Track market-moving stories before they get noisy

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 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

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

Wider DeFi access for Ondo Stocks@Ondo announced Wednesday that @0xProject and @matchaxyz now support Ondo Stocks, its tokenized equity product. Trades are routed through the 0x Swap API, which aggregates liquidity across more than 130 sources, making Ondo Stocks easier to trade, integrate, and build with across the DeFi ecosystem.

Ondo Stocks gives eligible investors outside the United States onchain exposure to publicly traded US securities. Each token is fully backed by the underlying share held with US-registered broker-dealers or US-chartered national trust companies, and tokens use the "on" suffix to denote their origin: TSLAon for Tesla, AAPLon for Apple, and so on.

A dominant platform still expanding its reachThe 0x and Matcha integration arrives as Ondo Stocks consolidates its position as the leading tokenized stock platform by TVL. According to RWA.xyz data cited by Ondo, the platform holds more than 70% of the tokenized equity issuer market. The catalog now covers more than 440 US stocks and ETFs, available across Ethereum, Solana, and BNB Chain.

Ondo Global Markets crossed $1 billion in TVL in May 2026, less than eight months after launch, a pace the company says outstripped stablecoins and tokenized Treasuries. The milestone made it the first tokenized equities platform ever to reach that mark.

The 0x integration broadens distribution further. @0xProject already powers token swaps across much of the DeFi ecosystem, and routing Ondo Stocks through its API means the assets become accessible to any application or wallet built on that infrastructure, without requiring separate integrations for each venue.

For Ondo, adding @matchaxyz and @0xProject continues a pattern of expanding onchain distribution. The platform is already available through Binance, Bitget, MetaMask, and Blockchain.com, among others.

Sources
Ondo Finance: Ondo Stocks platform overview
PR Newswire: Ondo Global Markets surpasses $1 billion in TVL
CCN: Ondo Global Markets tops $1B TVL as tokenized stocks gain ground

Ondo Finance, a project focused on tokenized stocks within decentralized finance, is experiencing renewed buying activity as market analysts point to potential gains for its ONDO token. The project, which specializes in bridging traditional financial assets such as stocks to the DeFi space, has seen increased attention following recent integrations with 0x and Matcha.

ONDO price outlook and technical analysisAt the current moment, ONDO trades at $0.3616, with a 24-hour trading volume reaching $95.42 million. The project’s market capitalization stands at $1.76 billion, ranking it among the more prominent DeFi tokens by total value. Despite a loss of 2.58% in the last 24 hours, analysts from MCO Global noted a pattern of renewed interest, though they described the current market recovery as technically conservative.

MCO Global indicated that ONDO completed three upside waves, which often reflects a corrective phase rather than an aggressive upward move. Analysts mentioned that bullish patterns are being formed, but mainly in diagonal structures, suggesting more confirmation is needed before ONDO can reach a sustained uptrend. Resistance is noted at $0.436. A breakout above this level may enable ONDO to reach targets in the $0.585 to $0.598 range.

Following the analysis, the ONDO price structure and continued network growth have signaled a possible bullish reversal. However, confirmation from buyers overcoming the resistance zone at $0.436 remains essential before a larger rally can be anticipated.

If ONDO remains above $0.436, analysts say it could build a stronger base to challenge the next levels. Otherwise, investors are expected to exercise caution until clear bullish signals emerge.

MetricValueCurrent price$0.361624h trading volume$95.42 millionMarket capitalization$1.76 billionShort-term resistance$0.436Upside targets (if breakout)$0.585–$0.598Expansion of tokenized stocks ecosystemOndo Finance is currently broadening its reach in the decentralized finance sector by integrating with 0x, an open-source protocol for decentralized exchanges, and Matcha, a decentralized trading platform. These partnerships are designed to improve trading access and liquidity for tokenized equity products built on Ondo’s infrastructure.

The 0x protocol connects Ondo’s tokenized stocks to a network of more than 130 liquidity sources, utilizing the 0x Swap API for streamlined integration. Matcha facilitates secondary market trading, further enhancing user access and liquidity for Ondo’s products.

This development is aimed at embedding tokenized equities into the core of decentralized finance, making them more accessible for crypto-native users. If the partnerships succeed in improving liquidity, ONDO may receive more demand as DeFi users can efficiently trade and invest in tokenized stocks.

Mini dictionary: 0x is an open protocol for decentralized exchanges on Ethereum, enabling peer-to-peer asset exchange. Matcha is a decentralized trading aggregator designed to find the best prices and liquidity across decentralized exchanges by routing trades through multiple protocols.

The eventual price trajectory for ONDO will largely depend on buyers’ ability to overcome the resistance at $0.436. A strong move above this threshold may align with a further rise towards the $0.585–$0.598 zone, especially as DeFi integrations deepen Ondo’s liquidity network.

The success of Ondo’s integration with 0x and Matcha would strengthen the supporting infrastructure for tokenized stocks in DeFi, reinforcing their role as native financial assets within decentralized markets.

Retail Access to U.S. Markets via BlockchainOndo Finance has partnered with @KUBChain's KUB Wallet to extend retail access to tokenized U.S. stocks and ETFs across Thailand, the latest move in a broader push to connect traditional capital markets with on-chain investors in Southeast Asia.

Through the deal, KUB Wallet holders will be able to hold on-chain representations of some of the world's most liquid equities through custodial wallets, removing the need for international brokerage accounts or complex cross-border settlement processes.

KUBChain,

Ondo Widens Its Distribution NetworkThe Thailand deal is consistent with Ondo Finance's wider strategy of partnering with wallet providers and exchanges to distribute its tokenized asset products.

Similar integrations have been announced with other wallet and exchange platforms in recent months. The KUBChain partnership follows the same model, using Ondo's infrastructure as a bridge between conventional financial markets and retail crypto users.

reflecting sustained momentum in the real-world asset sector. The Ondo and KUBChain tie-up positions both parties to capture a share of that growth in one of Southeast Asia's more blockchain-active markets.

Sources:
Ondo Finance: Ondo Global Markets
KUBChain Official Website
Coincub: Ondo Finance and the Future of RWA

Tokenized stock transactions saw a pronounced acceleration over the last 30 days, with monthly transfer volume rising 415% to $29.5 billion, according to platform data from RWA.xyz. The sector also experienced a major increase in active participation, as monthly active addresses rose by 209%, reaching about 1.3 million during the same period.

Sharp rise in adoption and market valueThe number of tokenized stock holders surged 167% to 2.36 million within a month. The total value of tokenized equities distributed onchain climbed 1.45% over 30 days to $2.54 billion. This figure is up from $344 million a year ago, marking substantial year-on-year growth of 637%.

Monthly tokenized stock transfer volume reached $29.5 billion, with market participation and onchain distribution rising sharply over the past 30 days.

The recent surge marks one of the most active periods to date for digital representations of stocks, as investors increasingly seek blockchain-based alternatives for traditional equities.

Major tokens and leading platformsSecuritize Corp., a digital asset securities firm, carried the largest individual tokenized stock tracked by RWA.xyz, amounting to about $163 million in onchain market value. The Strategy PP Variable xStock followed at $136 million, while an Ondo-tokenized version of Circle Internet Group held $109 million.

Among platforms, Ondo led the market with $842.8 million in distributed value. Kraken’s xStocks registered $609.3 million, and Binance’s bStocks accounted for $599.9 million. These three platforms collectively represented approximately 81% of the tokenized stock sector.

PlatformDistributed ValueMarket ShareOndo$842.8 million33%Kraken xStocks$609.3 million24%Binance bStocks$599.9 million24%OtherRemaining value19%Mini dictionary: RWA.xyz, a digital assets analytics platform, tracks the blockchain activity of tokenized real-world assets including stocks, bonds, and funds across protocols and networks.

New crypto applications for tokenized equitiesCrypto platforms have begun introducing expanded ways for users to trade, hold, and leverage tokenized equities via blockchain networks. On August 24, Coinbase brought tokenized US stocks to Base, enabling eligible non-US users to buy, trade, and use these assets at any time and across decentralized finance (DeFi) applications. The B20 token series features leading firms such as Nvidia, Apple, Meta, and Alphabet, which can now be managed using self-custody wallets.

Following this release, Bitwise, a crypto asset management company, debuted automated portfolios based on Coinbase’s tokenized stocks. These portfolios, now available to eligible international customers, target sectors including the “Magnificent Seven” technology leaders, robotics, and artificial intelligence. Investors retain control by keeping the underlying assets in personal wallets while pursuing preset strategies.

Eligible global participants can now access tokenized portfolios of major US firms directly through crypto platforms, holding assets in self-custody and utilizing them within DeFi ecosystems.

Other platforms have adopted similar strategies to capitalize on demand for tokenized assets. In July, Bybit allowed users to utilize tokenized shares of major US companies such as Nvidia, Apple, and Tesla as collateral for margin lending. Meanwhile, decentralized exchange Arcus, supported by Robinhood, launched over 95 new stock tokens and perpetual markets on the Robinhood Chain.

Ondo leads a rapidly expanding field@Ondo Finance has crossed 403,000 holders across 441 tokenized real-world asset products, with total assets on the platform reaching $3.62 billion, according to rwa.xyz data cited by @BSCNews. The milestone places Ondo among the most widely held RWA platforms in the market, sitting atop a sector that is expanding at a striking pace.

The broader picture is equally notable. The near-doubling of the holder base in a single month points to a shift in adoption that goes beyond gradual institutional uptake.

Competition intensifies as flows shiftDespite Ondo's strong position, the monthly flow data tells a more complicated story. Challengers Spiko and Hastra drew fresh capital during the period, while Ondo, Securitize, and Ethena each recorded outflows. The divergence suggests the market has not yet settled on a small number of dominant platforms, and that newer entrants can still pull in meaningful allocations.

Ondo has also been pushing into new territory beyond its core Treasury products.

The outflows logged this month do not erase Ondo's structural advantages, but they are a reminder that scale alone does not guarantee retention in a market where alternatives are multiplying. The tokenization race, as the holder and flow data both confirm, remains wide open.

Sources:
RWA.xyz Network Metrics
Crypto News: Ondo Finance and the RWA Market in 2026
CoinDesk: Ondo Finance Tokenized Equities Update

Mutsamudu, Comoros, August 21st, 2026, Chainwire

MEXC, a pioneer in 0-fee digital asset trading, has listed the MRNAON/USDT trading pair on Spot, giving users a new opportunity to access U.S. stock markets as part of its expanding lineup of Ondo tokenized stock offerings.

Moderna, Inc., a U.S.-based biotechnology company known for its mRNA vaccine platform, has seen its shares rally sharply in recent trading. On August 19, 2026, Moderna and Merck announced that their investigational personalized mRNA cancer vaccine, used in combination with Keytruda, met the primary endpoint of a late-stage melanoma trial, with the combination regimen meeting the main study goal of significantly extending the time patients lived without their melanoma returning, compared with Keytruda alone. Moderna’s stock price soared 177% that day, delivering a substantial blow to short sellers, marking one of its largest single-session gains on record and drawing renewed market attention to the company’s expanding pipeline beyond vaccines.

The MRNAON/USDT trading pair went live on Spot at 09:00 on August 20, 2026 (UTC). Deposits are open, with withdrawals enabled from 09:00 on August 21, 2026 (UTC).

As the latest addition to MEXC’s ongoing collaboration with Ondo, the listing reflects MEXC’s efficiency in bringing trending assets to market, giving users timely investment exposure to one of the most closely watched biotech stocks in the current market. Ondo Stocks (formerly Ondo Global Markets) is a platform designed to bring traditional public securities on-chain through tokenized assets, enabling investors outside the United States to invest in publicly traded U.S. securities, including stocks and ETFs. These tokenized assets are freely transferable and usable in DeFi.

Tokenized stocks have taken on a growing role in MEXC’s trading activity. In July, tokenized stocks became the largest category within MEXC’s TradFi spot market, accounting for 62% of total spot trading volume. The trend underscores rising user demand for tokenized stocks, and MEXC will continue to expand its tokenized stock offering, empowering users to capture opportunities across global markets. In addition, MEXC 0808: Stock Season, the platform’s annual brand event running through August 28 (UTC), is offering 0 Fees across Tokenized Stocks, Stock Futures and RealStocks, along with the opportunity to share in a $500,000 prize pool.

About MEXC

MEXC is the world’s fastest-growing cryptocurrency exchange, trusted by more than 40 million users across 170+ markets. Built on a user-first philosophy, MEXC offers industry-leading 0-fee trading and access to over 3,000 digital assets. As the Gateway to Infinite Opportunities, MEXC provides a single platform where users can easily trade cryptocurrencies alongside tokenized assets, including stocks, ETFs, commodities, and precious metals.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

For media inquiries, please contact MEXC PR team: [email protected]

Risk Disclaimer:

This content does not constitute investment advice. Given the volatility of financial markets, including digital assets, tokenized assets, and traditional financial products, investors should carefully assess market conditions, underlying asset fundamentals, and potential financial risks before making any investment or trading decisions.

Coinbase, a leading global cryptocurrency exchange, has secured regulatory clearance from Abu Dhabi authorities to establish an international hub dedicated to tokenized securities. The Financial Services Regulatory Authority (FSRA) within Abu Dhabi Global Market (ADGM) granted Coinbase a Financial Services Permission, formally bringing the company under the emirate’s regulated financial ecosystem.

Regulatory framework and investor accessThe permission allows Coinbase to arrange investment deals and offer custody services for tokens backed by shares. All securities issued under this structure will be tied to underlying equities and subject to direct oversight by the FSRA, ensuring enhanced investor protection and regulatory transparency.

Verified investors will receive economic rights linked to the underlying assets in these tokenized products, with some shareholder rights such as voting determined by specific vesting arrangements. Individuals can hold these instruments in digital wallets, eliminating the need for traditional brokerage accounts or bank relationships.

Transfers of these products will be subject to sanctions screening, and Coinbase retains the ability to freeze or seize assets at the wallet level if required by authorities.

Coinbase described the regulatory approval as “one of the biggest steps toward building an open financial system.”

The launch of the hub strengthens Abu Dhabi’s position as a regional center for regulated digital financial products.

Expansion on Project DiamondBefore receiving this latest approval, Coinbase had already initiated tokenization efforts in the region through Project Diamond, its proprietary platform for issuing blockchain-based financial instruments. Project Diamond received initial approval from ADGM and debuted with a short-term discount note issued in USDC on the Base blockchain.

In late 2024, Project Diamond integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), providing institutions with verified, cross-chain data and broader connectivity for tokenized assets.

Brett Tejpaul, co-CEO of Coinbase Institutional, cited ADGM’s virtual asset framework—launched in 2018—as a cornerstone for selecting the jurisdiction. He highlighted the innovative approach of regulating tokenized equities, blockchain tokens, and DeFi assets under a single comprehensive regime.

Mini dictionary: Chainlink CCIP, or Cross-Chain Interoperability Protocol, enables smart contracts and tokenized assets to move securely and seamlessly across different blockchains, allowing greater flexibility and composability for institutional and retail users.

Market competition and regional expansionCoinbase enters a market where other blockchain-based product providers are already established in Abu Dhabi. Ondo Finance received approval earlier this year to issue tokenized equities and exchange-traded funds linked to large US companies such as Amazon, Apple, Microsoft, and Tesla. Ondo’s offerings are structured as equity-linked notes.

BNY, one of the world’s largest banks, launched custody services for Bitcoin and Ether within ADGM through a partnership with Finstreet Limited and the ADI Foundation, and plans to extend support to tokenized assets and stablecoins.

Globally, Coinbase has also rolled out tokenized shares associated with major companies including SpaceX, Nvidia, Google, Strategy, and Bitmine, each fully backed by underlying securities.

CompanyProduct TypeJurisdictionYear ApprovedCoinbaseTokenized equities/securitiesAbu Dhabi (ADGM)2024Ondo FinanceTokenized US stocks, ETFsAbu Dhabi (ADGM)2024BNYBitcoin/Ether custodyAbu Dhabi (ADGM)2024The international hub in Abu Dhabi is part of Coinbase’s strategy to expand its footprint across the United Arab Emirates, with derivatives development running independently in Dubai.

Research by consulting firm Kearney and tokenization company Ctrl Alt suggests that tokenized real world assets in the Gulf Cooperation Council could grow substantially, potentially approaching $500 billion by 2030. Significant growth is expected in private markets, investment funds, and tokenized bank deposits.

Local company KAIO secured $8 million in investment this April from supporters including Tether and Nomura-backed Laser Digital, working to bring products from global firms like BlackRock, Brevan Howard, and Hamilton Lane onto public blockchains.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

@OndoFinance has crossed the 100,000 unique holders milestone for its tokenized securities network, with over 214,000 total individual asset balances recorded across its platform. The achievement came in less than a year since the project's inception, marking a significant moment for the on-chain US equities space.

A Platform Built for Scale Ondo's growth sits against a broader surge in tokenized equities. According to RWA.xyz data cited by Insights4VC, the value of distributed tokenized stocks nearly doubled from $951 million in March 2026 to $1.89 billion in July, underlining how quickly the sector is maturing.

Ondo sits at the center of that growth. Intellectia AI's RWA analysis places Ondo as the leading tokenization protocol with over $3.7 billion in total value locked and roughly 70% market share in tokenized equities. Its flagship product, Ondo Global Markets (OGM), crossed $1 billion in TVL in May 2026, becoming the first tokenized equities platform to reach that level. OGM offers access to more than 260 US stocks and ETFs, including SPY, QQQ, NVDA, and TSLA, across Ethereum, Solana, and BNB Chain.

Regulatory Momentum Adds Fuel The holder milestone arrives as Ondo moves to expand its regulatory footprint. In July 2026, Ondo launched the first implementation of the SEC's third-party custodial tokenization model, using BlackRock's IVV ETF and Micron shares as its initial securities. The structure allows token holders to receive the same governance rights as investors holding securities through traditional brokerages, with Broadridge handling proxy voting and regulatory disclosures.

Separately, Ondo's SEC-registered broker-dealer subsidiary, Oasis Pro Markets, secured FINRA authorization to offer tokenized equities, ETFs, mutual funds, and IPO securities to US retail and institutional investors, a channel that had previously been closed to the platform.

The combination of rapid user growth, a dominant market position in tokenized equities, and expanding regulatory clearance positions Ondo as a central player at the intersection of traditional finance and on-chain markets. With the broader tokenized stock sector now generating $9.22 billion in monthly on-chain transfer volume as of June 2026, the 100,000 holders mark is likely a waypoint rather than a ceiling.

Sources:
CoinDesk: Ondo Finance Debuts SEC-Aligned Tokenized Stock Model
Insights4VC: The State of Onchain Real-World Assets in Mid-2026
KuCoin: Tokenized Stocks Reach $9.22 Billion in Monthly On-Chain Volume

Holder Count Jumps as Ondo Expands Its Tokenized Asset Footprint@Ondo Finance has recorded a sharp rise in participation across its tokenized asset platform. According to data from rwa.xyz, the protocol now counts 252,935 holders spread across 441 tokenized assets, with the holder count climbing 48.57% over the past 30 days. Distributed asset value stands at $3.62B, essentially flat over the same period, down just 0.04%, while monthly transfer volume reached $2.63B.

The figures point to a platform attracting more users even as the total dollar value of assets held remains steady, suggesting broader retail and institutional access rather than a concentration of fresh capital at the top.

Among the tokenized equities listed, NVIDIA and Tesla are the most widely held, with 28,634 and 15,860 holders respectively. Ondo Global Markets offers tokenized exposure to over 260 U.S. stocks and ETFs, including NVDA and TSLA , targeting non-U.S. investors seeking around-the-clock access to American equity markets. The platform crossed $1B in TVL by May 2026, making it the first tokenized equities platform to reach that milestone, and is available on Ethereum, Solana, and BNB Chain.

Ethereum Dominates, With Stellar Making Its MarkOn the blockchain side, @ethereum carries 52.97% of Ondo's total assets, cementing its position as the primary settlement layer for the protocol. @StellarOrg sits in second place with $534.5M in Ondo assets, reflecting the network's growing role in institutional tokenization.

Ondo Finance has emerged as the dominant player in the RWA tokenization space, commanding over 70% market share in tokenized equities and $3.78B in Total Value Locked as of mid-2026. The latest holder data adds another dimension to that story: the platform is not only holding assets but actively broadening its user base at pace.

The broader tokenized RWA market grew approximately 30% in Q1 2026, reaching around $29B in total on-chain value according to rwa.xyz. Ondo's accelerating holder count places it at the center of that expansion.

RWA.xyz: Ondo Platform Analytics | CoinDesk: Ondo Finance Tokenized Equities | InvestaX: Q1 2026 RWA Tokenization Market Report

Table of contents

Ondo Stocks has crossed $1 billion in total value, a threshold that carries more weight for on-chain market structure than for the round number itself. The update was included in the original report from Ondo Finance, which also pointed to additional ecosystem milestones tied to its recently launched perpetual products.

The move puts tokenized equities in a different conversation. A $1 billion value pool is still small compared with tokenized Treasury or stablecoin markets, but it changes how traders and institutions evaluate on-chain equity access. Rather than treating Ondo Stocks as an experimental window into US equities, market participants may begin pricing it as durable infrastructure for off-hours trading, collateral use, and portfolio construction across chains.

Tokenized equities occupy a middle position between stablecoins and private credit. They are more volatile than cash equivalents but more familiar to traditional investors than lending pools. That middle position may explain why the threshold has arrived now: after years of regulatory ambiguity, some investors are using tokenized wrappers to gain exposure without moving capital into native crypto assets.

That shift fits a broader pattern in tokenized real-world assets. The infrastructure around custody, settlement, and compliance has been consolidating quickly, and Ondo has been one of the more visible names testing how regulated assets can move across traditional and decentralized rails. The tokenization complex is not waiting for a single regulatory framework to mature; it is building around existing rules where it can.

Why a $1 billion threshold changes positioning
The market reads milestones like this through liquidity and persistence. A platform that reaches $1 billion in value has survived enough trading cycles to be evaluated by market makers, arbitrageurs, and risk teams. That is different from a newly launched product with volatile volume.

For Ondo Finance, the milestone also reduces some of the narrative risk around tokenized equities. Equity tokens face sharper regulatory questions than most tokenized assets because they touch investor protection rules, trading venue definitions, and asset eligibility concerns. Passing a size threshold does not resolve those questions, but it gives the project a larger base of users and counterparties who have accepted the current structure.

Still, the announcement leaves plenty unresolved. The source material does not provide a breakdown of the $1 billion by product, region, or holder type. It is unclear how much of that value is driven by retail flow versus institutional placement, or how much of the ecosystem surge reflects incentives rather than organic use. Those details will matter for any serious assessment of durability.

Regulatory timing adds another layer. US lawmakers have been negotiating a crypto market structure bill that could alter how digital asset platforms handle securities, and banking interests have been pushing for changes just before key votes. That policy fight remains far from settled, but it sits directly behind the tokenized equity business because so much of the product design depends on the line between a token and a security.

The ecosystem signal behind the headline number
Ondo’s update goes beyond the equities platform. The mention of recently launched perpetual products suggests the project is trying to widen the use cases around tokenized exposure. Perpetual contracts are a very different risk surface from spot equities, and tying them into the same ecosystem could attract traders who would not otherwise hold a tokenized stock position.

That expansion strategy is common in crypto when liquidity is fragmented. A platform announces a flagship metric while simultaneously pointing to new product lines that can recycle existing user attention and collateral. The risk is that ecosystem metrics become less transparent as the product suite grows, especially when assets with different settlement mechanics are bundled into a single headline.

For developers and infrastructure providers, the milestone is another data point in a competition that is quietly heating up. The networks best positioned to host tokenized equities need more than developer activity; they need predictable throughput, native identity tooling, and reliable oracle access for off-chain prices and corporate actions.

What the market should watch next
The immediate focus will be on whether the $1 billion value pool is sticky. Tokenized asset platforms can show sharp expansions when incentives, liquidity programs, or specific market conditions align. The stronger test is whether activity remains after the promotional phase and whether the platform can handle a down cycle in traditional equities.

There is also the question of interoperability. Ondo Stocks may have crossed $1 billion, but if that value is locked in isolated venues or dependent on one custodian, the broader market impact will be limited. The more useful signal would be movement of tokenized equities across multiple chains, collateral venues, and DeFi protocols without breaking compliance controls.

For now, the report gives market participants a concrete number around a trend that has been building without many clean data points. It frames Ondo Stocks as more than a niche product at the same time that it leaves enough ambiguity for cautious observers to keep asking how much of that value is genuinely new capital entering the on-chain market.

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Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.

[PRESS RELEASE – Los Angeles, United States, August 13th, 2026]

MyEtherWallet (MEW), the world’s most intuitive digital wallet, today announced its integration with Ondo Perps, expanding its suite of decentralized financial products to include perpetual futures, derivative contracts with no expiration date. Through this integration, users can now trade continuous perpetual contracts with up to 20x leverage on leading U.S. stocks, ETFs, and commodities, 24 hours a day, 7 days a week on MyEtherWallet.com.

The integration bridges traditional financial markets and self-custodial Web3 technology. MEW customers can now access Ondo Perps to take long or short positions on major traditional market assets while maintaining full self-custody of their funds. Unlike traditional brokerages that restrict trading to rigid exchange hours and limited geographic access, eligible users can manage exposure to global markets around the clock using any supported wallet connected to the MEW web interface.

“Our mission has always been to make decentralized finance accessible, flexible, and fully self-custodial,” said MEW Founder and CEO Kosala Hemachandra. “Integrating Ondo Perps is the natural next step in our vision for the wallet as an all-in-one financial hub. Whether investors want to buy and hold tokenized equities or manage risk with up to 20x leverage on stocks and commodities, they can now execute advanced trading strategies 24/7 without surrendering control of their assets.”

Key Features of MEW’s Ondo Perps Integration:

24/7 Perpetual Trading: Users can access uninterrupted liquidity and trade leading U.S. equities, ETFs, and commodities outside of traditional stock exchange market hours. Up to 20x Leverage: Execute long and short position strategies with flexible leverage options tailored to different risk profiles. Universal Wallet Compatibility: Users can trade directly on MyEtherWallet.com using any wallet connected through MEW Portfolio—including MEW wallet mobile, Browser Extensions such as Metamask, hardware wallets, and WalletConnect. Non-Custodial Risk Management: Users can maintain full control over private keys while accessing advanced derivative products in a streamlined interface. How to Access Ondo Perps on MEW:

New users can create a wallet at MyEtherWallet.com to begin trading perpetual futures instantly. Existing wallet holders can connect their preferred wallet to MEW Portfolio to access Ondo Perps features directly. For more information on MEW’s Ondo Perps integration and latest portfolio features: www.myetherwallet.com.

This product is not available nor intended for US citizens. Restrictions apply. For more information: https://docs.ondoperps.xyz/

About MyEtherWallet (MEW)

Focused on simple, free, and secure access to the global financial system, MyEtherWallet (MEW) empowers users to build wealth with digital assets. From launching the first Ethereum user interface in 2015 to bringing self-custodial RWAs and advanced trading tools to the masses, MEW is continually innovating its products to turn blockchain technology into a user-friendly and easy-to-use part of daily life.

About the author

Chainwire is a specialized crypto newswire service providing high-impact distribution for the cryptocurrency and blockchain industry.

Ondo Finance Leads a Fast-Growing FieldOndo Finance has cemented its position as the largest issuer of tokenized equity securities in the world, with a market capitalization of $957.4M. The platform sits well clear of a competitive field that includes @Binance bStocks at $622.6M, @xStocksFi at $605.5M, @Securitize at $203.4M, and Real Fi at $149.9M.

, and That scale reflects both early-mover advantage and a deliberate push into regulatory compliance. , clearing obstacles that have historically stalled rivals.

A Sector Rewriting the NumbersThe broader tokenized equity market has grown at a pace that is difficult to ignore. Capital in the space has risen 3,275% over the past year, climbing from roughly $80M to a new record of $2.7B. That trajectory is part of a wider shift in how financial assets are being structured and distributed.

Separate data from RWA.xyz cited by Bitget's H1 research shows

Ondo has also moved to deepen the utility of its products.

The competitive landscape is filling in quickly, but the gap at the top remains significant. As capital continues to flow into on-chain equities, Ondo's regulatory track record and product depth give it a structural advantage that newer entrants will find hard to close quickly.

Sources:
Crypto Briefing: Ondo Finance leads tokenized stock market
CoinDesk: Ondo Finance adds proxy voting for tokenized equities
Capitaxer: Tokenized equities surge 140% in 2026, DeFiLlama research

17h05 ▪
5
min read ▪ by
Lydie M.

Summarize this article with:

Binance has just taken second place in the tokenized stocks market by value. Launched on June 11, bStocks shows about 610.6 million dollars, compared to 601.2 million for Kraken’s xStocks. It took less than two months to reverse the ranking. Ondo Finance remains ahead of the two platforms.

In brief

Binance bStocks surpasses Kraken’s xStocks with about 610.6 million dollars in value.
The tokenized stocks market tracked by Token Terminal reaches about 2.7 billion dollars.
Ondo Finance still maintains first place for now.

Binance overtakes Kraken in less than two months
Binance’s return to tokenized stocks was expected since the beginning of the year. The platform was already preparing its comeback in this market five years after its first attempt. This time, the start is quick.

On August 3, bStocks had reached about 624 million dollars in value, compared to 579 million for xStocks. Ondo Finance was still far ahead with about 927 million. On Tuesday, the gap between Binance and Kraken had narrowed: 610.6 million for bStocks and 601.2 million for xStocks.

Second place is thus held by less than 10 million dollars. Nothing insurmountable for Kraken.

The speed remains. Binance launched bStocks on June 11 to provide access to US stocks via blockchain tokens. The user obtains exposure to the stock without directly owning the underlying share. Changpeng Zhao notably attributes the product’s growth to Binance’s large user base.

The platform indeed has a clear advantage. Indeed, it does not need to build its audience from scratch. Each new product can be offered to a mass of traders already present in its ecosystem. For Kraken, the competition is therefore becoming more serious than just a few weeks ago.

Tokenized stocks are growing very fast
The battle between Binance and Kraken takes place in a market that has completely changed in size.

A year ago, xStocks dominated with only 40.7 million dollars. Robinhood followed with 37.2 million. Ondo then represented about 65,000 dollars according to the data. Today, the total value tracked by Token Terminal is around 2.7 billion dollars, compared to about 80 million a year earlier.

Transfers are also accelerating. In July, tokenized stocks had already recorded 8.41 billion dollars in monthly transfers, a 105% increase over thirty days. The distributed value of the sector then reached 2.16 billion dollars. This better explains why exchanges are rushing in.

A tokenized stock notably allows buying fractions of shares and transferring them on the blockchain. Depending on the product structure, it may also circulate outside traditional stock exchange hours. However, buying the token does not automatically mean becoming a shareholder of the company concerned.

This is a fairly important nuance. Rights to dividends, voting, or reimbursement may vary depending on the issuer and the legal structure chosen. The current success thus depends as much on distribution as on technology. Binance has precisely just shown what a huge user base can bring.

Ondo still remains ahead of Binance
The first place hasn’t changed. Ondo Finance maintains a comfortable lead and remains the main player tracked by Token Terminal.

Binance has therefore not yet taken control of the market. And Kraken lost its second place by only a few million dollars. The ranking can still change quickly.

There is still an amusing contrast. In 2021, Binance had abandoned its first tokenized stocks after a few months amid regulatory pressures in Europe. Five years later, the exchange returns and is already second.

The sector itself has little to do with what it was in 2021. Crypto exchanges, fintechs, and several financial institutions are now working on tradable securities on blockchain. Even traditional stock exchange infrastructures are experimenting with tokenization.

CZ is pushing this idea much further. He recently called on states to directly tokenize their stock markets to broaden access for international investors. For Binance, bStocks already offers a first glimpse of this ambition. Two months were enough to surpass Kraken. Now remains Ondo, with a few hundred million dollars in advance. The next battle is all set.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Ondo Targets a 20-Year-Old Market Rule@OndoFinance has written to the U.S. Securities and Exchange Commission this week, formally requesting the repeal of Rule 611 of Regulation NMS, the regulation commonly known as the Trade-Through Rule. The protocol argues the rule, which has been in place since 2005, is no longer fit for purpose and specifically prevents tokenized and non-tokenized stocks from interacting directly within a single, unified market structure.

At its core, Rule 611, often referred to as the order protection rule or trade-through rule, was adopted in 2005 as the centerpiece of Regulation NMS. It generally requires trading centers to establish, maintain, and enforce policies and procedures reasonably designed to prevent executions at prices inferior to protected quotations displayed by other trading centers. Ondo contends that this framework creates an uneven playing field that makes request-for-quote (RFQ) pricing for tokenized equities unworkable.

Ondo's Broader Push Into Regulated Tokenized EquitiesThe letter to the SEC is part of a wider regulatory campaign by Ondo. Earlier in 2026, Ondo launched over 200 tokenized U.S. stocks and ETFs on Solana, providing blockchain-based exposure through Jupiter's RFQ system with just-in-time minting during regular trading hours. The firm has also been building out its regulated infrastructure: Ondo Finance's SEC-registered broker-dealer subsidiary, Oasis Pro Markets, has secured regulatory authorization to offer tokenized equities and funds to U.S. investors under SEC and FINRA oversight.

Ondo's call for reform lands at a receptive moment in Washington. On June 11, 2026, the SEC proposed rescinding Rule 611 and Rule 610(e), which have been central components of Regulation NMS since 2005. The proposal is grounded in the SEC's assessment that changes in market structure, including increased exchange competition, technological developments, and evolving trading practices, warrant reconsideration of the current regulatory framework. The SEC's proposal would represent one of the most significant changes to U.S. equity market structure since the adoption of Regulation NMS.

For Ondo, the stakes are clear. The firm's proposal requests the creation of equal execution conditions that would allow RFQ pricing to function for tokenized stocks alongside their traditional counterparts. While regulatory approvals are broadening access to tokenized securities, the expansion also highlights challenges associated with integrating traditional financial assets with blockchain infrastructure, including risks such as smart contract vulnerabilities, liquidity constraints, and evolving regulatory requirements.

Sources:
WilmerHale: The SEC Takes Aim at the Trade-Through Rule
SEC Fact Sheet: Regulation NMS Reforms
Crypto Times: Ondo's Oasis Pro Gets SEC, FINRA Nod for Tokenized Stocks

When a crypto founder dies unexpectedly, there’s a multisig wallet crisis, a keyholder coordination nightmare, and potentially millions in digital assets sitting in limbo. Ondo Finance is learning this the hard way.

Nathan Allman, the founder of tokenized asset platform Ondo Finance, died unexpectedly in May 2026 at age 32. What followed has become one of the most closely watched succession disputes in crypto history.

A leadership vacuum turns into a courtroom fight After Allman’s death, Ian De Bode, who had been serving as Ondo’s president, stepped into the CEO role.

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In August 2026, Kathleen Allman, the founder’s mother, filed suit in Delaware court seeking to remove De Bode from the top job. Her claim: that he had unlawfully seized control of the company.

The Ondo Finance board has pushed back, describing Kathleen Allman’s involvement as a transitional arrangement while they conduct a formal search for a permanent successor.

Why crypto succession is fundamentally different Tuongvy Le, general counsel at Veda Tech Labs and formerly of Anchorage, Bain Capital Crypto, and the SEC, has been one of the more vocal voices on the unique challenges of crypto succession planning. While Le hasn’t commented directly on the Ondo situation, her broader analysis of key management vulnerabilities maps almost perfectly onto the risks now playing out.

In traditional corporate governance, succession means transferring authority, strategy, and relationships. In crypto, it also means transferring access to private keys, coordinating among multisignature wallet holders, and ensuring that the handoff doesn’t create openings for governance attacks.

Le has emphasized that crypto succession planning requires active coordination among signers and keyholders, not just legal documents filed in a drawer. A will that says “my crypto goes to my spouse” is meaningless if the spouse can’t access the wallet, doesn’t know which chain the assets are on, or lacks the technical knowledge to interact with a multisig setup.

The Ondo case as industry inflection point Ondo Finance operates in the tokenized real-world assets space, meaning its platform bridges traditional financial products with blockchain rails. The legal dimensions involve questions about digital asset custody, keyholder rights, and the relationship between on-chain governance and off-chain legal authority — territory Delaware courts have limited precedent navigating.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

@Ondo Finance has cemented its position as one of the largest players in the tokenized real-world asset space, now accounting for $3.61B of the $38.14B total market tracked by @RWA_xyz. That puts the protocol at just under 10% of all distributed on-chain value excluding stablecoins, a notable concentration for a single issuer in a market that has grown explosively over the past 18 months.

Holder Growth and Asset Breadth The platform's holder count climbed 20.7% over the past month, reaching 203,590 wallets across 441 assets. The pace of adoption points to broadening retail and institutional interest in on-chain exposure to traditional financial instruments. Ondo holds more than 70% market share in tokenized equities, a segment that barely existed 12 months ago. Ondo Global Markets crossed $1B in TVL on May 11, 2026, becoming the first tokenized equities platform in history to reach that milestone, doing so in under eight months from launch.

Its treasury fund, deployed on Ethereum at address 0x1b19c19393e2d034d8ff31ff34c81252fcbbee92, remains its single largest product at $449M. Tokenized stocks, including shares tracking Circle, NVIDIA, and Tesla, round out its top-performing assets.

A Market Still Expanding Fast The broader context underscores just how quickly this sector has scaled. Real-world asset tokenization reached $31B on public blockchains as of July 2026, according to rwa.xyz, up more than 400% since early 2025, held across 167 platforms by nearly 960,000 holders. The figure tracked by @RWA_xyz in the original data, $38.14B, reflects continued growth into August.

Ondo's edge lies in its compliance-first design: the protocol uses offshore SPVs, regulated broker-dealers, and legal wrappers to bring traditional assets on-chain without sidestepping securities law. In July 2026, Ondo's SEC-registered broker-dealer Oasis Pro Markets secured FINRA authorization covering National Market System stocks, ETFs, mutual funds, and IPO securities, opening a compliant path to offer tokenized equities and funds to US investors under SEC and FINRA oversight.

With $ONDO's underlying asset base continuing to grow and its regulatory footing strengthening, the protocol appears well-positioned to defend, and potentially expand, its share of a market that analysts at Boston Consulting Group have projected could reach $16 trillion by 2030.

Sources:
RWA.xyz: Analytics on Tokenized Real-World Assets
NeverHodl: Ondo Finance 2026 Analysis
Finextra: Tokenized Real-World Assets, Reading the 2026 Numbers

HomeCryptoInnovationAs USDY turns three, Ondo's tokenized Treasury note reaches a $2.1 billion market cap.

Ondo Finance is marking a milestone for one of its earliest products, as its tokenized Treasury note, USDY, turns three with a market cap of $2.1 billion.

USDY, short for U.S. Dollar Yield Token, is a token backed by short-term U.S. Treasuries and bank deposits. According to Ondo, it now ranks among the top three tokenized Treasuries. 

Tokenized Treasuries are blockchain-based versions of government debt that let holders earn yield onchain rather than through a traditional brokerage.

Ondo Finance is a company that builds tools to bring institutional-grade financial products onto public blockchains. It says USDY was one of the first signals that tokenization could reshape how financial products are issued, accessed, and used.

3 years of growth across 6 chainsUSDY tracks the value of the U.S. dollar, but its price typically sits slightly above $1 because the yield each unit earns is added back into the token, lifting its value over time. 

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The reserves behind it are held in Treasury bills and bank demand deposits, both considered cash equivalents. Ondo says the token supports permissionless transfers and round-the-clock minting and redemption.

Trending on TheStreet Roundtable:What Wall Street expects from Circle, MARA, Galaxy earnings this weekMajor crypto exchange eyes IPO amid market slumpMorgan Stanley downgrades Circle, slashes price target by 64%Since launching in August 2023, USDY has expanded to run across six blockchains and now counts nearly 30,000 holders, according to Ondo. 

The company says the token has seen $8.5 billion in transfer volume over the last three years.

The milestone reflects a broader push to move real-world assets onchain, a market where Ondo has positioned itself around institutional standards. 

By keeping the token compliant while preserving the flexibility of blockchain-based transfers, Ondo is betting that tokenized Treasuries can serve both traditional finance and crypto users at once.

Aug 6, 2026, 9:59 p.m.

3 min read

Nathan Allman sits on a panel at Consensus 2025Summary

Founder Nathan Allman's estate alleges former President Ian De Bode unlawfully seized control of Ondo Finance after the founder's death.The lawsuit asks a Delaware court to determine who lawfully controls the tokenization firm and preserve the status quo.The estate says it initially worked with De Bode before reconstituting the board and voting to remove him.A bitter corporate control fight has broken out at tokenized real-world asset issuer Ondo Finance following the death of founder Nathan Allman earlier this year, with his estate accusing former President and current CEO Ian De Bode of improperly attempting to seize control of the company while probate proceedings temporarily left its controlling voting stake in limbo.

Three Delaware Chancery Court filings asked a judge to determine who lawfully controls Ondo Finance and to bar extraordinary corporate actions until the governance dispute is resolved.

The lawsuit centers on the period immediately after Allman's death in May.

According to the complaint, Nathan Allman died as Ondo's CEO, sole director and controlling shareholder, but his voting power became part of his estate, meaning it could not immediately be exercised until his mother, Kathleen Allman, was formally appointed personal representative through Hawaii probate proceedings on June 26.

The public filings have redacted both the size of Nathan Allman's voting stake and the cause of his death.

The estate alleged that before probate concluded, De Bode wrongly claimed he automatically became CEO under Ondo's bylaws, elected himself as the company's sole director through a voting agreement and began taking corporate actions, including hiring advisors, approving performance grants and attempting to add another director. The complaint argues that the bylaws required board action to fill the CEO vacancy, making those actions invalid.

After gaining authority to vote the estate's shares, Kathleen Allman initially sought a cooperative transition rather than immediately removing De Bode, the filings said.

“Kathy Allman’s decision to file a lawsuit is regretful. This course of action is clearly not in the interests of the company, its stockholders, the team, or the Ondo ecosystem. The board has worked diligently to engage constructively with the Allman estate to date and will continue to do so going forward,” Ian De Bode, CEO of Ondo Finance, said in emailed comments to CoinDesk.

“Importantly, Ms. Allman's claims are meritless, and that will come through clearly in court. The company continues to have the support of key stakeholders, including its lead investors and the Ondo Foundation. The current leadership team remains fully committed to Ondo, its clients, the Ondo ecosystem, and Nate's vision for a more open, inclusive financial ecosystem. We look forward to putting this matter behind us,” he added.

According to the complaint, Allman appointed herself to the board, adopted an interim policy allowing ordinary business operations to continue, reaffirmed De Bode as president and requested basic corporate information, including a shareholder list, while expressing a desire to work collaboratively.

The estate said those efforts failed after De Bode and the company's outside counsel refused to recognize her actions or provide the requested corporate records. Kathleen Allman subsequently expanded the board, appointed new directors and, at a July 24 board meeting, voted to remove De Bode from all company positions while appointing herself chair and interim CEO.

The filings characterize Kathleen Allman's leadership as transitional rather than permanent, arguing that her objective is to stabilize governance while the board searches for Nathan Allman's long-term successor and ensure the business continues operating without interruption.

The estate is seeking an expedited ruling because uncertainty over who controls the company could affect contracts, expenditures, equity issuances and other corporate decisions, the filings said.

The court has not ruled on the allegations, and the filings reflect only the estate's version of events.

The Ondo Board of Directors said in a separate emailed statement that it “remains committed to our founder Nate Allman's belief that onchain markets are the future of finance. We are focused on serving our community without interruption, and empowering our people to maintain our momentum, as we search for his successor.”

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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The Evolution of the Crypto CEX Landscape: A Case Study on Binance

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Jun 29, 2026

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Why it matters:

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

@OndoFinance has officially integrated tokenized gold and silver as collateral on its perpetual futures platform, @OndoPerps, opening a new use case for precious-metal real-world assets (RWAs) in on-chain derivatives trading.

Putting Idle Metal to Work The update lets traders post tokenized gold and silver holdings directly as margin to back leveraged positions. Previously, accessing high-leverage exposure typically meant selling those holdings outright or parking capital in stablecoins. By using tokenized asset holdings directly as collateral for perpetual futures positions, traders no longer need to maintain separate capital reserves across multiple platforms. The move extends a collateral model that @OndoPerps originally built around tokenized equities and stablecoins to cover precious metals.

Ondo Perps launched in July 2026 as the first perpetual futures platform for equities and commodities to support tokenized holdings and stablecoins as collateral, combining 24/7 trading with up to 20x leverage and liquidity the firm says is comparable to conventional futures and options markets. The platform claims the fastest execution speed of any permissionless perps exchange, with order routing, margin updates, and liquidations processed in real time while maintaining decentralization guarantees.

Rapid Volume Growth The gold and silver collateral update arrives as @OndoPerps continues to scale quickly. The platform has now surpassed $6.5 billion in cumulative trading volume. According to data from DeFiLlama, Ondo Perps generated more than $320 million in trading volume over a single 24-hour period, with seven-day volume reaching $1.497 billion. The milestone came less than one month after Ondo Perps went live on July 7, making it one of the fastest-growing platforms focused on real-world asset perpetual futures.

By late July, it ranked fourth among all perpetual decentralized exchanges by tokenized equity volume, ahead of Lighter and AsterDEX. The integration of gold and silver as productive collateral is designed to deepen that momentum by giving commodity RWA holders a reason to stay active on the platform rather than sitting on static positions.

The platform offers up to 20x leverage depending on the supported market and trading conditions, with all contracts available for permissionless trading 24 hours a day, 365 days a year, without expiry dates.

Sources:
Ondo Perps Launch Press Release, PR Newswire
Ondo Perps Breaks Past $300M in 24-Hour Volume, TheStreet Crypto
Introducing Ondo Perps, Ondo Finance Official Blog

@Ondo's tokenized product platform is growing at a pace that is outrunning its own assets. Holders of @Ondo tokenized products rose 15.7% over the past 30 days to 192,056, while monthly transfer volume jumped 27.8% to $2.76 billion. The fact that activity is accelerating faster than assets under management suggests demand is broadening rather than simply tracking price moves.

Tokenized Stocks Driving New Users The clearest growth signal is coming from the equity side of the platform. The NVIDIA product alone has accumulated over 20,600 holders, with Tesla past 12,200, and nearly every equity line on the platform showing holder growth. The platform now lists more than 260 tokenized U.S. stocks and ETFs across three blockchains. Tokenized stocks have emerged as the fastest-growing asset class on Ethereum in 2026, with Ondo leading the sector.

Ondo Finance held a 39.4% market share in the tokenized stocks segment, though it still leads tokenized stocks issuance even as competitors narrow the gap. The growth story is also notable for what is behind it structurally. Each token is fully backed by the underlying security, held inside a U.S.-registered broker-dealer, and tracks total return including dividends.

Ethereum Leads, But Multi-Chain Footprint Widens @ethereum remains the primary home for value on the platform, accounting for 53% of the total at $1.9 billion. @StellarOrg comes in second at $533.7 million, with @BNBCHAIN contributing $345.4 million. The multi-chain distribution reflects a deliberate strategy to avoid liquidity concentrating on a single network.

Ondo Global Markets crossed $1 billion in total value locked within eight months of launch, a milestone that puts the platform's trajectory in sharp context. Stablecoins took roughly three years to hit $1 billion. Tokenized Treasuries took about two. Tokenized stocks did it in eight months.

Looking ahead, Ondo Finance President Ian De Bode expects tokenized stocks to reach $3 billion by the end of 2026. The latest holder and volume data suggests that target is within reach, with user-level demand now acting as a key driver alongside institutional inflows.

Sources:
Blockonomi: Ondo Exec Sees Tokenized Stocks Reaching $3B in 2026
TheStreet: Ondo Finance exec sees tokenized stocks hitting $3B by year-end
The Coin Republic: Tokenized Stocks Surge, Ondo Leads

@OndoFinance has selected @Arbitrum as the settlement layer for $USDC deposits on its @OndoPerps platform, allowing traders to fund equity-linked perpetual futures positions directly from the Arbitrum network without bridging to a separate chain first.

Expanding Access at a Critical Moment The integration arrives as Ondo Perps is posting some of the strongest early-stage growth numbers in the on-chain derivatives space. Ondo Perps, launched in early July, surpassed $300 million in daily volume by late July with nearly $6 billion in cumulative trading volume. Open interest on the platform stands at more than $75 million. The milestone came less than one month after Ondo Perps went live on July 7, making it one of the fastest-growing platforms focused on real-world asset perpetual futures.

By adding Arbitrum as a supported deposit network, the protocol lowers the friction for a large pool of potential users. Arbitrum is a Layer-2 network designed to make Ethereum transactions faster and cheaper using Optimistic Rollups, which reduces congestion on the Ethereum network, lowering fees and speeding up execution times. As of early 2025, more than $3.5 billion of USDC was in circulation on Arbitrum, giving the integration an immediately sizeable addressable base of capital.

What Ondo Perps Offers Traders Ondo Perps is a platform where global non-US users can trade perpetual futures on leading U.S. stocks and ETFs 24/7 with leverage. 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. The platform offers up to 25x leverage on tokenized stock collateral, with CEX-equivalent execution speeds.

Perpetual trading for tokenized equities and commodities including AAPL, AMZN, MSFT, NFLX, NVDA, TSLA, QQQ, gold, and silver is available on the platform. Spot holdings and perp positions are managed on the same platform, allowing traders to hedge without moving capital across multiple venues.

The Arbitrum integration extends a broader multichain strategy at Ondo. Polygon, Mantle, Arbitrum, and BNB Chain are among the networks Ondo has used as part of a multichain deployment strategy to distribute tokenized products and reach different liquidity environments. Adding native $USDC settlement on Arbitrum for Ondo Perps deepens that relationship and positions the protocol to capture derivatives volume from one of Ethereum's most active Layer-2 ecosystems.

Sources:
Ondo Finance: Introducing Ondo Perps
TheStreet Crypto: Ondo Perps breaks past $300M in 24-hour volume
USDC.com: How to Get USDC on Arbitrum

ONDO has recently experienced strong downside pressure. Since it got rejected at $0.42, the altcoin has closed at lower lows for four consecutive days.

As a result, the altcoin breached the $0.4 support and fell to a two-week low of $0.34. As of this writing, ONDO was trading around $0.37, down 5.28% on the daily charts, extending the 10% weekly drop.

But why is ONDO declining? Notably, it seems the pressure is mostly arising from the Ondo Finance team’s token deposits into exchanges. 

According to Nazoku, a wallet linked to Ondo Finance deposited 4 million ONDO worth $1.56 million to Coinbase as part of its ongoing unloading.

Since receiving 22.5 million ONDO from the team, the wallet has so far deposited 20.2 million ONDO to Coinbase in 4 million daily batches.

Although the team has structured exchange deposits into smaller portions to minimize pressure, this hasn’t worked.

Often, when the team wallet makes an exchange deposit, market players perceive it negatively, which in turn impacts sentiment.

Market demand remains steady Undoubtedly, exchange activity confirms the source of the current market pressure. According to CoinGlass data, ONDO’s Spot netflow only turned positive once over the last week.

Source: CoinGlass As of this writing, netflow was around -$1.51 million, a massive drop from $744k the previous day. The negative netflow suggests traders have constantly tried to absorb the pressure, but demand has remained insufficient.

The same trend holds for the protocol capital flow. According to DefiLlama data, USD inflows rose to $215 million.

Source: DefiLlama The protocol last recorded such inflows in early May, marking an 11-week high, suggesting massive capital flowed into the ecosystem.

Strong demand on the exchanges and the protocol has tended to strengthen upside momentum for the native token, often a prelude to more gains. 

Can ONDO hold the pressure? ONDO recently experienced downside pressure, mostly from the team’s token deposits. At the same time, buyers have attempted to absorb demand, but it has proved inadequate.

As a result, the momentum to the upside has strengthened even further. Looking at the altcoin’s MACD, this indicator formed a bearish crossover and dropped to 0.01.

Source: TradingView At the same time, the Relative Strength Index (RSI) also extended its decline, falling to 48, since it formed a bearish crossover days ago. The MACD drop validated this bearish structure and signaled the likelihood of the trend’s continuation.

Therefore, if more ONDO tokens keep flowing into exchanges, the altcoin is likely to drop to $0.33. However, if the accumulation we are seeing finally pays off while the team completes the transfers, the pressure will ease and reclaim $0.4.

Final Summary Ondo Finance deposited 4 million tokens worth $1.56 million to Coinbase, raising total deposits to 20.2 million.  Although demand remains steady, ONDO remains structurally weak and is likely to fall to $0.33 if bulls fail to reverse the trend towards $0.4.