the platform’s current TVL.
The regulatory backdrop shifted In September 2026, the SEC issued a five-year innovation exemption covering on-chain trading of certain tokenized national market system stocks. NMS stocks are, broadly, the shares listed on major US exchanges.
The exemption is set to open the door to round-the-clock, 24/7 on-chain trading of select tokenized NMS stocks.
What this means for Ondo and tokenized equities A tokenized equity platform crossing $1 billion in under a year suggests demand is real rather than theoretical.
Ondo executives project TVL could reach $5 billion by the end of 2026. They point to improving regulatory clarity and growing interest from users who want direct, low-friction access to global stock markets.
For now, Ondo has a clean scoreboard to point at: launch in September 2025, $1.01 billion in mid-August 2026, and a record $1.26 billion after that.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
CEO Ondo Perps David Wells označil USA za velkou příležitost pro perpetual futures, ale spuštění na americkém trhu nepotvrdil. Platforma mezitím překročila 8 miliard USD v kumulovaném objemu obchodů.
Ondo Perps CEO David Wells has flagged the US as a significant opportunity for perpetual futures trading, though he stopped short of confirming any plans to bring the platform stateside. The comment comes as the offshore platform, which launched its phased rollout earlier this year, continues to rack up impressive volume numbers from its non-US user base.
Ondo Finance and Oasis Pro recently sent letters to both the SEC and CFTC arguing that cash-settled perpetual futures can fit within the existing US regulatory framework, no new legislation required.
The offshore engine is humming Ondo Perps, operated through Ondo Global Panama Inc., has carved out a niche offering 24/7 leveraged trading on US equities, ETFs, indices, and commodities. The platform supports up to 20x leverage and accepts tokenized securities and stablecoins as collateral.
By mid-August, the platform had surpassed $8 billion in cumulative trading volume. For a platform that only began early access in March 2026, opened its public beta in June, and rolled out full features in July, that adoption curve is steep.
On September 28, Ondo Perps expanded further by launching spot trading for 12 tokenized stocks and ETFs, including tickers like NVDAon, TSLAon, and SPYon. The platform waived trading fees for the first 30 days to encourage buy-and-hedge strategies among early adopters.
The regulatory play In August, Ondo Finance and Oasis Pro formally petitioned US regulators, making the case that cash-settled perpetual futures don’t require a new legal framework. Their argument: the existing securities law structure can accommodate these instruments if regulators are willing to interpret it that way.
The platform remains explicitly off-limits to US persons and users in certain other jurisdictions. That’s a compliance firewall Ondo has maintained from day one, and it’s unlikely to come down without clear regulatory blessing.
What this means for the tokenization race Ondo Finance’s broader ecosystem provides a structural advantage. The company’s existing infrastructure for tokenized securities gives Ondo Perps a collateral layer that competitors would need to build from scratch. Traders can pledge tokenized assets as margin, creating a capital-efficient loop between spot holdings and leveraged positions.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Ondo Finance a Kakaopay Securities podepsaly MOU o mezinárodní distribuci korejských akcií a společném vývoji tokenizační infrastruktury. Cílem je rozšířit přístup zahraničních investorů ke korejským cenným papírům.
Ondo Finance is partnering with Kakaopay Securities to facilitate the international distribution of exposure to Korean listed equities. As global investor interest in Korean companies continues to grow, the partnership is expected to expand the overseas investor base for Korean equities through the distribution network of the world's largest tokenized equity platform.
The companies signed an MOU at Kakaopay Securities' headquarters in Pangyo on September 28, with key executives from both organizations in attendance, including Chung Inyoung, Executive Vice President of Kakaopay Securities, and Matthieu de Vergnes, Managing Director, Global Head of Institutional at Ondo Finance.
Under the MOU, the companies agreed to pursue three areas of cooperation: building a framework for the international distribution of Korean listed equities, conducting joint research on tokenization infrastructure to support global distribution, and establishing a joint task force to explore business opportunities for overseas retail investors. Through this partnership, Ondo's global distribution capabilities and Kakaopay Securities' domestic equity infrastructure are expected to create synergies that support international growth.
As an initial step, the companies will establish a framework for sourcing and custodying the underlying Korean-listed shares that may serve as the basis for future tokenization. Kakaopay Securities will operate a foreign investor omnibus account to support the sourcing, custody, and administration of the underlying shares, while the companies will jointly research tokenization infrastructure, including token issuance and redemption processes and balance management and reconciliation mechanisms.
The companies will discuss whether and when to commercialize tokenized equity products based on applicable legal and regulatory considerations in domestic and international jurisdictions, supervisory guidance, and investor protection principles.
"Global demand for investment opportunities in Korean companies continues to grow rapidly, yet access channels for overseas retail investors remain limited," said Chung Inyoung, Executive Vice President of Kakaopay Securities. "By connecting the global distribution network of Ondo Finance, the world's largest tokenized equity platform, with Kakaopay Securities' domestic market infrastructure, our goal is to develop the international distribution of Korean equities into a service that works in practice."
"South Korea is one of the most sophisticated digital asset markets in the world, and a critical market for Ondo as we expand access to tokenized financial assets,” said Matthieu de Vergnes, Managing Director, Global Head of Institutional at Ondo Finance. "Together with Kakaopay Securities, we’re bringing tokenized equities and other real-world assets directly into the financial services people already trust and use every day."
As a follow-up to the MOU, the companies plan to establish a joint task force later this year to further develop operational frameworks for share sourcing and custody, and to advance research related to tokenized equity infrastructure.
Spot Trading Goes Live on Ondo Perps@OndoPerps has officially enabled spot trading for its Ondo Stocks suite, giving traders a single platform from which to execute basis trade strategies on tokenized real-world assets. The move marks the first time Ondo Stocks have traded on a permissionless central limit order book (CLOB).
The launch covers 12 tokenized assets, including $GLDON, $NVDAon, and $SPYON. Traders can now pair spot holdings with perpetual shorts to capture funding rates, using the underlying equity tokens directly as collateral, removing the need to convert positions into stablecoins or move capital across multiple venues.
Capital Efficiency and Unified Risk ManagementBy consolidating long exposure and short position management onto one CLOB, the platform reduces counterparty risk tied to cross-platform position management while improving overall capital efficiency.
The addition of spot trading on a CLOB deepens that infrastructure, giving traders a more complete set of tools within the same ecosystem.
Sources:
TheStreet Crypto: Ondo Perps launches as the first perp platform with tokenized stock collateral
The Block: Ondo Finance says tokenized stocks can now be used as collateral for perp trading
Ondo Finance Blog: Real 24/7 Trading for Tokenized Stocks
Ondo Finance spustila Intelligent Portfolios s partnery z BlackRocku, čímž rozšiřuje tokenizaci tradičních investic na blockchainu. ONDO mezitím vystoupal nad 0,55 USD.
ONDO, the native token of Ondo Finance, has attracted renewed market interest amid the expansion of the company’s tokenization platform and a series of new institutional partnerships. Ondo Finance is a blockchain-based protocol focused on bringing traditional investment products to onchain markets, targeting both retail and institutional investors.
BlackRock collaboration and institutional growthOn September 24, Ondo Finance unveiled its Intelligent Portfolios, introducing blockchain tokens that represent diversified investment portfolios. The underlying strategies powering these portfolios were developed in partnership with BlackRock, the world’s largest asset manager. This launch will enable eligible non-U.S. investors to gain access to BlackRock’s investment strategies through onchain products, further strengthening the connection between traditional finance and decentralized platforms.
The new offering forms a core part of Ondo’s ongoing institutional tokenization strategy. After previously focusing on tokenized U.S. Treasuries, Ondo now aims to broaden its suite of traditional assets available in blockchain form, making investment opportunities more accessible while also attracting larger institutional players.
Ondo’s growing presence in the real-world asset (RWA) sector has played a significant role in the project’s expanding ecosystem.
Mini dictionary: Real-world asset (RWA) tokenization refers to creating digital tokens on a blockchain that represent physical or traditional financial assets, such as bonds, real estate, or commodities. These tokens allow such assets to be traded and managed within blockchain networks.
Market analysis and price targetsCrypto analyst Giannis Andreou estimated that the RWA market is currently valued at $38 billion, with Ondo accounting for approximately 12% of this segment. Andreou argued that if the overall tokenized asset market continues to expand, potentially reaching $1 trillion or more, Ondo could benefit considerably as long as it retains its share.
The ONDO token has recently seen stronger trading activity, in line with its ecosystem advancements. The price rebounded in September, having traded below $0.35 at the start of the month, and subsequently climbed above $0.55. This movement signaled a breakout from a prolonged bullish flag pattern that had formed over several months.
Team LAMBO Charts described ONDO’s move above the upper trendline as a significant breakout, noting that holders had waited through months of consolidation to see this technical development.
According to Team LAMBO Charts, continued momentum may push ONDO toward $0.66 should the breakout remain intact. The $0.55 to $0.56 area has emerged as a key zone for monitoring, as further consolidation above this level would likely reinforce the bullish trend. Conversely, a drop below this region could weaken the technical setup in the short term.
Key SupportCurrent PriceBreakout Target$0.55-$0.56Above $0.55$0.66Short- and long-term outlookAndreou identified ONDO as a leading candidate to benefit from the overall growth in tokenized assets, tying its future prospects to continued expansion in the RWA space and Ondo’s ability to maintain its market presence. However, he emphasized that realizing these gains hinges on substantial growth and further adoption of tokenized products.
Team LAMBO Charts, meanwhile, is focused on the technical momentum and notes that ONDO’s recovery above key resistance levels could pave the way for further gains if the breakout holds.
Both analysts stress different drivers: Andreou looks to fundamental growth in tokenized real-world assets, while Team LAMBO Charts focuses on price action and technical strength.
With its recent launches and partnerships, Ondo Finance continues to bridge traditional investing and blockchain innovation. The recent addition of Intelligent Portfolios signals an ongoing push for institution-focused tokenization, potentially increasing market interest in the ONDO token.
Investors and traders are expected to closely follow whether ONDO sustains its position above the former trendline resistance. The interplay between growing institutional involvement and further real-world asset adoption could play a decisive role in ONDO’s price direction in the coming months.
Ondo Finance s BlackRock a Securitize navrhují tokenizované americké státní dluhopisy OUSG pro Sky, který chce do ekosystému přivést asi 1 miliardu USD v tokenizovaných aktivech. Cílem je posílit krytí sUSDS a diverzifikovat rezervy.
Ondo Finance, working alongside BlackRock (NYSE: BLK) and Securitize, (NYSE: SECZ) has put forward its tokenized US Treasuries product, OUSG, as a candidate for Sky’s Spark Tokenization Grand Prix. The initiative, run by the protocol formerly known as MakerDAO, seeks to bring roughly $1 billion in tokenized traditional assets into the Sky ecosystem.
The proposal positions OUSG as a way to diversify Sky’s real-world asset holdings and strengthen backing for sUSDS, the yield-bearing version of the USDS stablecoin.
Ondo framed the product as a practical bridge between crypto-native capital and institutional-grade Treasury exposure.OUSG is structured as an on-chain fund that tracks short-term US government securities.
At the time of the submission, a large share of its holdings sat in BlackRock’s BUIDL fund, the tokenized money-market vehicle administered by Securitize.
The partners said they were also exploring direct conversions between OUSG and BUIDL so Sky could move between the two products if both were approved.
Ondo highlighted several operational features.
Subscriptions and redemptions were designed to run around the clock, with daily capacity initially set at $25 million and slated to rise.
Interest was to accrue daily.
The product was available in rebasing and non-rebasing versions and already lived on more than one chain, including Ethereum and Solana.
2/ OUSG: Building with BlackRock
We are proud to collaborate with @BlackRock and @Securitize to submit the OUSG application to the Sky Ecosystem. OUSG is the first peer-to-peer transferable fund onchain and offers lower minimums & fees, instant investment & redemption 24/7, and…
— Ondo Finance (@Ondo) September 23, 2024
Fees were described as comparatively low, and minimums were lower than those attached to some purely institutional vehicles.
Carlos Domingo, co-founder and CEO of Securitize, said the joint application showed how a crypto-native issuer and traditional asset managers could work together.
He argued the combination of Ondo’s distribution and technical stack with BlackRock and Securitize’s infrastructure could deliver competitive yield and liquidity for Sky.
Nathan Allman, founder and CEO of Ondo, presented OUSG as a long-term partner product rather than a one-off allocation, emphasizing its potential role in making sUSDS a leading on-chain savings instrument.Ondo also pointed to its track record.
The firm described itself as one of the larger operators in on-chain real-world assets, with hundreds of millions of dollars already deployed across OUSG, the more accessible USDY product, and related infrastructure such as Flux Finance.
It argued that experience managing permissioned securities at scale would help Sky avoid early-stage operational friction.
The Grand Prix itself was an open process.
Multiple issuers submitted tokenized funds, credit products, and other instruments.
Sky’s goal was not simply to park idle reserves in Treasuries but to assemble a diversified, liquid portfolio that could support stablecoin issuance and generate yield without relying solely on crypto-native collateral.
Whether OUSG ultimately received an allocation depended on Sky governance.
The proposal nevertheless illustrated a broader pattern: traditional asset managers, specialized tokenization platforms, and DeFi protocols were beginning to treat one another as complementary rather than purely competitive.
OUSG wrapping a portion of BUIDL while offering easier access and 24/7 liquidity was a concrete example of that layering.
For Sky, the appeal was practical.
Tokenized Treasuries can provide a relatively stable yield sleeve, reduce reliance on volatile crypto collateral, and still remain usable inside DeFi systems that accept eligible tokens.
For Ondo, BlackRock, and Securitize, a large allocation from one of DeFi’s oldest and largest stablecoin protocols would have been a visible endorsement of their combined model.
The submission therefore sat at the intersection of two trends: the migration of short-duration government paper onto public blockchains, and the effort by established DeFi systems to professionalize their reserve management.
Quant vyskočil za posledních 24 hodin o více než 40 % poté, co britské banky poprvé provedly tokenizované vklady pomocí jeho technologie. Ondo přidal 32 % a Chainlink 12 %.
Leading projects in the Real World Asset (RWA) tokenization sector advanced sharply, fueled by sector growth and major industry developments. Quant (QNT) rose more than 40% in the past 24 hours, while Ondo and Chainlink (LINK) climbed 32% and 12%, respectively. Market analysts are turning their focus to forecasts and key technical levels for these tokens.
Quant jumps as UK banks trial tokenized depositsQuant, a blockchain interoperability project, saw its token rebound from $55.48 in August to reach $104.30 today. This rally followed news that UK banks, including Lloyds, Barclays, Monzo, and HSBC UK, executed their first tokenized deposits using Quant’s technology under the Great British Tokenized Deposit (GBTD) initiative.
As the move marked a milestone for digital asset infrastructure within traditional finance, Quant’s daily price chart showed the QNT token breaking above the key resistance point of $84.71. That level was last topped on May 16 this year. The token is nearing a golden cross pattern, often viewed as a bullish technical indicator when the 50-day and 200-day moving averages draw closer together.
Despite the bullish trend, technical indicators suggest caution. The Relative Strength Index (RSI) has reached 80, signaling the token is highly overbought. If a pullback occurs, the next key support lies at $84.70. A retest of this level, if sustained, could confirm a break-and-retest pattern, often interpreted as a bullish continuation signal by traders.
Quant’s latest surge coincided with the adoption of tokenized deposit technology by major UK banks, using Quant’s blockchain infrastructure to process the country’s first tokenized deposit transactions.
Mini dictionary: Golden cross, a bullish technical signal that occurs when a short-term moving average, usually 50-day, crosses above a long-term moving average, such as the 200-day average, indicating potential upward momentum in an asset’s price.
Token24h ChangeRecent LowCurrent HighResistance LevelQuant (QNT)+40%$55.48 (Aug)$104.30$84.71Ondo+32%Not statedAbove $0.4843$0.4843Chainlink (LINK)+12%$7.15Above $10.26$10.26Chainlink supported by rising demand for tokenized assetsChainlink, the largest oracle network in decentralized finance, also rebounded significantly from a low of $7.15 over the past few months. The increase tracks ongoing momentum in tokenized asset demand, with Chainlink’s infrastructure positioned at the center of data transfer in smart contracts.
Technical analysis shows the LINK token has formed a golden cross, after the 50-day moving average overtook the 200-day moving average. The price recently retested $10.26—its highest since May 10. Analysts indicate continued upside, with the next major target at $15 and longer-term potential to reach $20 if bullish momentum persists.
Market observers pointed to Chainlink’s technical setup, including the recent golden cross and support retest, as reasons to expect continued upside following the current rally in the tokenization sector.
Ondo rallies after SEC innovation exemption and BlackRock partnershipOndo token posted substantial gains this month, especially after the Securities and Exchange Commission (SEC) granted tokenization an innovation exemption. The project’s recent partnership with BlackRock, the world’s largest asset manager, further boosted investor sentiment.
Ondo’s price climbed above major resistance at $0.4843, first reached on May 9. Moving above this level reinforced a bullish outlook, indicating advancing momentum. Analysts note that the Average Directional Index (ADX), a measure of trend strength, is rising.
Mini dictionary: Ondo, a protocol for tokenizing real-world assets, enables institutional-grade digital assets by creating liquid, blockchain-based financial products closely tied to traditional market instruments.
However, the token’s strong rally left it in an overbought position, suggesting that a short-term correction could occur before any further gains.
NEAR Protocol umožňuje přes near.com nákup tokenizovaných akcií a ETF od Ondo prostřednictvím více než 30 blockchainových sítí. NEAR Intents zajišťuje směrování i vypořádání bez ručního bridgeování.
NEAR Protocol says eligible users can now request purchases of Ondo tokenized U.S. stocks and ETFs through near.com, paying with stablecoins or other supported crypto assets across more than 30 blockchain networks.
The mechanism behind it, NEAR Intents, handles routing and settlement in the background so users don’t have to manually bridge funds or juggle wallets across multiple chains.
That’s the headline mechanic. The caveat that matters just as much: these tokenized instruments give holders economic exposure to the referenced stocks and ETFs, not direct ownership of the underlying shares, and access is restricted by jurisdiction and eligibility screening rather than open to everyone globally.
Every https://t.co/sryybkRtlA launch removes one more thing you used to do somewhere else.
Today, we're partnering with @Ondo to bring tokenized US stocks and ETFs into https://t.co/sryybkRtlA, confidentially, with one account 🧵 pic.twitter.com/sPAYwmVx0E
— NEAR Protocol (@NEARProtocol) September 22, 2026
How Does NEAR Intents Work to Bring Ondo Stocks Cross-Chain? The user-facing flow is straightforward on paper. A user on near.com specifies what they want, say, exposure to a particular tokenized equity, and NEAR Intents is designed to coordinate the underlying conversion and delivery without the user manually switching networks or holding gas tokens on each one.
It’s worth clearly separating the two roles. The integration uses near.com as an access surface and routing infrastructure; Ondo remains the issuer responsible for the underlying tokenized products.
Anyone evaluating this integration alongside the broader regulatory landscape around tokenized-stock trading venues should keep that distinction in mind before assuming NEAR is the party standing behind the securities exposure.
What do the Ondo Stocks Represent? Ondo’s legal notice is explicit: Ondo Stocks provide holders with economic exposure to the value of the underlying assets, including dividends net of applicable tax withholdings, but the tokens are not stocks, ETFs, or ADRs. Holders don’t get rights to hold or receive the underlying securities the way a traditional shareholder would.
The tokens also haven’t been registered under the U.S. Securities Act of 1933, and per Ondo’s notice, they may not be offered or sold in the United States or to US persons unless registered or covered by an exemption.
Additional restrictions apply in jurisdictions including the United Kingdom, Switzerland and Singapore, where the products are limited to qualified investors or professional clients. Readers weighing these products against other tokenized-stock structures and the structural risks they carry should treat that ownership distinction as central, not a footnote.
(SOURCE: TradingView)
Cross-Chain Routing and Product Safeguards Beyond standard market hours, the platform may permit trading on select Ondo Stocks during an off-hours session – principally weekends and U.S. market holidays. Ondo’s notice warns that during those windows liquidity is typically lower, bid-ask spreads widen, trade sizes face conservative dynamic limits, and prices can diverge more sharply from the underlying security’s value once the primary market reopens.
Off-hours availability is set on a per-asset basis and is subject to change, with no guarantee it will be available for any given token at any particular time. That’s a meaningful detail for anyone thinking about tokenized access alongside the broader push toward stablecoin and tokenization frameworks taking shape in the U.S. and U.K.
DISCOVER: Top Solana Meme Coins to Buy in 2026
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Ondo Finance bylo po smrti zakladatele a CEO Nathana Allmana nabízeno potenciálním kupcům, ale spory o kontrolu firmy zřejmě prodej pozastavily. Společnost to popřela.
Ondo Finance was shopped to potential buyers after founder Nathan Allman’s death. (CoinDesk)Summary
Ondo Finance was shopped to prospective buyers after founder and CEO Nathan Allman’s death, according to people familiar with the matter.A legal fight over control of the company has likely put any sale plans on hold, one of the people said.Ondo offers tokenized Treasuries and stocks, with more than $3.8 billion across its products.Tokenization platform Ondo Finance was shopped to prospective buyers after the sudden death of its founder and CEO, Nathan Allman, earlier this year, according to three people with knowledge of the matter.
The outreach occurred sometime after Allman’s death on May 25, according to two of the people who spoke on condition of anonymity, as the matter is private.
But who, exactly, was behind the attempts to sell Ondo Finance remains unclear.
In early August, Allman’s estate filed suit against Ondo’s acting CEO Ian De Bode, alleging an unlawful power and money grab and sparking a bitter corporate control fight.
Nathan Allman died unexpectedly and without a will at 32, creating uncertainty over the fate of his controlling stake in Ondo Finance and his massive trove of ONDO tokens. After a probate process, his estate was awarded to his parents, 77-year-old Kathleen Allman and 82-year-old Lawrence Allman.
Under a current court order, De Bode remains Ondo’s CEO and can oversee day-to-day operations, but he cannot make major changes to the company while the dispute over its control is being resolved. A separate court petition by Allman’s half-sister and an Ondo investor sought to limit Kathleen’s control over her share of the estate. Kathleen Allman denied the petition’s allegations.
Read more: The Ondo Finance succession crisis gets messier as Kathleen Allman’s daughter alleges ‘dementia’, alcoholism, and reckless spending
The escalating legal fight for control of the firm has likely put any plans for a sale on hold, one of the people said.
An Ondo spokesman denied that the company was, at any point, looking for buyers, calling the talk of a potential sale “wholly untrue.”
“Nobody at the company has shopped it for sale, been in sales talks, or engaged or asked anyone to do so on its behalf. There are no facts to support this,” the spokesperson added.
The estate declined to comment.
Founded in 2021 by former Goldman Sachs executives, New York-based Ondo offers tokenized U.S. Treasuries and stocks and has more than $3.8 billion across its products, making it one of the largest platforms for real-world assets on blockchain. Ondo’s OUSG fund holds investments in BlackRock’s tokenized BUIDL fund.
Ondo did not disclose a valuation in either of its announced funding rounds, and CoinDesk was unable to determine what price was discussed during the sale talks.
The company has raised $24 million in equity funding: $4 million in 2021 and $20 million in 2022. A separate $10 million token sale brings publicly reported fundraising to $34 million. Ondo’s equity backers include Pantera Capital, Founders Fund, Coinbase Ventures and Tiger Global.
Ondo was shopped amid a wave of crypto dealmaking, including acquisitions aimed at expanding tokenized finance. Announced crypto mergers and acquisitions totaled $12.9 billion in the second quarter, the industry’s second-largest quarterly sum, according to Architect Partners.
The quarter’s biggest deal was Bullish’s $4.2 billion acquisition of transfer agent Equiniti, a bet on bringing traditional financial assets onto blockchain rails.
Bullish is the parent company of CoinDesk.
Read more: Power struggle erupts at Ondo Finance after founder’s death
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Ondo Finance spustila Ondo Intelligent Portfolios, jediný převoditelný on-chain token pro kvalifikované neamerické investory. První tři portfolio tokeny vznikly na strategiích BlackRocku pro Ondo.
According to official announcements, Ondo Finance has launched a new on-chain product category: "Ondo Intelligent Portfolios", presented as a single transferable on-chain token that grants non-US qualified investors access to professionally designed portfolio exposure via one single on-chain token. The three portfolio tokens launched today are all built on portfolio strategies custom-developed by BlackRock for Ondo, targeting three core investment needs: - BLKHIon: Ondo High Income Powered by BlackRock (high-yield strategy) - BLKDIGon: Ondo Diversified Growth Powered by BlackRock (diversified growth strategy) - BLKGRWon: Ondo High Growth Powered by BlackRock (high-growth strategy) Ondo Intelligent Portfolios will also unlock a suite of new capabilities, including an automatically executed rebalancing mechanism at the smart contract level, programmatically composable portfolios that integrate with the broader on-chain economy, and the ability to combine multiple asset classes within a single token. Holding these portfolio tokens provides economic exposure to the portfolio’s underlying asset basket. Each portfolio token is issued by Ondo Global Markets and tokenized by Ondo Finance. Investors only need to mint or redeem the single token to hold a basket of weighted tokenized assets, eliminating the need to individually purchase, weight, or rebalance separate positions. Holdings, weights, and every rebalancing event are visible in real time on-chain, and the tokens can be freely transferred peer-to-peer between wallets, trading platforms, and DeFi protocols. Ondo plans to continuously expand this product line going forward, rolling out additional on-chain portfolio products.
Ondo spouští Ondo Private Client pro své největší klienty na Ondo Stock. Do programu se lze dostat při držbě alespoň 1 mil. USD v oprávněných aktivech nebo při objemu spotového obchodování 1 mil. USD za 30 dní.
Ondo Launches Private Client Program for High-Volume Traders@Ondo has introduced Ondo Private Client, a tiered loyalty program for its largest users on the Ondo Stocks platform. Membership requires holding at least $1M in eligible assets or generating $1M in spot trading volume over a rolling 30-day period, and is subject to verification, applicable terms, and jurisdictional restrictions. Ondo Stocks is not available to US persons. There is no application process and no fee to join.
The program runs across three tiers: Platinum, Diamond, and Obsidian, each offering progressively greater access to services. Benefits can include a dedicated relationship manager, early access to new features, and invitations to select events, though availability varies by tier, jurisdiction, and capacity. The top-tier Obsidian level is reserved for users with more than $25M in assets held or more than $50M traded.
Ondo Stocks: Context and Platform Developments@Ondo describes Ondo Stocks as the leading platform for tokenized U.S. stocks and ETFs. The platform currently holds more than $1.17 billion in total value locked and lists 450+ assets. Eligible investors outside the U.S. can gain exposure to hundreds of U.S. publicly traded securities, including stocks and ETFs, as well as certain ETFs based on commodities.
On the infrastructure side, Ondo Stocks has expanded its primary market options. The platform now supports in-kind conversion between underlying shares and tokenized stocks and ETFs for approved institutions, a route launched in partnership with Alpaca, sitting alongside its existing cash-funded flow. The conversions are currently available on Ethereum and BNB Chain.
Separately, Ondo's broker-dealer Oasis Pro joined DTCC's Fund/SERV network, a move designed to streamline fund distribution for the platform.
On the regulatory front, the SEC approved a temporary, conditional exemption on September 17, 2026, known as the Innovation Exemption, to allow limited trading of tokenized stocks on Tokenized Securities Venues (TSVs). The exemption creates a temporary framework that allows certain tokenized NMS securities listed on U.S. national securities exchanges to trade onchain through automated market makers on TSVs. However, the relief applies to tokenized stocks that carry full shareholder rights. Ondo Stocks, per Ondo's own disclosures, provide economic exposure only and do not give holders rights to the underlying shares, meaning the platform as currently structured would not qualify under the exemption.
Sources:
Ondo Finance Docs: Ondo Private Client
Ondo Finance: Ondo Stocks Platform
SEC: Innovation Exemption Press Release
PR Newswire: Ondo Finance Launches In-Kind Conversion
Ondo se dostalo na 1. místo v tokenizovaných Treasuries i tokenizovaných akciích a ETF podle celkové hodnoty. V celém trhu RWA je druhé s aktivy za 3,66 mld. USD proti 4,74 mld. USD u Securitize.
Ondo Climbs to the Top of Two RWA Categories@Ondo has secured the number one position in both tokenized Treasuries and tokenized stocks and ETFs by total value, marking a significant milestone for the platform in the fast-growing real-world asset sector. Measured across all RWA categories, Ondo sits second among tokenization platforms overall, with $3.66B in assets against Securitize's $4.74B, according to rwa.xyz data.
The platform's position in tokenized equities reflects rapid product expansion. Ondo Global Markets launched in early 2026 with over 100 tokenized US stocks and ETFs, covering names such as Apple, NVIDIA, Tesla, and index funds including QQQ and SPY, with plans to scale the offering further. Tokens carry the platform's distinct "-on" suffix, such as NVDAon and TSLAon, and are priced in USD.
On the Treasury side, Ondo's product suite includes OUSG, an institutional tokenized Treasury fund backed primarily by BlackRock's BUIDL money market fund, and USDY, a permissionless yield-bearing token backed by short-term US Treasuries. Ondo Global Markets crossed $1B in May 2026 and holds more than 70% market share of tokenized-stock volume, according to rwa.xyz figures cited by Chainstack.
Holder Growth Climbs, Transfer Volume SoftensOn-chain user metrics show strong adoption momentum. Holders grew more than 20% over the past 30 days to nearly 487,000. Monthly transfer volume, however, dipped around 10% to $1.63B, suggesting some cooling in short-term trading activity even as the holder base continues to expand.
Ondo's broader regulatory position has also strengthened in 2026. The SEC formally closed its two-year investigation into Ondo in December 2025 with zero charges, and in July 2026 its SEC-registered broker-dealer Oasis Pro Markets secured FINRA authorization to offer tokenized equities and funds to US investors. That clearance opens a compliant path into one of the world's largest retail investment markets.
Securitize remains the largest tokenization platform overall. RWA.xyz tracked approximately $39.2B of distributed tokenized real-world assets as of September 8, 2026, with Securitize leading at around $5.04B. Ondo's ability to close that gap while simultaneously topping two distinct product categories positions it as the platform to watch as institutional and retail demand for on-chain real-world assets continues to grow.
Sources:
Chainstack: Top RWA Tokenization Platforms in 2026
MetaMask: RWA Categories in 2026
Bitcoin Foundation: Best RWA Tokenization Platforms 2026
Ondo Stocks je nyní dostupný na near.com a přes NEAR Intents, kde uživatelé získají přístup k tokenizovaným americkým akciím, ETF a komoditám. Spuštění začíná s 20 aktivy.
Ondo Stocks, the largest tokenized securities platform globally with $1B+ in TVL and tens of thousands of asset holders driving $26B+ in trading volume, is now live on near.com and NEAR Intents. Starting with 20 assets, near.com users can access tokenized U.S. stocks, ETFs, and commodity-linked products directly from their account.
NEAR's Ecosystem Brings Tokenized Stocks to 30+ Blockchains near.com is a crypto account that enables users to hold, swap, earn, and pay across more than 30 networks, all from one place and with no bank or brokerage in between. It’s built on NEAR Intents, NEAR's cross-chain execution layer, which enables transaction activity to be kept confidential. Transactions can be settled on a NEAR private shard without being linked to a user’s identity.
With this integration, eligible near.com users in supported jurisdictions can access tokenized exposure to U.S. equities and ETFs, including leading companies such as Tesla, NVIDIA, Apple, Microsoft, and Amazon; broad-market ETFs like QQQ; and commodities exposure through tokenized precious metals ETFs such as SLV (silver) and IAU (gold). The same assets are available through NEAR Intents, which routes them to any wallet, app, or chain connected to the network. near.com is the first surface. NEAR Intents is the cross-chain distribution layer.
Expanding Global Access to Ondo Stocks Ondo tokenized stocks are already live across Solana, Ethereum, and BNB Chain, and supported by a growing network of wallets, exchanges, custodians, and protocols. The near.com integration adds another major distribution channel to this ecosystem, with its solver-based approach routing users from near.com directly to Ondo Stocks assets across multiple chains in a single flow. As more ecosystems integrate Ondo Stocks through NEAR Intents and direct wallet support, tokenized U.S. markets become accessible to a wider global audience with fewer barriers than ever before.
Ondo Stocks spustily fyzickou konverzi mezi podkladovými akciemi, tokenizovanými akciemi a ETF přes Alpaca ITN. Funkce je zatím dostupná jen schváleným institucím na Ethereum a BNB Chain.
According to official announcements, Ondo has announced that Ondo Stocks now supports physical conversion between underlying stocks, tokenized stocks, and ETFs, and has added a primary market issuance channel via Alpaca’s Instant Tokenization Network (ITN). Qualified institutions can use their existing stock assets to mint corresponding Ondo Stocks tokens, or redeem tokens to receive the underlying stocks. Specifically, after an institution initiates minting, its held underlying stocks are transferred via internal bookkeeping from an Alpaca account to Ondo’s Alpaca account, after which the corresponding tokens are issued on supported blockchains; the redemption process follows the reverse steps. This mechanism eliminates the need for manual approval for each transaction, making it easier for institutions to convert between traditional stock assets and on-chain tokenized assets, and is expected to boost secondary market liquidity for Ondo Stocks and narrow bid-ask spreads. Currently, this feature is only available to institutions approved by Alpaca, and is not a universal function of Ondo Stocks. Participating institutions must hold valid accounts with both Ondo and Alpaca, and complete the relevant onboarding and approval processes; the conversion function is now live on Ethereum and BNB Chain.
Oasis Pro Markets od Ondo Finance se stala první tokenizační firmou na platformě DTCC Fund/SERV. ONDO zároveň sleduje průlom z několikaměsíční býčí vlajky.
ONDO, the native token of Ondo Finance, is approaching a potentially critical technical stage after consolidating in a bull flag pattern for several months. Analysts and traders are watching closely for signs of a breakout, while Ondo continues to expand its tokenization infrastructure and integrations with traditional finance.
Technical setup draws trader attentionCrypto market analyst Crypto Scient identified ONDO as one of the more overlooked projects, noting that its price chart has formed a bull flag over approximately three and a half months. A bull flag is a technical pattern often associated with a pause before further price movement in the direction of the preceding trend.
ONDO recently dropped below the lower trendline of this flag formation, but quickly recovered back into the pattern. Crypto Scient pointed to $1 as a potential target in the fourth quarter, though emphasized that this was not a formal forecast. As of the most recent daily close, ONDO traded at around $0.372, according to CoinGecko data. A move to $1 would represent a significant increase if achieved in the coming months.
Crypto Scient described ONDO as “one of the more overlooked charts,” highlighting the multi-month bull flag pattern and the recent deviation followed by a recovery.
For technical momentum to gain credibility, traders are watching whether ONDO can reclaim and sustain movement above the upper boundary of the consolidation zone, supported by higher trading volumes. If ONDO fails to break out, the token could continue to trade within its established range.
Ondo Finance links tokenized assets to traditional platformsAlongside the technical setup, Ondo Finance’s subsidiary, Oasis Pro Markets, has made headway in connecting blockchain tokenization to established finance. On September 16, Ondo Finance revealed Oasis Pro Markets joined DTCC’s Fund/SERV platform, becoming the first tokenization company to do so.
The Depository Trust & Clearing Corporation (DTCC) is a leading post-trade financial services firm in the United States. Its Fund/SERV platform processes and settles transactions for mutual funds and other pooled investment products, handling over 85% of U.S. mutual fund activity.
Through Fund/SERV, Oasis Pro Markets can facilitate transactions with a wide range of fund companies, wealth management platforms, and service providers, providing a standardized link for asset tokenization products within legacy finance infrastructure.
The integration covers confirmation of transactions, account-level management, reconciliation, fund allocations, tax reporting, and regulatory compliance, allowing tokenized funds to operate within familiar financial frameworks.
Mini dictionary: DTCC (Depository Trust & Clearing Corporation) is a major provider of post-trade settlement, custody, and clearing for financial assets in the US. Its Fund/SERV platform is a centralized system used by investment companies and brokerages to process transactions in mutual funds efficiently.
Ondo Finance, established as a platform for tokenizing real-world assets, continues to grow its ecosystem. The company currently reports more than 450 assets on its platform, approximately 221,200 unique holders, and $1.05 billion in total value locked.
Growth in tokenized equities and regulatory progressOndo has also expanded into tokenized equities. In June, the platform enabled 24-hour minting and redemption of select tokenized US stocks and exchange-traded funds on Ethereum, BNB Chain, and Solana.
Oasis Pro Markets secured additional regulatory approvals from US authorities in July, which Ondo stated will facilitate the listing of tokenized equities and funds regulated by the SEC and FINRA. This framework extends access to NMS stocks, mutual funds, and index funds, along with both primary and secondary market activities.
These developments highlight two main factors shaping the future of ONDO’s price: the technical pattern currently under close watch by traders, and ongoing advancements in the company’s core infrastructure for asset tokenization.
AspectDetailsCurrent ONDO price$0.372 (as of September 17)Analyst target$1 in Q4Total assets listed450+Unique holders221,200Total value locked$1.05 billionNew integrationDTCC Fund/SERV via Oasis Pro MarketsThe coming weeks will determine whether ONDO can break out of its multi-month consolidation range. While traders focus on the technical pattern, broader factors such as integration with DTCC Fund/SERV and the expansion in tokenized funds may also influence market interest in the project.
While ONDO’s price technicals are being closely watched in the short term, its new connections to traditional financial market infrastructure may have long-term implications for its ecosystem.
V Ondo Finance se vyostřil spor o kontrolu po smrti zakladatele Nathana Allmana bez závěti. Rodina se nyní přela i o způsobilost Kathleen Allmanové a její podíl v pozůstalosti.
A legal battle over control of Ondo Finance has intensified after founder Nathan Allman died without a will, leaving his parents to inherit an estate that includes a controlling equity stake and a large holding of ONDO tokens.Allman’s mother, Kathleen Allman, sued acting CEO Ian De Bode over an alleged attempt to seize corporate control and secure a compensation package worth about $11 million.Allman’s half-sister and Ondo investor David Chen are seeking a limited conservatorship over Kathleen Allman’s share of the estate, alleging cognitive impairment and financial mismanagement, claims she denies.The succession crisis at Ondo Finance in the wake of its young founder Nathan Allman’s recent death is getting messier, as Allman’s family wages a legal battle against acting CEO Ian De Bode, and now, against each other.
Allman’s half-sister, Dr. Lani Clinton, and Ondo investor David Chen have petitioned a Hawaiian court to establish a limited conservatorship over Clinton’s 77-year-old mother Kathleen Allman’s share of the Ondo Founder’s estate, which includes a “controlling equity interest in Ondo Finance” and a “very large holding of ONDO tokens” including unlocked tokens and tokens that will unlock over the next three years.
In a Sept. 16 filing, Kathy Allman accused the defendants of forum-shopping after failing to remove her from Ondo’s board or curb its authority. She alleged that De Bode and Chen coordinated to replace her with a more sympathetic fiduciary and delay the Delaware proceedings, noting that Chen is funding a separate Hawaii petition, shares De Bode’s counsel and relied on sealed materials from the Delaware case.
The filing also said the Delaware court had already rejected De Bode’s argument that Kathy and Tahnee Towill were unfit to serve as directors.
Nathan Allman died suddenly and without a will at age 32 in May, leaving his estate — including his stake in Ondo Finance — in limbo. A probate court subsequently named his parents, Kathleen Allman and Lawrence Allman, his inheritors.
In the wake of Allman’s death, De Bode took the helm at Ondo. Shortly after De Bode’s ascension to acting CEO, Allman’s mother appointed herself and another of her children, Tahnee Towill, to Ondo’s board, named herself chair and interim CEO, and attempted to remove him from all company positions (he remains acting CEO and a member of Ondo’s board as of a Sept. 3 court order).
Ondo Finance declined to comment, and CoinDesk’s call to De Bode went unanswered.
Kathleen Allman subsequently filed suit against De Bode, accusing him of a “brazen usurpation of corporate control” and alleging that he began plotting a new $11 million compensation package within a week of Allman’s death. Her suit seeks to establish that De Bode and Chen, an early Ondo backer who De Bode sought to appoint to the board, were not validly appointed, that the disputed compensation awards are void, and seeks damages for alleged breaches of fiduciary duties.
De Bode’s compensation package included a $900,000 annual salary and bonus, a $1 million signing bonus and 26 million restricted token units valued at more than $9 million, Allman’s complaint said. The package also included awards covering 846,000 shares that would have increased his stake from 0.33% to 8%, or roughly 24-fold. Vesting was set to begin May 25, the day after Allman died.
“The writers of Game of Thrones could not have scripted Ian’s usurpation of power any better,” the estate said in its complaint.
But the new court filings call Kathleen Allman’s competency into question. Dr. Clinton, a professor of medicine at Duke University, told the judge that her mother “suffers from a long-standing alcohol use disorder and from a progressive impairment of executive function, judgment, insight and social cognition, which renders her unable to manage property and business affairs of this character and magnitude.”
In a statement to CoinDesk provided by her lawyers, Kathleen Allman denied the allegations in the petition, calling them baseless, and adding: “The petition in Hawaii has been filed by an associate of Mr. De Bode as a desperate next step after his attempts to wrest control of Ondo and wrongly enrich himself were declared invalid by the Delaware Court of Chancery. We are confident that this latest action will similarly fail. Kathleen has prioritized good governance from day one and will continue to focus on supporting the long-term success of Ondo while upholding the vision and values of her son Nate Allman.”
In addition to claiming her mother has a decades-long history of “consum[ing] alcohol at pathological levels,” Dr. Clinton asked that the court review her mother’s medical records and evaluate her for dementia, claiming in the court documents that a pattern of behavior over recent years was consistent with the “behavioral variant of frontotemporal dementia.”
In her filing, Dr. Clinton claimed to have been estranged from her mother since 2022 after an incident during a family vacation when Kathleen Allman allegedly told Dr. Clinton’s young children, aged 10, six and two, that “they were worthless, that she should have aborted all of them, and that she might be fortunate if they drowned in the ocean during the visit.” Afterwards, Kathleen Allman denied saying anything of the kind, according to the filing.
The court filings also hint at a pattern of lavish spending, claiming that Kathleen Allman “came to depend on [Allman] for…a scale of living her own resources had never supported.” In June 2025, according to court documents, Allman bought his parents a beachfront home in Honolulu for $18.5 million.
“Petitioners note also that despite substantial earnings [Kathleen Allman] has a history of financial strain, including an occasion on which she could not meet a single month’s mortgage payment and borrowed from her own mother,” lawyers for Dr. Clinton and Chen wrote in their filing.
Before Allman’s death, the filings claim, Kathleen Allman “purchased or attempted to purchase a Zeelander yacht in Florida at a price on the order of $4 million; traveled by private aircraft, including a request that [Ondo Finance] bear a six-figure cost of a flight from Hawaii to California, and lodged at approximately $4,000 per night.”
Nine days after her son’s death, according to filings, Kathleen Allman texted Chen saying: “Hi, I feel confident everything will sort, in time. But my #1 concern is cash flow, liquidity! Soon! Like I have a 200K invoice from people building pool in Newport. I really want to get that…boat, etc.”
Read more: Power struggle erupts at Ondo Finance after founder’s death
UPDATE (Sept. 17 23:10 UTC): Updates story with additional detail about the Sept. 16 filing made by the estate.
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
SEC zavedla dočasnou výjimku „Innovation Exemption“ pro obchodování tokenizovaných akcií na blockchainu, což podpořilo ONDO. Token Ondo Finance za 24 hodin vzrostl o 13,48 %.
ONDO surged in value following a decision by the US Securities and Exchange Commission (SEC) to introduce an “Innovation Exemption,” granting temporary relief for certain venues trading tokenized stocks on the blockchain. This measure aligns with Ondo Finance’s ongoing mission to bring traditional securities into the blockchain ecosystem.
SEC introduces temporary framework for tokenized equitiesThe SEC’s Innovation Exemption paves the way for qualified Tokenized Securities Venues (TSVs) to facilitate trading of tokenized National Market System stocks. To be eligible, these platforms must use permissioned automated market makers and liquidity pools, adhere to strict conditions, and allow challenges to the listing of securities.
This exemption is both temporary and conditional. The SEC emphasized that holders of these tokenized stocks must enjoy the same rights and privileges as owners of their traditional counterparts. However, products that solely track the price of a stock, without representing direct ownership, remain excluded from the framework.
SEC Commissioner Mark Uyeda stated that the initiative is designed to let regulators observe the development of blockchain-based securities markets. The agency said it would use this period to further examine and refine its regulatory approach.
The framework allows regulated blockchain trading of select US stocks while the SEC evaluates its regulatory stance, offering a path forward for securities tokenization.
This move has sparked optimism across the tokenization industry, as it represents the first formal regulatory blueprint for blockchain-based securities marketplaces in the United States.
Mini dictionary: Ondo Finance is a company specializing in bringing real-world assets and securities, such as stocks and bonds, onto public blockchains using tokenization protocols.
ONDO rallies, technical analysis highlights resistance targetsOn the news, ONDO—the native token of Ondo Finance—rose sharply, gaining 13.48% over the last 24 hours to trade at $0.3747. The 24-hour trading volume reached approximately $384.07 million, with a market capitalization near $1.81 billion.
MetricValueCurrent price$0.374724h Volume$384.07 millionMarket Cap$1.81 billion24h Gain13.48%Technical analyst Crypto With Gopal noted a rectangle pattern forming on ONDO’s four-hour chart. At $0.353, ONDO faces resistance at $0.425 and has support at $0.320. If the price closes above the resistance, the token could target $0.55. A drop below $0.320, however, could undermine the bullish setup.
On the indicators front, ONDO’s price currently sits at $0.36813, well above the middle Bollinger Band at $0.35559 and below the upper band at $0.38517. This suggests bullish momentum, though the MACD indicator remains below zero at -0.00230, signaling ongoing bearish pressure.
If ONDO holds above $0.425, the technical setup favors a rally toward $0.55, but losing $0.320 support would threaten the uptrend.
Industry outlook and Ondo’s regulatory positionOndo Finance, which has developed a tokenized stock infrastructure and maintains regulatory registrations via Oasis Pro Markets, stands to benefit if the SEC permanently expands its guidelines. However, the SEC’s move remains temporary and subject to revision pending industry and public feedback.
The exemption presents new challenges and opportunities for both Ondo and the wider securities tokenization market, as participants await further regulatory clarification in the coming months.
Ondo Finance uvedla, že její plány se po neúspěchu CLARITY Act v Senátu nemění. Firma pokračuje v regulované tokenizaci, partnerstvích i globální expanzi.
Senate Blocks CLARITY Act in 49-50 Cloture Vote@Ondo Finance says its business plans are unchanged after the U.S. Senate failed to advance the Digital Asset Market Clarity Act.
Ondo Presses Ahead With Regulated Tokenization StrategyIn a statement following the vote, @Ondo said its product roadmap, partnerships, and global expansion will continue as planned. The firm argued that legislation would provide more durable regulatory certainty, but that progress can continue under existing law: the SEC and CFTC retain substantial authority to advance tokenization and digital asset markets, and Ondo said it will keep working constructively with both agencies.
That confidence rests on the regulated infrastructure Ondo built through its acquisition of Oasis Pro.
Ondo's message after the Senate vote was direct: the future of finance will not hinge on a single vote.
Sources:
CNBC: Senate cloture vote on Clarity Act fails
Ondo Finance: Ondo Completes Acquisition of Oasis Pro (Official Blog)
Ledger Insights: Ondo Finance acquires Oasis Pro to expand US tokenization capabilities
Oasis Pro Markets, dceřiná společnost Ondo Finance, se stala první tokenizační platformou napojenou na síť DTCC Fund/SERV. Ta zpracovává přes 85 % objemu transakcí amerických podílových fondů.
@Ondo Finance has reached a landmark moment in the real-world asset (RWA) tokenization space. Its subsidiary Oasis Pro Markets has become the first tokenization platform to onboard to the DTCC's Fund/SERV network, a system that sits at the heart of U.S. mutual fund infrastructure.
What Is Fund/SERV and Why Does It Matter? The network handles over 85% of U.S. mutual fund transaction volume, making it one of the most significant pieces of post-trade plumbing in American finance.
By connecting to Fund/SERV, Oasis Pro Markets gives fund companies and wealth platforms a single, standardized interface for engaging with tokenized assets. That replaces the previous patchwork of fragmented, fund-by-fund connectivity that has long been a friction point for institutional adoption of tokenized securities.
A Regulatory Foundation Already in Place The Fund/SERV onboarding does not come out of nowhere.
Ondo's relationship with DTCC infrastructure runs deeper still.
For the broader RWA tokenization narrative, the Fund/SERV integration represents a concrete step beyond pilot programs and working groups. Bringing tokenized assets into a network that already processes the majority of U.S. mutual fund transactions signals that the infrastructure gap between traditional finance and on-chain markets is beginning to close in a meaningful way.
Sources:
Ondo Finance: Oasis Pro Markets Secures FINRA Authorizations
DTCC Fund Solutions Overview
Yahoo Finance: Ondo Finance's Oasis Pro Markets Secures FINRA Authorizations
Bitget Wallet od 15. září zařadí tokenizované americké akcie a ETF od Reality, čímž rozšíří nabídku o třetího emitenta vedle Ondo a xStocks. Nové rTokens poběží na Arbitrum a Morph a pokryjí více než 1 700 aktiv.
The self-custodial wallet lists rTokens on Arbitrum and Morph from Sept. 15. Reality is part of the Bitget ecosystem.
Bitget Wallet will list tokenized U.S. stocks and exchange-traded funds issued by Reality from Sept. 15, adding a third tokenized-equity issuer to a wallet that already carries Ondo and xStocks. Reality is part of the Bitget ecosystem, so the wallet is distributing an asset its own group issues.
The tokens, called rTokens, go live on Arbitrum and Morph. Bitget Wallet puts its user base at more than 100 million, which would make the listing one of the widest retail distribution channels yet for tokenized equities.
Seventeen HundredThe integration brings more than 1,700 tokenized stocks and ETFs, according to the release.
"Most users globally have had no viable path to U.S. equity exposure, not because of lack of demand, but because the infrastructure was either inaccessible or required giving up custody," said Alvin Kan, chief operating officer of Bitget Wallet. "Reality's model is different: real shares, real liquidity, real dividends, and users keep control of their keys throughout."
Shares At AlpacaEach rToken is backed one-to-one by U.S. shares held at Alpaca Securities, a FINRA-registered, SIPC-member broker-dealer, with reserves attested daily by The Network Firm. During U.S. market hours, Reality routes orders to Nasdaq and NYSE liquidity rather than to onchain pools alone. Available assets include rNVDA, rTSLA, rAAPL, rAMZN, rSPY and rQQQ.
The release calls Reality a regulated tokenized asset issuance protocol. Reality's own site says rTokens are unregistered securities made available only to eligible non-U.S. persons in permitted jurisdictions. Bitget's enterprise page lists licences in South Africa, New Zealand and El Salvador. The rToken FAQ says the product is generally not available to U.S. persons.
Dividends After WithholdingEligible dividends are distributed to wallets in stablecoins, the release says. Bitget's rToken FAQ says cash dividends are credited after a 30% tax deduction and automatically converted to USDT. Corporate actions such as stock splits are reflected automatically. All rTokens trade 24 hours a day, five days a week, and 90 of them trade on weekends as well. rTokens are composable in DeFi applications and can be used as collateral.
"Through an open API, wallets, exchanges and protocols can connect directly to rToken liquidity and bring US equity exposure to their users without building the underlying infrastructure from scratch," said Alice Li, head of Reality. "That is how tokenized equities start to scale beyond individual platforms."
Ondo took its catalog past 430 assets across three chains and supplies Trust Wallet's tokenized stock offering. Tokenized stocks hit records across every major venue as the sector reached $2.3 billion.
Bitget was among the venues that cancelled tokenized SpaceX allocations after xStocks failed to deliver the underlying shares.
BGB, the Bitget platform token, traded at $1.93 on Sept. 14, down 1.3% over 24 hours and 3.6% over seven days, with a market value near $1.35 billion, according to CoinGecko. The announcement was not public at the time.
You can now swap Ondo Stocks on Solana through 1inch, gaining onchain exposure to assets linked to Apple, Tesla, Nvidia and hundreds of other US stocks and ETFs.
Want exposure to major global stocks without leaving Solana? Ondo’s tokenized equities and ETFs are now available through 1inch on the network, bringing hundreds of tokenized real-world assets into the same swap flow as crypto-native tokens.
The expansion marks another milestone for RWAs on 1inch. Ondo Stocks were already accessible through 1inch on EVM networks. Solana is the first non-EVM chain where you can access them through 1inch, with swaps filled by Tokka Labs, an independent resolver.
Ondo Stocks launched on Solana in January 2026 with more than 200 tokenized versions of US stocks and ETFs, with more than 440 now available. The selection has continued to expand and includes assets linked to major companies such as Apple, Tesla and Nvidia, as well as broad-market, sector and commodity-linked ETFs.
Each tokenized stock or ETF is backed by the corresponding traditional security held through its infrastructure. That gives eligible users blockchain-based exposure to familiar financial assets while keeping the tokens transferable onchain.
Now those assets can also be swapped through 1inch.
The integration extends the existing relationship between 1inch and Ondo. Ondo tokenized stocks and ETFs have already generated trading activity through 1inch, while Ondo’s tokenized Treasury product USDY is also available via 1inch.
Why Solana matters for tokenized stocksSolana has developed into a substantial RWA ecosystem in its own right.
As of August 21, 2026, rwa.xyz tracks $3.86 bln in RWA value on Solana, up 10.3% over the previous 30 days, with around 345,000 holders.
At the same time, tokenized stocks are one of the fastest-growing RWA categories. Across chains, rwa.xyz tracks $2.46 bln in tokenized-stock value, $25.5 bln in monthly transfer volume - up 229% in 30 days - and 1.71 mln holders, more than doubling over the same period.
Ondo Stocks leads that market. As of the same date, rwa.xyz lists it as the largest tokenized-stock issuer, with $3.62B across 441 assets.
Bringing that asset selection to Solana through 1inch connects two rapidly expanding parts of the on-chain economy: tokenized stocks and one of crypto’s most active networks.
The first non-EVM Ondo integration on 1inchUntil now, Ondo assets available through 1inch were accessed on EVM-compatible networks.
Solana changes that. It is the first non-EVM network where Ondo tokenized stocks and ETFs are accessible through 1inch. That matters technically because Solana has a different architecture from Ethereum and other EVM chains, so execution cannot simply reuse the same infrastructure.
For this integration, swaps are filled by Tokka Labs. When an eligible user requests an Ondo tokenized stock or ETF on Solana through 1inch, Tokka Labs acts as the independent resolver filling the order.
For the user, however, the experience remains familiar: select the assets, review the quote and confirm the trade through 1inch.
What can you swap?Ondo Stocks’ Solana offering covers a broad range of traditional market exposure.
Eligible users can access tokenized representations linked to individual US companies, including well-known names such as Apple, Tesla and Nvidia, alongside ETFs covering broader markets, individual sectors and commodities.
The tokens are not shares issued directly by the underlying companies. They are tokenized products issued by Ondo and subject to Ondo’s terms, eligibility requirements and redemption framework.
That distinction is important. Tokenization puts the exposure on-chain, but the issuer remains responsible for the product structure and backing.
Why access through 1inch?Tokenizing an asset is only the first step. It also needs a way to be swapped on-chain.
1inch brings Ondo Stock’ Solana assets into the same interface used for other token swaps. For eligible users, supported Ondo assets sit in the same on-chain swap flow as any other token.
This builds on 1inch’s broader expansion into RWAs. Ondo RWAs on 1inch have already demonstrated demand for tokenized stocks, while the addition of Solana gives users another network on which to access them.
It also extends the role of 1inch on Solana. 1inch launched Solana swaps in 2025, bringing its intent-based swap infrastructure to the network. Ondo tokenized stocks add a new asset class to that swap experience.
How to swap Ondo tokenized stocks on Solana through 1inchAccessing supported Ondo assets takes a few steps:
Open the 1inch dApp.Connect a compatible wallet.Select Solana as the network.Search for the supported Ondo tokenized stock or ETF you want to receive.Select the token you want to swap from.Review the rate and transaction details.Confirm the swap.As with other tokenized assets, availability depends on eligibility and jurisdiction. Ondo tokenized stocks and ETFs are not available to US users and may be subject to restrictions in other jurisdictions. Liquidity and trading conditions can also vary between individual assets.
More traditional markets, more on-chain choiceTokenized stocks have moved quickly from a niche RWA experiment to one of the sector’s fastest-growing categories. Ondo has played a major role in that expansion, building a catalog that now spans hundreds of tokenized stocks and ETFs.
Making those assets accessible through 1inch on Solana extends that market beyond EVM chains and gives eligible users another way to move between crypto-native assets and tokenized traditional markets.
Tokenized stocks and ETFs linked to Apple, Tesla, Nvidia and hundreds of other names are now part of the Solana swap experience on 1inch.
Explore RWAs on 1inch.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, legal or tax advice. 1inch does not issue or manage the tokenized assets described above. Ondo tokenized stocks and ETFs are issued by third parties and are subject to issuer terms, eligibility requirements and jurisdictional restrictions. They are not available to US users and may be unavailable in other jurisdictions. Availability, liquidity and market conditions can change. 1inch makes no representation or warranty as to the composition, backing, redemption or performance of these tokens. Digital assets involve risk, including possible loss of value. Access is subject to applicable law and the restrictions set out in the 1inch Terms of Use.
Ondo Finance is pulling back USDY issuance from two of its supported networks. Ondo will discontinue minting USDY on Aptos and Noble effective September 8, 2026. The update does not affect USDY on other supported networks.
Why Osmosis and Mantra Holders Are Also AffectedThe change extends beyond Aptos and Noble directly. Because USDY on Osmosis and Mantra is bridged from Noble via IBC (Inter-Blockchain Communication), holders on those networks are caught up in the transition as well. Ondo has confirmed that USDY will remain fully backed throughout the process, and that all affected holders will have a clear path to either migrate or exit.
What Holders Need to DoThe options available depend on the size of a holder's position. Holders with at least 1,000 USDY can bridge to another supported network or redeem directly with Ondo at net asset value (NAV). That migration and redemption window stays open until September 8, 2027, giving larger holders a full year to act.
Holders with less than 1,000 USDY have a shorter runway. They can use third-party market liquidity to exit during a transition period that closes on December 7, 2026. Osmosis and Mantra holders have an additional route available: they can bridge their USDY back to Noble first, then follow whichever redemption or exit path applies to their position size.
The key point is that this is a change to where USDY can be issued, not a wind-down of the token itself or its backing. Holders on Ethereum, Solana, Mantle, Sui, and other supported networks are unaffected.
Sources:
Ondo Finance: USDY Product Page
Ondo Finance: USDY Documentation
Eco: Ondo USDY Tokenized Treasuries Explained
Tokenizované akcie mají hodnotu 2,91 miliardy USD a v posledních 30 dnech vzrostly o 14,4 %. Spor se nyní vede o to, který ze tří modelů se stane standardem.
Uniswap founder Hayden Adams compared Robinhood's and Ondo's stock tokens to early stablecoins on Friday, hours after Dinari co-founder Gabriel Otte called the same instruments "indisputably worse for the end investors than even common stocks." Three models are competing for $2.91 billion of tokenized equities, and the SEC has already sorted them into separate legal boxes.
The public fight between AMC Entertainment Chief Executive Adam Aron and Robinhood over tokenized AMC shares spilled on Friday into a dispute among the companies that build the instruments, over which of three incompatible designs should become the standard.
The models differ in what the holder actually owns. Robinhood's stock tokens are debt securities issued by an unregulated Jersey entity, sold only to non-US persons, that pay economic exposure and confer no claim on the referenced company. Ondo, xStocks and Dinari hold the underlying shares through regulated intermediaries and pass the economics through, with Dinari the only one of the three selling to US investors. Securitize and Superstate put a company's own registered shares onchain, with the issuer and its transfer agent inside the transaction. The SEC's Division of Corporation Finance mapped the three categories in a statement on Jan. 28, and the model determines which securities laws apply and what a holder can claim in a bankruptcy.
Tokenized stocks hold $2.91 billion, up 14.4% in 30 days across 2.67 million holders, rwa.xyz data shows. Ondo leads with $869.6 million, followed by bStocks at $659.4 million, xStocks at $633.7 million, Securitize at $274.1 million, Bitget at $170.5 million, Robinhood at $133.2 million, Figure at $84.7 million, Superstate at $46.4 million and Dinari at $11.2 million.
Robinhood's book is a sixth the size of Ondo's and its trading business is the largest of the group. Robinhood Chain turned over $1.56 billion of DEX volume in 24 hours, more than double the level a week earlier, according to DefiLlama, and passed Solana in tokenized stock volume in late July on the strength of memecoin pairs.
Snake Juice And StablecoinsGabriel Otte, co-founder of Dinari, which sells 1:1 custodial tokenized stocks to US investors through an SEC-registered broker-dealer, opened the argument at 12:18 p.m. ET Friday under Robinhood Chief Executive Vlad Tenev's defense of the product, "We stand behind Stock Tokens."
"Many took shortcuts to make 'tokenized stocks' that are synthetic and indisputably worse for the end investor than stocks," Otte wrote. "It's time for the industry to follow @DinariGlobal's lead and adopt the custodial model that protects investor rights."
Six minutes later he named both companies and set aside the securities-law question Aron had raised. "To be clear, it's not about legality, it's just that synthetic tokens like @RobinhoodApp stock tokens and @Ondo are just indisputably worse for the end investors than even common stocks," he wrote.
Hayden Adams, the founder of Uniswap, whose AMM is the largest DEX on Robinhood Chain and the venue where the memecoin pools have been pricing the stock tokens, answered at 6:08 p.m. ET. "They're not worse if you want programmability, or to trade at night/weekend/holidays, live outside the US, don't have a bank account, want to use them in DeFi apps/hold them in a crypto wallets," he wrote. "End of the day, tokenized stocks are pretty similar to early stablecoins - are they exactly the same as dollars? No. But they are meeting a user demand in a way that nothing else is."
Otte replied that the same demand could be met "without it being synthetic and being an inferior product with price dislocation."
Dinari amplified the version of the objection put by Anna Wroblewska, its chief business officer, the same morning: "The main problem here isn't tokenization. It's the marketing of a discretionary debt instrument, which functions essentially as an onchain CFD, as an investment in the US stock market."
Carlos Domingo, chief executive of Securitize, took Aron's side on Thursday night. "I would also not want people creating offshore derivatives of our stock that trade all over the place," he wrote. "This is why we tokenized our own stock natively and in the US, in a fully compliant way."
Linked Securities At The SECThe Corp Fin statement gives each model a different legal shape. Issuer-sponsored tokens are the security itself, with the issuer or its agent keeping the master securityholder file onchain. Third-party custodial tokens represent "the holder's indirect interest in the underlying security via the security entitlement." The third category, which the staff calls linked securities, covers a token "issued by the third party itself that provides synthetic exposure to a referenced security, but it is not an obligation of the issuer of the referenced security and confers no rights or benefits from the issuer of the referenced security."
Robinhood's own developer documentation describes stock tokens as "tokenised debt securities issued by Robinhood Assets (Jersey) Limited" that grant no "legal or beneficial rights in, or against the issuer of, those underlying securities." Dividends run through an onchain multiplier rather than a payment. Only one firm, BBVI, can create or redeem them.
Dinari's dShares are held with FINRA-member broker-dealer Alpaca Securities in segregated custodial accounts, pay cash dividends in stablecoins and can be burned for redemption at market value. Ondo and Broadridge added proxy voting to more than 250 Ondo tokenized stocks and ETFs in April, through Ondo Global Markets, which is not available in the US.
The staff also flagged the counterparty question the AMC episode raised: holders "may be exposed to risks with respect to the third party, such as bankruptcy, to which a holder of the underlying security would not necessarily be exposed."
Issuers In The RoomSecuritize runs five regulated affiliates: a broker-dealer that operates an SEC-regulated alternative trading system, an SEC-registered transfer agent, an exempt reporting adviser, a fund administrator and an EU investment firm authorized under the DLT Pilot Regime, according to the company. That stack is what lets it act as the record-keeper for a tokenized security rather than a counterparty to it, and it is how BlackRock's BUIDL and funds from Apollo, Hamilton Lane, KKR and VanEck came onchain. Securitize says it has tokenized more than $4 billion of assets.
The company took its own shares public on the NYSE as SECZ on July 2 after merging with Cantor Equity Partners II, and tokenized them on day one. SECZ is the largest single tokenized equity tracked by rwa.xyz.
Superstate runs the same idea for companies that are already listed. Its Opening Bell program appoints Superstate as a company's digital transfer agent and issues the company's registered shares directly onto Ethereum and Solana. "Tokenized shares are not derivatives, wrappers, or new share classes," the product page states; the tokens are recorded in the investor's name and carry the same economic and governance rights as the shares on the exchange.
Galaxy Digital and Forward Industries have shares onchain through it, and Forward Industries accounts for nearly all of Superstate's $46.4 million on rwa.xyz. Founder and Chief Executive Robert Leshner, who also founded Compound, called SharpLink the first public company to tokenize its shares on Ethereum through the program in September 2025.
Best Execution Versus SlippageBrian Huang, co-founder of onchain portfolio manager Glider and a former XTX Markets equities trader, argued on The Defiant's livestream Friday that the venue matters more than the wrapper. "AMMs do not guarantee best execution for consumers," he said. "In the US, we have protections around what's called the national best bid offer or best execution rules, where whether you're trading on Robinhood, Coinbase or any of the major apps or brokers in the US, you are guaranteed to get best execution. Now, that is not true via AMMs."
Huang called the rights objections false. "You do get the voting rights through particular issuers," he said. "Ondo has worked on this with Broadridge." He said Ondo's request-for-quote design, in which a market maker sources the share off-chain and the token is minted against it, is the structure the market will converge on, and that the dislocations end when 24/7 creation and redemption exists on both sides. "You will not see these dislocations a year from now."
He made the same case at RWA Summit on Wednesday, calling the arguments from Dinari, Securitize and the NYSE "propaganda." The Defiant reported his exchange with Adams over AMMs and correlated pairs on Aug. 18.
Programmable Demand, No SupplyBinji Pande, a founding member of Ethereum R&D lab Ethlabs, argued on the same stream that the blowouts are a supply problem rather than a design flaw. "We kind of figured out how to program demand before we figured out how to program supply, and you kind of need both," he said. He did not defend the price gaps, calling a six-dollar tokenized AMC print "bad market structure" and saying it was not good "for any market."
Pande's framing after tokenized AMC and Hims & Hers broke against their reference prices over the Aug. 29 weekend was that issuers have lost control over how their assets are used, the same way publishers lost control over how information traveled. A memecoin called BONER had by then cornered about half the tokenized Hims & Hers float. On Wednesday he predicted the pattern spreads to penny stocks.
Huang's objection to the memecoin pairings is mechanical. "When you put in a meme coin with the stock, they're not really correlated assets. You're exposing people to a lot of impermanent loss in those situations."
Transfer Agents Want A LineThe firms that keep shareholder records have asked the SEC to draw the distinction in rules. Continental Stock Transfer & Trust told the agency's crypto task force on July 21 that third-party tokens "do not establish a legal relationship between the token holder and the issuer" and can "confuse investors, impair issuer governance, create disclosure and market-integrity risks, and bypass the shareholder-record and corporate-action infrastructure." It asked the SEC to exclude them from regulatory relief absent safeguards. Computershare asked a week later for neutral treatment across all book-entry forms instead.
Ariel Givner, a corporate and intellectual property lawyer in fintech and the founder of Givner Law, posted the investor-side version of the argument on Friday morning, drawing 109,000 views. "You bought economic exposure from an offshore affiliate that slapped someone else's ticker on a derivative," she wrote. "That is NOT tokenization."
AMC has filed nothing with the SEC on the dispute. Robinhood's chief legal officer Dan Gallagher, an SEC commissioner from 2011 to 2015, told Aron to "send your lawyers and we'll educate them," as The Defiant reported on Friday.
ONDO traded at $0.3689, up 5.1% over 24 hours and 5.2% over seven days, according to CoinGecko.
Figures via rwa.xyz, DefiLlama and CoinGecko on Sept. 5.
Ondo po roce od spuštění Ondo Stocks vede trh tokenizovaných akcií. Celý segment od té doby narostl téměř 23× z asi 100 milionů USD na téměř 3 miliardy USD.
A Year That Redefined Tokenized Equities@Ondo is marking the first anniversary of Ondo Stocks, the protocol it launched in September 2025 to give non-US investors around-the-clock access to US equities on-chain. Twelve months on, the platform has moved well beyond proof-of-concept territory and established itself as the dominant force in a market that barely existed a year ago.
According to Crypto Briefing, The protocol built institutional-grade settlement rails across @Solana, @Ethereum, and @BNBChain, enabling continuous equity exposure outside traditional market hours.
From $100M Market to Nearly $3BThe broader tokenized stock market has expanded sharply since Ondo entered it. The original copy notes the market has grown nearly 23x, from around $100M to close to $3B, as institutional and retail demand for on-chain equity exposure accelerates.
Ondo has led that charge.
The first $1B milestone arrived in May 2026.
Regulatory progress has accompanied the growth. using BlackRock's IVV ETF and Micron shares as the initial securities.
The wider RWA landscape is expanding in parallel. suggesting that on-chain equities are becoming the primary entry point for new participants in the asset class. With Ondo holding the category lead on TVL, volume, and market share, its first anniversary arrives at a moment when the infrastructure it built is starting to look less like a niche experiment and more like a foundational layer for global equity access.
Sources:
Crypto Briefing: Ondo Finance leads tokenized stock market with 34% share
CoinDesk: Ondo Finance debuts SEC-aligned tokenized stock model
CEX.IO: 3 in 4 New RWA Wallets in 2026 Belong to Tokenized Stocks
Ondo Finance podala SEC a CFTC tři připomínkové dopisy a vyzvala k modernizovaným pravidlům pro perpetual futures, portfolio margining a reportování tržních dat na on-chain trzích.
@Ondo has submitted three formal comment letters to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), calling for a modernized regulatory framework that addresses perpetual futures, portfolio margining, and market data reporting for on-chain markets.
Outcomes Over Familiarity Central to Ondo's argument is the view that the existing legal regime can already accommodate on-chain markets, provided regulators shift their focus toward functional outcomes rather than defaulting to a "familiarity" approach that maps new technology onto legacy structures. The firm argues that forcing on-chain products into frameworks designed for traditional venues can create unnecessary friction without delivering meaningful investor protection.
On the market data front, Ondo points to on-chain verification as a structural alternative to after-the-fact reporting requirements. Because transactions are recorded on a public ledger in real time, the firm contends that mandatory post-trade reporting, as it exists for conventional venues, becomes largely redundant.
Perps Platform Already Live The comment letters arrive with a live product as supporting evidence. Ondo Perps launched in July 2026 and lets non-U.S. traders use tokenized assets, rather than stablecoins, as margin. Ian De Bode, President at Ondo Finance, described it as "the first time a permissionless equity perps platform has been built with the infrastructure required to unlock liquidity, speed, and capital efficiency comparable to traditional derivatives markets." The platform offers up to 20x leverage on stocks, indices, and commodities, including tokenized versions of major names such as NVDA, TSLA, and AAPL.
The platform accepts tokenized real-world assets as collateral alongside stablecoins, meaning traders who already hold tokenized equities can post them directly as margin rather than sourcing a separate pool of stablecoins. Spot holdings and perp positions are managed on the same platform, allowing traders to hedge without moving capital across multiple venues.
By citing the ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 Perps in its regulatory submissions, Ondo is making a practical case: on-chain infrastructure can meet regulatory objectives through transparency and programmable settlement, rather than through compliance mechanisms borrowed from traditional finance.
The submissions land at a pivotal moment for crypto derivatives policy. The CFTC established the first affirmative U.S. regulatory framework for crypto asset perpetual futures contracts through three coordinated actions taken on May 29, 2026. Historically, perpetual contracts have been offered primarily on offshore venues, in part due to regulatory uncertainty in the United States, and the CFTC's recent actions reflect an effort to bring these products onshore while clarifying their regulatory classification.
Ondo's letters represent one of the more detailed industry-led efforts to shape how that framework develops, using a functioning on-chain platform to argue that regulators need not choose between innovation and oversight.
Sources:
Ondo Finance: Introducing Ondo Perps
PR Newswire: Ondo Perps Launches First Equity Perpetuals Platform
Akin Gump: CFTC Advances Framework for Perpetual Contracts and 24/7 Markets
Ondo na BNB Chain překročilo 173 000 unikátních držitelů svých výnosových produktů. Na BNB Chain zároveň drží tokenizované akcie a treasury produkty stovky milionů v TVL.
Record Holder Counts and Billions in Volume@Ondo is recording some of its strongest growth figures to date on @BNBChain, as the network celebrates its sixth anniversary. The protocol's unique holder count for its yield-bearing products, including the token at ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3, has surpassed 173,000, reflecting broad uptake from both retail and institutional clients seeking on-chain exposure to real-world assets (RWAs).
The growth in holders mirrors a wider trend across the RWA sector. Ondo sits at the center of that shift, with its tokenized stock and treasury products accumulating hundreds of millions in TVL on BNB Chain alone.
The figures underline why BNB Chain has become a primary venue for Ondo's institutional ambitions.
BNB Chain as an RWA PowerhouseBNB Chain's infrastructure has proven well-suited for tokenized assets. That momentum has made it one of the most active destinations for institutions moving fixed-income and equity exposure on-chain.
That kind of performance gives institutional participants the speed and reliability they require when trading tokenized securities around the clock.
The breadth of that product lineup, combined with BNB Chain's low fees and fast finality, positions the pairing as one of the more credible on-ramps for mainstream adoption of tokenized finance.
Sources:
Ondo Finance 2025 Recap: Wall Street 2.0 Goes Global
BNB Chain H2 2026 Tech Roadmap
BNB Chain Latest Updates, CoinMarketCap
Při zpětném odkupu tokenizované akcie Ondo nedostanete samotný podíl, ale jeho peněžní hodnotu v USDC nebo USDon. USDon je vždy okamžitý, USDC jen pokud má Ondo dostatek likvidity.
Selling a tokenized stock back to @Ondo (ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3) does not return the underlying share. What arrives in your wallet is $USDC or USDon (ethereum:0xace8e719899f6e91831b18ae746c9a965c2119f1), the dollar stablecoin native to the Ondo Stocks platform, representing the share's cash value at the time of redemption.
How the redemption process works The speed of settlement depends on which stablecoin you redeem into. Redemption to USDon is always instant. Redemption to $USDC is also instant, provided Ondo's stablecoin swapper holds enough liquidity. If the swapper is short on $USDC, the user receives USDon first and can convert later, though that conversion requires Ondo to whitelist the wallet in question.
The underlying stock itself never moves on-chain. According to Ondo's documentation, all holdings are kept with one or more US-registered custodial broker-dealers. An independent third-party security agent, Ankura Trust Company, holds a first-priority, perfected security interest in the collateral for the benefit of token holders. That structure is designed to keep investors protected even in the event of an issuer failure.
Total return tokens and corporate actions Ondo's tokenized stocks are structured as total return trackers. Dividends are reinvested into the token net of any applicable withholding tax, which means a single token can come to represent more than one underlying share over time as value accumulates. Minting and redemption can be paused during corporate actions or periods of significant market volatility.
The broader context matters here. Ondo recently launched 24/7 instant minting and redemption for a selection of its most actively traded tokenized stocks and ETFs across Ethereum, BNB Chain, and Solana, removing the prior weekday-only constraint tied to US market hours. The platform now lists over 430 tokenized stocks and ETFs. In July 2026, Ondo's broker-dealer subsidiary, Oasis Pro Markets, also received FINRA authorization to offer tokenized equities to US institutional and retail investors, a significant regulatory milestone for the sector.
For users, the practical takeaway is straightforward. Redeeming a tokenized stock from Ondo converts your position into stablecoin liquidity, not a brokerage holding. The cash value is settled on-chain, and the custody structure behind it is designed to mirror the protections that exist in traditional securities markets.
Sources:
Ondo Finance: Investing and Redeeming Documentation
Ondo Finance: Trust and Transparency Documentation
TheStreet: Ondo Finance Clears a Major Hurdle for Tokenized Stocks in the US
Ondo Perps přidává tokenizované Circle (CRCLon), SpaceX (SPCXon) a SanDisk (SNDKon) jako kolaterál pro perpetual futures. Obchodníci tak mohou udržet expozici a zároveň financovat pákovou pozici.
A tokenized stock can now remain part of a trader’s market exposure while funding a leveraged position. Selling it for USDC first is no longer required. Ondo Perps has added tokenized Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) as eligible collateral. Traders can retain exposure to those assets while using them to support perpetual futures trades.
The addition arrives during a strong year for onchain equities. Tokenized stocks reached roughly $1.8 billion in market capitalization in August and accounted for about 15% of the tracked real-world asset market, three times their share at the start of 2026.
Ondo held the largest slice at roughly $957 million on August 17.
This unlocks the basis trade for these assets: holding spot & shorting the perp to capture funding when rates are positive.
Ondo Perps has… pic.twitter.com/AU8mz2aW52
— Ondo Perps (@OndoPerps) August 20, 2026
Collateral Changes Things
Spot tokenization gives investors blockchain-based exposure to equities. Collateral lets the same capital support another trade while the investor retains market exposure.
Ondo designed Perps so that traders can use tokenized securities alongside stablecoins as multi-asset collateral, including an equity token linked to one company to support a perpetual contract linked to another. The company also pitches the combination of spot assets and perps as an early form of onchain prime brokerage.
The immediate use case is hedging. A trader holding a tokenized equity can open an offsetting perpetual trade on the same venue. Basis strategies add another use, where investors can hold the spot token, short its perpetual future and collect funding when rates are positive.
Of course, collateral quality is important. Perpetual markets depend on reliable pricing and enough liquidity to manage liquidations during volatile periods. Equities also bring dividends, stock splits and other corporate actions into the risk model.
Ondo says its tokenized stocks and ETFs are backed by corresponding securities and cash in transit, with underlying holdings kept at US-registered broker-dealers or US-chartered national trust companies. An independent verification agent reviews the backing each business day.
Ondo Stocks are being put to work.
Nearly $20M in Ondo Stocks serves as productive collateral on @OndoPerps, backing positions and unlocking the basis trade.
Hold the asset, trade the move. All made possible by Ondo Finance technology. https://t.co/rnNLP0OeYW
— Ondo Finance (@Ondo) August 25, 2026
Tokenized Equities are Already Entering Credit Markets
In February, Ondo brought SPYon and QQQon into Morpho lending markets, allowing the tokenized S&P 500 and Nasdaq-100 ETF products to serve as collateral for borrowing. Gauntlet provides risk management for the markets.
Chainlink data feeds for Ondo assets including SPYon, QQQon and TSLAon also went live earlier this year, supporting collateral valuation across DeFi applications.
Euler was among the first integrations, allowing users to borrow stablecoins against eligible tokenized stocks and ETFs.
So, a tokenized security can begin as market exposure to a stock, then become lending collateral and support derivatives trading. Each additional use gives holders more ways to deploy the same asset across onchain finance.
A $2.8 Billion Market Finds More Uses
Ondo Stocks now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana. The platform has also passed $1 billion in TVL, according to Ondo and comments from managing director John Hoffman.
Usage is certainly becoming more sophisticated. The tokenized equity market now spans spot trading, credit and leveraged derivatives, giving issuers a larger arena in which to compete.
Here’s a shift worth watching 👀
Tokenized stocks have grown from $329 million to $1.7 billion in just one year.
But crypto-linked stocks are losing ground, whereas AI and chip stocks are growing fastest.
And surprisingly, tokenized Micron and SanDisk each top Nvidia in… pic.twitter.com/zzY0UxXmUp
— BeInCrypto (@beincrypto) July 21, 2026
The addition of Circle, SpaceX and SanDisk means each asset can serve as market exposure and trading collateral inside the same system.
Collateral gives tokenized assets financial utility after issuance, turning equities into components of onchain portfolio management.
