You can buy tokenized stocks on crypto exchanges such as Binance, Kraken, Bybit, OKX and Bitget, through self-custody wallets such as Robinhood Wallet and the Base app, and through regulated brokers such as Dinari and Securitize. Which of these you can use depends mostly on where you live. Most tokenized stock products exclude U.S. residents, so U.S. investors are limited to a few broker-backed options, while buyers in Europe, Asia, Latin America and Africa have far more choice.
The market is growing quickly. Tokenized stocks were worth about $3.58 billion across roughly 4.39 million holders on October 22, 2026, according to the rwa.xyz tracker, up about 13% in a month. In the U.S., the SEC’s Innovation Exemption, issued on September 17, has opened a path for onchain stock trading venues, but none had started trading as of October 22.
Key Takeaways
U.S. investors: Dinari and Securitize Stocks are the main live options for eligible U.S. buyers. Offshore products such as xStocks, Binance’s bStocks, Ondo, Robinhood Stock Tokens and Coinbase’s tokens on Base are not available to U.S. persons.
Outside the U.S.: Binance, Kraken, Bybit, OKX and Bitget list tokenized stocks, and Robinhood and Coinbase sell them through self-custody wallets.
Ownership differs: some tokens are real shares or claims on shares held for you, while many popular products only track the share price and carry no voting rights.
Dividends: most offshore products reinvest dividends automatically, raising the value or balance of each token, instead of paying cash.
Check the contract address: fake tokens circulate, so buy only tokens listed by the issuer.
Where Can I Buy Tokenized Stocks? Platforms Compared
PlatformProductFor U.S. investors?Not available in (examples)Stocks and ETFsBlockchainWhat you ownDinaridSharesYes, eligible investorsVaries; offered in 91 jurisdictions plus the U.S.700+Ethereum, Avalanche, Arbitrum, BaseToken backed 1:1 by a share held in custody at Alpaca SecuritiesSecuritize StocksSecuritize StocksYes, eligible investorsOutside the U.S., EU and other permitted markets13SolanaSecurity entitlement backed 1:1 by a shareBinancebStocksNoU.S. and U.S. persons, among othersAbout 99BNB ChainTokenized security backed 1:1, convertible to the shareKrakenxStocksNoU.S., Canada, U.K., AustraliaAbout 130 on the exchangeSolana, Ethereum, TON, InkTracker certificate backed 1:1 by sharesBybitxStocksNoAustralia, Japan, EEA, among othersSelected xStocksSolana, MantleTracker certificate backed 1:1 by sharesOKXUnified Tokenized Stocks (xStocks)NoU.S. persons24 at launch, more added sinceSolana, X LayerTracker certificate backed 1:1 by sharesOndo partners (Bitget, OKX, Binance Wallet, Trust Wallet, Ledger)Ondo StocksNoU.S., Canada; EEA, U.K. and Switzerland limited to professional or qualified investors400+Ethereum, BNB Chain, SolanaTotal return tracker backed by sharesRobinhood WalletStock TokensNoU.S., Canada, U.K., Switzerland, UAE190+Robinhood ChainDebt security giving price exposure onlyRobinhood Europe appClassic Stock TokensNo (EU only)Outside the EU2,000+Not withdrawableDerivative contractBase app or any Base walletCoinbase-issued tokensNoU.S.10BaseClaim on a share held 1:1 by a custodianBitgetSpot Stocks (Reality) and Ondo Stock TokensNoU.S. persons500+ Spot Stocks and 260+ Ondo tokens (Bitget’s figures)Varies by issuerVaries by issuer
Sources: platform websites, help centers and announcements, and rwa.xyz for asset counts, as of October 22, 2026. Availability changes often, so check the platform’s eligibility page before you sign up.
Can U.S. Investors Buy Tokenized Stocks?
Yes, but only through a small number of regulated providers. U.S. securities law treats tokenized stocks as securities, which is why offshore issuers block U.S. persons and why every live U.S. option runs through a registered broker-dealer or transfer agent.
Dinari
Dinari opened 724 tokenized U.S. stocks and ETFs, including the whole S&P 500, to eligible U.S. individuals and businesses on August 4, 2026. U.S. accounts are held through Dinari Securities LLC, a registered broker-dealer, and the underlying shares are kept 1:1 in custody at Alpaca Securities. Buyers fund their account with USDC or by bank transfer, either in the Dinari app or through partner apps. Dinari’s U.S. documentation says tokens issued to U.S. customers are currently non-transferable and cannot be used in DeFi protocols, so they behave more like a brokerage position recorded onchain than a freely tradable crypto token. Dinari has also partnered with tZERO on a platform that lets other broker-dealers offer tokenized stocks.
Securitize Stocks
Securitize Stocks launched on Solana on October 8, 2026 with 12 large U.S. stocks, including Apple, Microsoft, Nvidia, Tesla and Amazon, and now also lists Securitize’s own shares. Each token is a security entitlement backed 1:1 by a real share, with dividends and voting passed through where applicable. Accounts are opened through Securitize Markets, a FINRA member broker-dealer, and trades settle in USDC from the buyer’s own wallet. Trading runs during extended U.S. market hours for now, with 24/7 trading planned. Securitize says its “investors” are typically accredited investors where applicable, so check eligibility before signing up. Our report on the Securitize Stocks launch has the details.
A few companies have put their own shares onchain. Superstate‘s Opening Bell platform records SEC-registered shares of Galaxy (GLXY) and Forward Industries (FWDI) on Solana, available to verified, allowlisted wallets, with Superstate acting as the registered transfer agent. Ondo Finance also introduced a U.S. custodial structure on July 2, 2026, with tokenized versions of the iShares Core S&P 500 ETF and Micron on Ethereum, but it said the product was not yet open to U.S. investors, and its main Ondo Stocks range excludes U.S. persons.
What the SEC’s Innovation Exemption Changes
The SEC’s Innovation Exemption, issued on September 17, 2026 and valid until September 17, 2031, lets permissioned venues trade tokenized versions of U.S.-listed stocks without registering as exchanges. Only tokens that carry the same rights as the underlying share qualify, and verified retail users can trade from their own wallets. Companies have 30 days to object to third-party tokens of their stock on a given venue.
Three venues had filed by October 22, and none was trading yet:
TSV LLC filed on September 23 to run pools on the Canton Network.
OKXICE, the joint venture of OKX and NYSE owner Intercontinental Exchange, filed on October 4 to list 63 tokenized U.S. stocks on OKX’s X Layer network. By October 19, 16 companies, including Microsoft, Alphabet and Goldman Sachs, had objected, which bars their shares from that venue.
Perpetuals.com filed on October 14 and is aiming for mid-November at the earliest.
Separately, Nasdaq won SEC approval in March 2026 to trade tokenized shares on the same order book as regular shares once the DTCC’s infrastructure is ready. The DTCC tokenization service is scheduled for commercial launch in October 2026, and Nasdaq has said it expects to launch Nasdaq Equity Tokens with Kraken’s parent Payward in the second quarter of 2027.
Where to Buy Tokenized Stocks Outside the U.S.
Binance (bStocks)
Binance launched bStocks on BNB Chain on June 12, 2026, under prospectuses approved by the financial regulator of Abu Dhabi Global Market. Each token is backed 1:1 by a share held with a regulated custodian and can be converted into the real share through Binance’s affiliated broker. bStocks trade 24/7 with a $5 minimum, dividends are generally reinvested onchain after U.S. withholding tax, and tokens can be withdrawn to any BNB Chain wallet. With about $1.3 billion in tokens across 99 assets, bStocks became the largest tokenized stock issuer on rwa.xyz in October. They are not available to U.S. persons. See our Binance review for the exchange itself.
Kraken (xStocks)
xStocks are issued by Backed, which is now part of the Kraken group, as tracker certificates backed 1:1 by shares in third-party custody. On Kraken, about 130 xStocks are available to clients in more than 110 countries, excluding the U.S., Canada, the U.K. and Australia, while xStocks says more than 700 are available onchain through Kraken Wallet. Buying with USD or Kraken’s USDG stablecoin carries no trading fee beyond the spread, and the minimum order is $1. Trading runs 24/5, with ten popular tickers, including TSLAx, NVDAx and SPYx, trading 24/7 on Kraken Pro. Dividends are reinvested, and Kraken’s parent Payward announced in August 2026 that eligible holders will be able to vote by proxy through Broadridge, although xStocks do not currently carry voting rights.
Bybit and OKX (xStocks)
Bybit and OKX also list xStocks. On Bybit, the tokens can be deposited and withdrawn on Solana and Mantle, but they are not offered in Australia, Japan or the European Economic Area. OKX’s Unified Tokenized Stocks, launched in July 2026 with 24 tokens and expanded since, trade 24/7 against USDT and can be deposited and withdrawn on Solana and OKX’s X Layer network. Neither exchange offers them to U.S. persons. Our Bybit and OKX reviews cover the platforms.
Ondo Stocks (via Bitget, OKX, Binance Wallet and Others)
Ondo‘s tokenized stocks, renamed Ondo Stocks in July 2026, cover more than 400 U.S. stocks and ETFs on Ethereum, BNB Chain and Solana and hold about $908 million, the second-largest total on rwa.xyz. They are total return trackers backed by the underlying shares, with dividends reinvested and free transferability for DeFi use. Eligible non-U.S. users can buy them in Ondo’s own app after identity checks, or through partners such as Bitget, OKX, Binance Wallet, Trust Wallet and Ledger. Ondo Stocks are not available in the U.S. or Canada. In the U.K., Switzerland, Singapore and parts of the EEA, access is limited to qualified or professional investors, and Swiss individuals are not eligible at all.
Robinhood (Stock Tokens)
Robinhood launched Stock Tokens on its own Robinhood Chain on July 1, 2026, for customers in more than 120 countries. The tokens are debt securities issued by Robinhood Assets (Jersey) Limited that track a share’s price without giving any rights in the underlying stock. They trade 24/7 in the self-custody Robinhood Wallet on decentralized exchanges such as Uniswap. They are not available in the U.S., Canada, the U.K., Switzerland or the UAE. In the European Union, Robinhood’s main app offers Classic Stock Tokens instead: derivative contracts on more than 2,000 U.S. stocks and ETFs, with a €1 minimum and a 0.1% currency fee, which cannot be moved off the platform.
Coinbase-Issued Tokens on Base
Coinbase began issuing tokenized stocks on its Base network on August 24, 2026 and now lists 10, including Nvidia, Apple, Meta, Alphabet, Amazon, Microsoft and Tesla. Shares are held 1:1 by a custodian in a bankruptcy-remote structure, and each token is a claim on the underlying share. The tokens trade 24/7 on Base decentralized exchanges such as Aerodrome against USDC, need no account to buy, and several are accepted as collateral on the Aave lending protocol. Identity checks apply only when redeeming with the issuer, which charges 0.05%. They are offered only outside the U.S. Our report on Coinbase’s tokenized stocks has more.
Bitget
Bitget offers two kinds of tokenized stocks, none of them to U.S. persons. Its Spot Stocks, launched as Stocks 2.0 in June 2026 and issued by Reality, cover more than 500 stocks and ETFs, trade 24/7 against USDT and credit cash dividends in USDT, with a 0.1% trading fee. Its Stock Tokens, powered by Ondo, cover more than 260 names and trade 24/5.
One former option has closed: Gemini’s tokenized stocks for EU customers ended when the exchange left the EU, U.K. and Australia, with accounts there moving to withdrawal-only on March 5, 2026.
Which Tokenized Stocks Give You Real Ownership?
SEC staff said in a January 2026 statement that tokenized securities are still securities and described three broad models. The model decides whether you own a share, a claim on a share or only a price-tracking product.
ModelWhat you holdExamplesIssuer-sponsoredThe share itself, recorded onchain by the company or its transfer agentSuperstate Opening Bell (GLXY, FWDI), Securitize’s own SECZ sharesCustodialA claim on a real share kept for you by a broker or custodianDinari dShares, Securitize Stocks, Coinbase-issued tokens on BaseThird-party tracker or derivativeA note, certificate or contract that follows the share price, usually backed by shares the issuer holdsxStocks, Ondo Stocks, Robinhood Stock Tokens, Robinhood Classic Stock Tokens
Binance’s bStocks sit between the last two groups: they are issued by a Binance affiliate under an approved prospectus, backed 1:1 and convertible into the real share. For the basics of how these products work, see our explainer on what tokenized stocks are.
How to Buy Tokenized Stocks: Step by Step
Check your eligibility. Find the platform’s list of supported countries. Using a VPN to get around a country restriction breaches the terms of service and can lead to a frozen account.
Choose an exchange, a broker or a wallet. Exchanges such as Binance and Kraken are the simplest route outside the U.S. Self-custody wallets give you 24/7 access through decentralized exchanges. U.S. buyers need a broker-backed service such as Dinari or Securitize.
Complete identity verification. Exchanges and brokers require KYC checks. Wallet-based products such as Coinbase’s tokens on Base and Robinhood Stock Tokens require them only to redeem with the issuer.
Fund your account. Most platforms accept stablecoins such as USDC or USDT, and some accept dollars or euros by bank transfer or card.
Buy the token and verify it. Search for the ticker, compare the token’s price with the real share price, and check the contract address against the issuer’s official list before you buy onchain.
Before trading, compare fees and features in our ranking of the best crypto exchanges.
Biggest Tokenized Stock Issuers
IssuerTotal valueTokenized assetsbStocks (Binance)$1.3 billion99Ondo$908.2 million408xStocks$627.9 million1,472Securitize$306.4 million15Reality (Bitget)$151.7 million3,159Robinhood$146.2 million190Figure$60.4 million1Superstate Opening Bell$55.2 million3WisdomTree$28.5 million6Dinari$12.1 million731
Source: rwa.xyz, distributed value as of October 22, 2026. Asset counts include the same stock deployed on several blockchains.
The single largest tokenized stock is Securitize’s own SECZ share, at about $245 million, followed by Binance’s tokenized Circle and SpaceX shares at about $165 million and $158 million.
Risks to Check Before You Buy
Limited rights. Many tokens carry no voting rights, and dividends are often reinvested rather than paid in cash.
Issuer and custodian risk. With custodial and tracker tokens, you depend on the issuer and its custodian to hold the shares and honor redemptions. What you recover in a failure depends on the issuer’s legal structure.
Price gaps and thin liquidity. The IMF found tokenized stocks about 1.5 times as volatile as the shares they track, and least liquid on decentralized exchanges. More than half of trading happens outside regular U.S. market hours, when the underlying stock is not trading.
Fake tokens. Base warns that any token not on its official list was not issued by Coinbase. Always match contract addresses.
Changing rules. Companies can object to third-party tokens of their stock on U.S. venues, and platforms can add or remove countries at short notice.
For the latest launches and regulatory changes, follow our daily RWA tokenization news.
Data sources: platform websites, help centers and official announcements (Dinari, Securitize, Superstate, Ondo, Binance, Kraken, xStocks, Bybit, OKX, Robinhood, Base, Bitget), the SEC, venue filings, the IMF’s October 2026 Global Financial Stability Report and rwa.xyz, as of October 22, 2026.
This article is for informational purposes only and does not constitute financial advice. Tokenized stocks carry risks that ordinary shares do not; always do your own research before investing.
Frequently Asked Questions
Where can I buy tokenized stocks?
Outside the U.S., tokenized stocks are sold on exchanges such as Binance (bStocks), Kraken, Bybit and OKX (xStocks) and Bitget, and through self-custody wallets such as Robinhood Wallet and wallets on Coinbase’s Base network. In the U.S., eligible investors can buy through regulated brokers such as Dinari and Securitize Stocks. Availability depends on your country, so always check the platform’s eligibility list first.
Can I buy tokenized stocks in the United States?
Yes, but options are limited. Eligible U.S. investors can buy Dinari’s dShares, covering more than 700 stocks and ETFs, or Securitize Stocks on Solana. Most other products, including xStocks, bStocks, Ondo Stocks, Robinhood Stock Tokens and Coinbase’s tokens on Base, exclude U.S. persons. Venues filed under the SEC’s Innovation Exemption, such as OKXICE, had not started trading as of October 22, 2026.
Can I buy tokenized stocks on Coinbase?
Not in the U.S. Coinbase issues tokenized stocks on its Base network, including Nvidia, Apple, Meta and Tesla, but only for eligible users outside the United States. They are bought with USDC on Base decentralized exchanges through a self-custody wallet, and identity checks apply only when redeeming with the issuer. Each token is a claim on a share held 1:1 by a custodian.
Can I buy xStocks on Kraken in the U.S. or U.K.?
No. Kraken offers xStocks in more than 110 countries but excludes the United States, Canada, the United Kingdom and Australia. Eligible clients can buy from $1 with no trading fee beyond the spread when paying in USD or USDG. xStocks are tracker certificates backed 1:1 by shares, dividends are reinvested, and Kraken’s parent has announced plans for proxy voting through Broadridge.
Do tokenized stocks pay dividends?
Most do, but usually not in cash. xStocks, Ondo Stocks, Binance’s bStocks and Coinbase’s tokens generally reinvest dividends automatically, raising the value or balance of each token, after U.S. withholding tax where it applies. Securitize passes dividends through where applicable, Dinari pays them out in stablecoins, and Bitget’s Spot Stocks credit cash dividends in USDT. Check each product’s terms before buying.
Are tokenized stocks the same as owning real shares?
Not always. Issuer-sponsored tokens, such as shares on Superstate’s Opening Bell, are the real shares recorded onchain. Custodial tokens, like Dinari’s dShares or Securitize Stocks, give you a claim on a share kept for you. Many popular products, including xStocks, Ondo Stocks and Robinhood Stock Tokens, only track the share price and give no voting rights or direct claim on the company.
Which platform has the most tokenized stocks?
By value, Binance’s bStocks leads with about $1.3 billion, followed by Ondo at about $908 million and xStocks at about $628 million, according to rwa.xyz data from October 22, 2026. By range, Robinhood’s EU app offers derivative tokens on more than 2,000 U.S. stocks, while Dinari and xStocks each offer more than 700 tokenized stocks and ETFs.
Are tokenized stocks safe to buy?
They carry extra risks. You depend on the issuer and custodian to hold the shares and honor redemptions, many tokens carry no voting rights, and prices can drift from the real stock when markets are closed. The IMF found tokenized stocks about 1.5 times as volatile as the underlying shares. Buy only through official platforms and verify contract addresses, because fake tokens circulate.
An address tracked by Lookonchain bought about $7.22 million worth of cryptos in twenty-four hours. Its portfolio favors Ethena, Ondo, Aerodrome, and Uniswap, while Pepe represents only a small part of the operation.
In brief
A whale bought nine cryptos for $7.22 million in 24 hours.
LIT, ENA, and ONDO represent nearly 57% of invested capital.
PEPE accounts for only 2.7% of purchases, far behind tokens linked to DeFi.
The portfolio favors decentralized finance, tokenization, and artificial intelligence.
These purchases may signal a bet on an altcoin rebound, without guaranteeing a price increase.
PEPE, Ethena, Ondo, and Lighter dominate purchases
Lookonchain spotted on October 22 a series of purchases made by the same address. It allocated its capital among nine assets linked to several sectors, including DeFi, tokenization, artificial intelligence, and memecoins.
The operation therefore does not constitute a general accumulation by several whales. It reflects the strategy of a single portfolio, whose owner and objectives remain unknown.
The published allocation allows measuring its main positions :
378,129 LIT, for about $1.4 million ;
6.61 million ENA, for $1.34 million ;
3 million ONDO, for $1.34 million ;
1.154 million AERO, for $948,000 ;
241.8 ETH, for $591,000 ;
2,944 QNT, for $589,000 ;
61,252 UNI, for $443,000 ;
1,387 TAO, for $368,000 ;
43.3 billion PEPE, for $195,000.
Lookonchain stated :
A whale bought about $7.22 million worth of tokens in the last twenty-four hours.
LIT, ENA, and ONDO concentrate nearly $4.1 million, or about 57% of the total amount. Pepe ranks last with only 2.7% of invested capital.
The source headline therefore highlights this memecoin, but the transaction mainly targets projects associated with decentralized finance and tokenized assets.
The portfolio bets on several market narratives
The purchases seem to follow a thematic diversification strategy. Ethena develops an ecosystem centered on its synthetic dollar USDe. Ondo Finance focuses on tokenizing traditional financial products. Uniswap and Aerodrome provide decentralized exchange services.
Bittensor, whose token is TAO, represents the bet on decentralized artificial intelligence. Quant and Ethereum add exposure to more established infrastructures. LIT, the main purchase, remains more volatile due to its smaller size and more limited liquidity.
The whale also seems to have taken advantage of the recent decline of several assets. During the transactions, ENA traded around $0.199 after a drop from $0.2437. ONDO was priced near $0.435, while AERO traded around $0.807.
Only LIT showed a notable daily increase, close to 7%, with a price around $3.69. The portfolio therefore does not follow a uniform strategy. It combines purchases after a correction with a position on a token already trending upwards.
This selection could indicate an anticipation of capital returning to altcoins. It might also respond to needs for market making, liquidity, or cash management. The identity of the address does not allow deciding between these hypotheses.
A whale purchase does not guarantee any rise
Large address movements attract attention because they can reduce the quantity available on the market. However, they do not constitute a reliable forecast. A whale can be wrong, hedge another position, or resell its tokens a few hours later.
Small and medium altcoins also have less market depth than bitcoin or ether. A large purchase can temporarily raise their price. Conversely, a quick sale can trigger a sharper correction.
Transfer to a private wallet also does not prove that tokens will be kept for a long period. One must examine origin addresses, potential deposits on platforms, and interactions with DeFi protocols to understand the real strategy.
Future operations from this address will therefore be more informative than this isolated purchase. Regular accumulation, followed by long-term holding, would strengthen the hypothesis of a bullish bet. Quick transfers to exchanges would rather indicate a short-term strategy.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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 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
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A whale bought approximately $7.22 million worth of tokens during the last 24 hours. The wallet spread its funds across 9 assets, mainly from DeFi and real-world asset projects, with a small portion going to a meme coin.
What the Whale BoughtThe biggest buys were 378,129 LIT ($1.4 million), 6.61 million ENA ($1.34 million), and 3 million ONDO ($1.34 million). The rest was split among AERO ($948,000), ETH ($591,000), QNT ($589,000), UNI ($443,000), TAO ($368,000), and PEPE ($195,000).
A whale bought ~$7.22M worth of tokens over the past 24 hours, including:
378,129 $LIT ($1.4M)
6.61M $ENA ($1.34M)
3M $ONDO ($1.34M)
1.154M $AERO ($948K)
241.8 $ETH ($591K)
2,944 $QNT ($589K)
61,252 $UNI ($443K)
1,387 $TAO ($368K)
43.3B $PEPE ($195K)
https://t.co/9IgfeLT9A8 https://t.co/ZeCPztInZV
HOT Stories
— Lookonchain (@lookonchain) October 22, 2026
Most of the funds went into small and mid-sized tokens rather than Bitcoin or large coins. That is a sign the buyer is looking for bigger upside than the top assets can offer.
Price Check on the Biggest BuysLIT is the only top purchase trading higher. It sits near $3.69 and is up approximately 7% on the day. The whale paid roughly $3.70 per token, so it is buying at today's price.
ENA is under pressure. It trades near $0.199, down approximately 2.5% in the last day. The longer picture is weaker. One week before October 18, it traded at $0.2437, and by October 18 it had dropped to approximately $0.178. It has bounced a bit since, but it is still well below last week's level.
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ONDO is slightly lower. It trades near $0.435, down more than 4% on the day. On October 17 it was around $0.449, so the drop since then has been small.
AERO is down the most among the large buys. It trades near $0.807, approximately 4.6% lower on the day. The whale paid close to $0.82 per token, so it is already sitting on a small loss.
ETH is the steadiest of the group. It trades around $2,428, down approximately 1%. The whale's average entry was near $2,444, so it is almost flat.
Why Would a Whale Buy Now?There are some simple reasons this could make sense. First, many of these tokens are far below their highs, so a large buyer may see them as cheap. ENA is a good example, as it fell sharply in only one week.
Second, the picks have clear narratives. ENA and ONDO connect to stablecoins and tokenized real-world assets, UNI and AERO are major trading platforms, and TAO is tied to AI.
Third, buying during red days is a common whale habit. Most of these tokens were falling while the purchases were made, which points to buying the dip rather than chasing a rally.
What to Keep in MindOne wallet buying does not mean prices will rise. Whales can be wrong, and they can sell just as fast as they buy. Smaller altcoins also move more sharply than large coins, in both directions.
Traders will likely watch whether this wallet continues adding to its positions, and whether ENA, AERO, and ONDO can stop their slide.
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)
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?
Bitcoin holds near $82,000 as Ethereum lags and Solana, Aerodrome and Ondo edge higher. October 20 analysis tracks key support, resistance, and daily signals.
Asset
Aggregate USD price
Rolling 24-hour change
Aggregate 24-hour volume
Bitcoin (BTC)
$82,013
−0.48%
$25.37 billion
Ethereum (ETH)
$2,410.99
−0.43%
$9.21 billion
Solana (SOL)
$105.17
+0.08%
$2.56 billion
Aerodrome Finance (AERO)
$0.808417
+1.20%
$44.09 million
Ondo (ONDO)
$0.441386
+1.58%
$100.25 million
Bitcoin’s MACD Improves Without a Bullish Crossover
Bitcoin closed October 19 at $81,843.70, down 0.19%, after reaching $83,100. The session traded above the $82,538–$82,826 resistance area identified in Monday’s report but failed to hold above it at the close. That was an intraday move through resistance, not a confirmed daily breakout.
BTC/USD daily MACD (12,26,9) remains below its signal despite a less-negative histogram, while the latest session fails to close above $83,100.
Daily MACD, using 12- and 26-period exponential averages with a nine-period signal EMA, remained bearish. Its line fell to −10.68 against a 393.08 signal.
The histogram improved to −403.76 from −456.84, indicating a narrowing gap between the lines rather than a bullish crossover. The MACD line also crossed below zero on the completed candle.
The latest completed four-hour histogram was positive at 73.83, showing stronger short-term momentum than the daily reading.
CoinGecko’s quote was nevertheless 0.50% below Monday’s $82,428 report snapshot, a separate comparison from its rolling 24-hour change.
A daily close above $83,100 would strengthen a recovery toward $84,049–$84,250, the cluster of October 12–14 highs.
Losing $81,648 on a daily close would weaken the latest rebound and expose $80,568. A close below the October 15 low at $79,709 would invalidate that recovery structure.
Ethereum’s RSI Remains Below Neutral
Ethereum closed at $2,405.43, slipping 0.09% after a $2,382.78–$2,443.70 session. The daily chart remains below the October 16 high at $2,490.84 and the earlier $2,527–$2,535 resistance area, leaving the broader October pullback intact.
ETH/USD daily RSI (14, Wilder) holds at 37.87 as Ethereum trades below $2,443.70 resistance and above the October 15 low at $2,313.42.
The 14-day RSI, calculated with Wilder smoothing, eased to 37.87 from 38.03. It remained below the neutral 50 line without reaching the conventional 30 oversold threshold.
This points to weak momentum, not a standalone signal that a rebound is due. Four-hour RSI was firmer at 47.54 but also below neutral.
Ethereum’s aggregate quote was 0.60% below the $2,425.66 snapshot in the October 17 edition.
The earlier downside reference at $2,313.42 remains intact, although subsequent sessions have not produced a sustained recovery.
A daily close above $2,443.70 would improve the immediate structure and bring $2,490.84 into focus. Clearing that second level would strengthen the case for a test of $2,527–$2,535.
Conversely, a close below $2,382.78 would expose $2,354.01 and $2,326.25. Losing $2,313.42 on a daily close would invalidate the developing base.
Solana Rebounds Beneath Two Falling Averages
Solana gained 0.89% on its completed daily candle to close at $104.95. That extended the recovery from Sunday’s $100.34 low, but the close remained below the 50-day exponential moving average at $106.75 and the 20-day EMA at $108.96.
SOL/USD daily candles recover from $100.34 but remain below declining 20-day and 50-day EMAs at $108.96 and $106.75.
Both averages declined from the previous session. The faster 20-day average remained above the 50-day average, so the chart did not produce a new bearish crossover.
The relevant signal is simpler: price remains beneath two falling trend references.
Four-hour price action was less weak. The latest completed close stood above its 20-period EMA at $104.28 but below the 50-period EMA at $106.01.
This supports a short-term rebound interpretation without overturning the daily trend.
A daily close above Monday’s $106.08 high would put the 50-day EMA in reach. A subsequent close above $108.91–$108.96, where the October 13 high meets the 20-day EMA, would materially improve the recovery toward $111.92–$113.27.
Failure to hold $103.43 would weaken that scenario and bring $101.00 into view. A daily close below $100.34 would invalidate the latest rebound.
Aerodrome Loses Support Despite Its 24-Hour Gain
Aerodrome’s positive rolling return contrasts with a weaker completed daily chart. It closed October 19 at $0.7957, down 0.39%, following Sunday’s close below $0.8300. The October 16 report had identified that level as the invalidation point for the earlier recovery.
AERO Price Analysis 2026 10 20
The latest aggregate quote was 12.08% below that report’s $0.919539 snapshot. This is a multi-day comparison, not the coin’s current 24-hour performance.
Daily Bollinger Bands, using a 20-day simple moving average and two population standard deviations, placed the midpoint at $0.8516 and the lower band at $0.7481.
Price remained below the midpoint but inside the bands. The reading shows a weakened recovery, not an automatic buy signal near the lower band.
Monday’s $0.7636 low nearly matched the October 2 low at $0.7635, establishing a visible support test.
A daily close above $0.8090 would be an initial improvement; reclaiming $0.8516–$0.8574 would recover the band midpoint and Sunday’s high, strengthening a move toward $0.9045.
A close below $0.7635 would invalidate the support hold and expose the lower-band reference near $0.7481, which will change with subsequent closes.
Ondo Tests the First Retracement of Its Latest Decline
Ondo closed at $0.43493, up 0.10%, after recovering from Sunday’s $0.41049 low. The rebound remained small relative to the decline from the October 12 swing high at $0.53150.
AERO/USD daily Bollinger Bands show price below the $0.8516 midpoint after losing $0.8300 support, with repeated lows near $0.7635.
Fibonacci levels measure an upward retracement of that specific October 12–18 downswing.
The 23.6% level is $0.43905, 38.2% is $0.45672, the 50% midpoint is $0.47100 and 61.8% is $0.48527. Monday’s completed close remained below the first level.
The live October 20 Kraken candle subsequently reached $0.44373 and last traded at $0.44139 in the captured response.
That put price above 23.6% intraday, but it did not confirm a daily close above the retracement.
A daily close above $0.44496, Sunday’s high, would strengthen the rebound toward $0.45672.
Clearing that level would improve the approach to $0.47100 and the October 16 high at $0.47649. A daily close below $0.42764 would weaken the immediate recovery, with $0.42200 and $0.41049 next.
A new low below $0.41049 would invalidate these retracement anchors and require recalculation.
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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The market for tokenized equities has expanded rapidly in 2026, with total value rising from roughly $654 million in the week of January 5 to $3.8 billion in the week of October 5—an increase of 483 percent—according to research published by DWF Labs.
While overall capitalization has grown substantially, leadership has become more fragmented as additional issuers entered and existing platforms gained traction.
Ondo Finance remains the largest single issuer by value, holding about $1 billion.
Its share of the category, however, declined from 56 percent early in the year to 26 percent by early October. Much of the shift is attributable to newer products.
Binance’s bStocks, introduced in June 2026, reached approximately $905 million (about 24 percent of the market) after an initial surge past $100 million within two weeks of launch.
Robinhood’s tokenized equities offering, which began in July, grew from around $20 million to $170 million over the same period.Other platforms also advanced.
xStocks increased from $187 million to $954 million and retained roughly a 25 percent share.
Securitize reached about $290 million (8 percent), driven in part by the tokenization of a portion of its own newly listed shares.
These movements illustrate how entry by established trading platforms and specialized issuers has redistributed activity that was previously more concentrated.
Network distribution has shifted alongside the issuer landscape.
Ethereum accounted for half of tokenized equity value at the start of the year but fell to 22 percent by October.
BNB Chain rose from 9 percent to 32 percent, reinforced by Binance’s bStocks launch; several of the largest individual tokenized equities by value now reside on that network.
Avalanche, which held no measurable share at the beginning of the year, reached about 9 percent after Securitize’s activity began there in July.
Usage metrics show that growth has not been limited to idle capitalization.
Weekly transfer volume (covering any movement of tokens between addresses) rose more than 40-fold to $17.5 billion, while weekly spot trading volume on decentralized exchanges increased roughly 55-fold to $2.54 billion.
Trading velocity relative to market capitalization improved markedly.
DeFi deployment also expanded, with active total value locked rising from about $15.5 million at the start of January to $313 million by mid-October—roughly 8 percent of category market capitalization, up from around 2 percent earlier in the year.
Activity has spread beyond any single chain, with meaningful volumes appearing on Solana, Robinhood Chain, BNB Chain, and Base.
Even with these gains, tokenized equities remain a small fraction of traditional equity markets, which DWF Labs estimates at approximately $75 trillion in the United States and $150 trillion globally.
The report highlights both the scale of potential further growth and the importance of genuine on-chain utility beyond simple tokenization.
It is essential for all industry participants to recognize that products commonly described as “tokenized stocks” or “tokenized equities” are not necessarily digital securities that represent direct ownership of the underlying shares with the full suite of associated rights (such as voting).
Many of the offerings driving current volume provide economic or price exposure through certificates, structured notes, tracker instruments, or similar arrangements issued by third parties.
Holders typically do not appear on the issuer’s share register and may lack direct shareholder privileges, even when the tokens are backed by underlying assets held in custody.
Regulatory treatment, investor protections, and economic claims vary by structure and jurisdiction.
Clear communication of these distinctions—rather than treating the category as interchangeable with traditional or fully tokenized securities—helps reduce the risk of misunderstanding among users, platforms, and other market participants as the sector continues to develop.
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 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
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.
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.
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
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ondo Finance says total value locked has passed $4 billion, with $1.3 billion in tokenized stocks and ETFs, a top ranking in tokenized Treasuries and over 1 million cumulative holders.
@Ondo said it has passed $4 billion in total value locked (TVL) on October 14, 2026. Of that total, $1.3 billion is in tokenized stocks and ETFs. Ondo also said it ranks first in tokenized US Treasuries at around $3 billion and has more than 1 million cumulative holders across its products. Its products now span tokenized Treasuries, stocks, ETFs, portfolios and private markets.
Tokenized stocks drive growthOndo Stocks, run by Ondo Global Markets, is the main driver of the recent growth. The business first passed $1 billion in TVL in May 2026, which Ondo announced on May 11. That came less than eight months after its September 3, 2025 launch. The stock lineup has since widened, and Parameter reported that the platform now offers access to more than 450 tokenized stocks and funds.
Treasuries remain the other pillar. RWA.xyz's tokenized US Treasury fund league table lists Ondo first at about $2.9 billion across 11 assets. Franklin Templeton Benji Investments follows at about $2.6 billion, and Circle is third at about $2.4 billion. The figures are slightly below the roughly $3 billion Ondo cites, which may reflect differences in how products are counted. Among single tokens, RWA.xyz data cited by Ondo showed USDY above BlackRock's BUIDL, with Circle's USYC still the largest individual product.
Private markets add a new product lineThe milestone follows the launch of Ondo Private Markets. Ondo's blog post introducing the product is dated October 5, and the company's press release and coverage followed on October 6. The product gives eligible investors tokenized exposure to the economic performance of private companies before they go public.
The first note references an unnamed pre-IPO AI company. Ondo said exposure to robotics, cybersecurity, biotech, infrastructure and other sectors will follow. Secondary trading was scheduled to begin in the week of the launch, with permissionless trading available around the clock.
The notes are not shares. Each token is a note whose payout is linked to the per-share value of the referenced company's common stock at a qualifying liquidity event, typically an IPO, acquisition or secondary sale, according to TheStreet. Parameter reported that the notes carry no equity stake, voting power or dividends, and that a British Virgin Islands special purpose vehicle issues them. Eligibility is limited to qualified non-US investors.
For Ondo, the two product lines point in the same direction: tokenized access to traditional financial assets, from government debt and listed equities to private-company exposure. Whether the private-market notes can reach comparable scale will depend on liquidity and investor participation. Ondo has not published figures for the new product.
Sources
Ondo Finance: Introducing Ondo Private MarketsRWA.xyz: Tokenized U.S. Treasury Funds league tableTheStreet: Ondo brings private markets onchain with 24/7 trading from day one
Ondo Finance has announced that the total value locked (TVL) of its tokenized products stands at $4 billion, with tokenized stocks and ETFs exceeding $1.3 billion. The firm noted it holds the leading position in the tokenized U.S. Treasuries segment, with cumulative holders of all its products surpassing 1 million. Ondo Finance’s tokenized products can be permissionlessly transferred across networks including Solana, Ethereum, and BNB Chain, while Ondo Stocks accesses traditional financial liquidity via a request-for-quote (RFQ) mechanism.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin OG @LLuciano_BTC shared his altcoin picks for the next six months, including Avalanche ($AVAX), Sui ($SUI), NEAR Protocol ($NEAR), Chainlink ($LINK), Stellar, Quant ($QNT) and Ondo.
Crypto commentator @LLuciano_BTC, a long-time Bitcoin holder with nearly 2 million followers, has published a list of the tokens he is watching over the next six months. The picks are grouped into five categories, running from layer-1 networks to decentralised finance (DeFi).
The assets highlighted from the list include Avalanche (@Avax, $AVAX), Sui (@SuiNetwork, $SUI), NEAR Protocol (@NEARProtocol, $NEAR), Chainlink (@Chainlink, $LINK), Stellar (@StellarOrg, $XLM), Quant (@quantnetwork, $QNT) and Ondo (@Ondo, $ONDO). The full list contains more names than those shown here.
What the selected tokens have in commonThe names cover a mix of base-layer blockchains and infrastructure projects. Avalanche, Sui and NEAR compete as smart contract platforms, while Chainlink, Quant and Ondo are tied more closely to the tokenisation of traditional financial assets.
That second theme has been gaining ground. Ondo is a platform for tokenising real-world assets such as US Treasuries and stocks, according to CoinMarketCap. In October 2025, Ondo Finance and Chainlink announced a strategic partnership that made Chainlink the official oracle provider for Ondo's tokenised stocks and ETFs, with its cross-chain protocol (CCIP) named the preferred solution for institutional cross-chain use.
Chainlink and Ondo have also worked with JPMorgan's blockchain unit. The Block reported that Kinexys, Chainlink and Ondo completed a test transaction that settled a tokenised US Treasuries fund across a public and a permissioned network.
Quant has also been linked to the sector. Coin-Turk reported that Quant, Ondo and Chainlink rallied sharply as real-world asset tokens advanced, with Quant's gains tied to UK banks using its infrastructure for tokenised deposit transactions.
A watchlist, not financial adviceLists like this reflect one person's view and do not predict how any token will perform. Crypto assets are volatile, and prices can move sharply in either direction over a six-month window. Readers should do their own research before acting on any watchlist.
Sources
PR Newswire: Ondo and Chainlink strategic partnershipThe Block: JPMorgan, Chainlink and Ondo Finance cross-chain settlement testCoinMarketCap: What is Ondo (ONDO)
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.
Before the latest market sell-off, Ondo Finance [ONDO] had been on a downward trajectory, falling from $0.60 to $0.43.
Since then, bulls have pushed for a reversal. The altcoin recorded higher daily closes for five consecutive days, breaking above the $0.50 resistance.
At press time, ONDO traded around $0.52 after gaining 8% over 24 hours. Trading Volume rose 58%, pointing to renewed market activity.
The rebound brought $0.60 back into focus, while Ondo’s growing tokenized-stock business offered another talking point.
What did the IMF say about Ondo?
Ondo Finance’s expansion into traditional finance drew attention from the International Monetary Fund [IMF].
According to the report cited, Ondo and its backed entities controlled over 70% of the $2.3 billion tokenized-stock market. The value of Ondo’s tokenized stocks grew 26% over the past month, crossing $1.3 billion. Its total tokenized assets exceeded $4 billion.
Source: RWA.xyz
Even so, the IMF warned of illiquidity and volatility. Demand remained concentrated among retail traders and outside traditional trading hours, with limited participation from large investors.
The IMF recommended round-the-clock circuit breakers and closer monitoring of links with traditional finance. For ONDO holders, that raised a separate question: was the token’s recovery attracting sustained buying interest?
Are ONDO exchange outflows supporting the rebound?
ONDO’s Spot Netflow turned negative and stayed there for two consecutive days. On the 12th of October, it reached -$2.5 million, indicating that exchange outflows exceeded inflows.
Source: CoinGlass
Those withdrawals could reduce the supply available for immediate sale, potentially supporting the rebound.
However, negative Spot Netflow alone does not establish fresh buying. It shows tokens leaving exchanges, while investors’ reasons for withdrawing remain unclear.
Ondo’s product growth could strengthen interest in the ecosystem. Whether that translates into sustained ONDO demand remains an open question.
Can ONDO extend its recovery toward $0.60?
After days of weakness, ONDO’s momentum indicators pointed to buyers gaining ground. The Positive Directional Indicator [DI+] rose from 18 to 21, while the Negative Directional Indicator [DI-] fell from 16 to 13.
Meanwhile, the Stochastic Momentum Index [SMI] formed a bullish crossover and continued rising out of the bearish zone.
Source: TradingView
Together, these signals suggested improving bullish momentum, though the recovery still depended on buyers defending $0.50.
Holding that level could support another test of $0.60. A break above that resistance could open the path toward $0.66 and $0.70 in the weeks ahead. Conversely, losing $0.50 would weaken the bullish setup and could expose $0.45.
Final Summary
ONDO price rose 8% to around $0.52, with $0.50 support and $0.60 resistance defining its next test.
Exchange outflows and improving momentum supported the recovery, while the IMF flagged tokenized-stock liquidity risks.
Binance bStocks registered the largest 30-day increase in market capitalization among tokenized stock issuers, with a gain of $45.4 million in tokenized assets backed by Circle. This surge highlighted a stark contrast with several other platforms, including Reality and Ondo, which experienced significant declines over the same period.
Mixed results across tokenized stock issuersToken Terminal data reveals that Binance bStocks led recent growth in tokenized Circle-backed assets. The platform’s $45.4 million increase outpaced all other issuer groups for the period under review.
xStocks saw its tokenized exposure rise by $10.1 million, while Robinhood-issued stock tokens grew by $4.3 million. In contrast, tokenized assets from Reality and Ondo registered declines of $2.8 million and $17.4 million, respectively.
Issuer GroupMarket Cap Change (30 days)Binance bStocks+$45.4 millionxStocks+$10.1 millionRobinhood+$4.3 millionReality−$2.8 millionOndo−$17.4 millionThe diverging performance across issuer groups points to selective demand within the tokenized equities sector. Rising market capitalization signals positive momentum for certain platforms, while others are seeing a contraction. These figures reflect changes in token supply, underlying asset price moves, or shifting investor demand.
Market capitalization does not directly equate to trading volumes or actual investor inflows. Various factors can cause these figures to fluctuate, and comparisons should be interpreted with caution.
Tokenized stocks extend traditional asset exposure to blockchain infrastructure. The pace and composition of sector growth may offer insights into investor interest in various tokenization models and platforms.
Binance, the world’s largest cryptocurrency exchange by trading volume, launched bStocks to provide users with blockchain-based versions of traditional equities.
Mini dictionary: Tokenized stocks, digital representations of traditional company shares that are issued and traded on a blockchain, allowing fractional ownership and expanded 24/7 access compared to traditional equity markets.
BNB hovers near key technical zoneMeanwhile, BNB—the native token of Binance Chain—approached a critical technical area after facing rejection near the $800 level. Crypto analyst MarzellCrypto identified the region around $800 as a make-or-break zone following the recent pullback.
BNB is testing the breakout zone after rejection near $800. A sustained hold above this area could signal a move toward a new all-time high, but failure to maintain support opens the risk of a correction toward $500, $350, or $290.
The bullish scenario hinges on BNB defending the breakout area and reclaiming ground above $800 with conviction. According to the analysis, a short-lived move above resistance does not guarantee long-term upward momentum; confirmation would require a firm close above the key level and a subsequent retest that holds as support. No specific upside target was provided for such a breakout.
If BNB loses the critical support zone, downside scenarios could see the token testing lower levels. MarzellCrypto highlighted $500, $350, and $290 as potential targets in the event of a deeper decline. The likelihood and timing of reaching these levels depend on broader market conditions and investor behavior.
Sector trends versus BNB price outlookWhile Binance bStocks’ growth underscored robust expansion in the tokenized equity market, the data does not necessarily indicate a direct cause for movement in BNB’s price. The token’s immediate technical outlook is shaped more by recent chart patterns and market reaction to key support zones than sector-wide developments.
Growth in tokenized stock issuance may signal rising interest in blockchain-based financial products, but BNB’s price trajectory remains primarily tied to its own market dynamics and structural catalysts.
Observers note that trends in tokenized assets provide valuable context for the evolution of blockchain finance, yet each product’s market performance should be judged on its own terms. Market participants are watching closely to see whether BNB can reclaim critical territory in the coming days.
Ondo Private Markets Goes Live@Ondo has officially launched its Ondo Private Markets platform, marking a significant step in the real-world asset (RWA) tokenization space.
Ondo has not publicly named the AI firm. With $ONDO's new Private Markets feature, users can enter, exit, or adjust their positions ahead of a company's IPO, a capability that has historically been accessible only to institutional and venture-stage investors.
How the Notes Work and What Comes NextIt is important to understand what these tokens actually represent.
The breadth of that roadmap underlines the ambition behind the product and its potential to reshape how investors access pre-public opportunities.
The launch builds on an already substantial base. The new Private Markets product is a direct attempt to close that gap, at least for eligible non-US participants, and could help cement @Ondo's position as a dominant force in the broader RWA sector.
Sources:
The Block: Ondo launches onchain private-company exposure, starting with AI
KuCoin News: Ondo Finance Launches On-Chain Tokenized Private Market Product
Forkast: Ondo Finance Launches Ondo Private Markets
Wall Street’in hisse senedi, tahvil ve diğer finansal varlıkları blokzincire taşıması, kripto piyasasında yeni gelir alanları yaratabilir. Citrini, 8 Ekim’de yayımladığı 79 sayfalık Breaking the Wall raporunda, Bitcoin ve Ethereum dışında bu dönüşümden faydalanabilecek kripto projelerini öne çıkardı.
Raporda Aerodrome (AERO), Maple (SYRUP), Ondo (ONDO), Pendle (PENDLE) ve Derive (DRV) gibi projeler dikkat çekiyor. Citrini, tokenizasyon büyüdükçe işlem, borç verme ve ödeme faaliyetlerinden ücret elde eden platformların daha fazla gelir sağlayabileceğini savunuyor.
Ancak önemli bir ayrım var: Blokzincir kullanımının artması, ilgili tokenın fiyatının da yükseleceği anlamına gelmiyor. Asıl mesele, oluşan ekonomik değerin hangi protokole ve ne ölçüde token sahiplerine yansıdığı.
Tokenizasyon Altcoinlere Nasıl Gelir Sağlayabilir? Tokenizasyon, hisse senedi ve tahvil gibi geleneksel varlıkların blokzincir üzerinde dijital tokenlarla temsil edilmesini sağlıyor. Bu tokenlar işlem görebiliyor ve bazı platformlarda kredi teminatı olarak kullanılabiliyor.
Citrini’ye göre asıl fırsat, bu varlıkların alım satımını ve finansmanını sağlayan protokollerde. Tokenizasyon büyüdükçe işlem ve borç verme faaliyetleri artabilir, bu da platformlara daha fazla ücret geliri sağlayabilir. Peki Citrini, bu fırsattan yararlanabilecek hangi altcoinleri öne çıkardı?
Listede Hangi Altcoinler Var? Citrini’nin değerlendirmesinde farklı iş modellerine sahip projeler bulunuyor. Bazıları işlem ücretlerinden, bazıları kredi faaliyetlerinden, bazıları ise finansal altyapı hizmetlerinden faydalanabilecek şekilde konumlanıyor.
İşlem platformları: Aerodrome (AERO) ve Uniswap (UNI) Aerodrome, tokenlaştırılmış hisse senetlerinin alım satımından ücret elde edebilecek merkeziyetsiz işlem platformu olarak öne çıkıyor. Uniswap ise farklı tokenların alınıp satılmasını sağlayan merkeziyetsiz piyasa altyapısı sunuyor.
Kredi ve getiri ürünleri: Maple (SYRUP), Aave (AAVE) ve Pendle (PENDLE) Maple, kurumsal yatırımcılara yönelik blokzincir tabanlı kredi ürünleri yönetiyor. Aave, merkeziyetsiz borç verme altyapısı sağlıyor. Pendle ise yatırımcıların faiz getiren varlıklardan doğacak gelecekteki gelirleri alıp satmasına olanak tanıyor.
Tokenlaştırılmış varlıklar: Ondo Finance (ONDO) Ondo, tokenlaştırılmış ABD tahvilleri ve hisse senedi ürünleri sunuyor. Proje, daha yakın dönemde sürekli vadeli işlem ürünleri alanına da genişledi. Citrini’nin tezine göre geleneksel finansal varlıklar blokzincire taşındıkça bu ürünlerin çevresinde daha fazla işlem faaliyeti oluşabilir.
Stablecoin ve finansal hizmetler: Ethena (ENA) ve ether.fi (ETHFI) Ethena, stablecoin ihracının yanı sıra dijital finans hizmetlerini genişletiyor. Proje; yüksek getirili tasarruf ürünleri, kartlar ve ödemeler gibi alanlara yöneliyor. ether.fi ise kripto tabanlı finansal hizmetler sunuyor.
Veri ve blokzincir altyapısı: Chainlink (LINK) ve LayerZero (ZRO) Chainlink, piyasa verilerini blokzincir uygulamalarına taşıyan oracle altyapısıyla öne çıkıyor. LayerZero ise farklı blokzincirlerin birbirine bağlanmasını sağlıyor. Tokenlaştırılmış varlıklar daha fazla platformda kullanıldıkça bu tür altyapılara duyulan ihtiyaç da artabilir.
Türev işlemler: Derive (DRV), Lighter (LIT) ve Variational (VAR) Derive, merkeziyetsiz opsiyon işlemlerine odaklanıyor. Citrini ayrıca sürekli vadeli işlem piyasasında faaliyet gösteren Lighter ve Variational gibi yeni platformlara da dikkat çekiyor. Bu platformlar, yatırımcıların bir varlığa sahip olmadan fiyat hareketleri üzerine işlem yapabildiği sürekli vadeli işlem pazarının büyümesinden pay alabilir.
Citrini, Hyperliquid’i (HYPE) de bu alandaki güçlü platformlardan biri olarak değerlendiriyor. Bununla birlikte rapor, Hyperliquid’e yönelik piyasa erişimini halka açık yatırım araçları üzerinden de ele alıyor. Bitwise Hyperliquid ETF’si (BHYP), raporun halka açık araçlar sepetinde yer alıyor. Bu ayrım önemli: ETF üzerinden sağlanan erişim, HYPE tokenının doğrudan kripto token sepetinde bulunmasıyla aynı şey değil.
Bu projelerin hepsi aynı fırsatı temsil etmiyor. Citrini’nin ortak tezi, tokenlaştırılmış finansal varlıklar yaygınlaştıkça bunların alım satımını, finansmanını ve risk yönetimini sağlayan protokollerin daha fazla ekonomik faaliyet çekebileceği yönünde.
Tokenizasyon Büyürse Altcoin Fiyatları da Yükselir mi? Citrini’nin raporundaki en önemli uyarı, artan işlem hacminin token sahiplerine otomatik olarak kazanç sağlamadığı yönünde.
Bir protokolün kullanıcı sayısı ve işlem hacmi artabilir. Ancak bu faaliyetlerden doğan ücretler doğrudan token sahiplerine aktarılmayabilir. Bu nedenle yatırımcıların yalnızca projenin ne kadar kullanıldığına değil, ne kadar gelir elde ettiğine ve bu gelirin nasıl dağıtıldığına da bakması gerekiyor.
Raporda likiditenin farklı blokzincirlere dağılması, güvenlik açıkları ve hukuki engeller de riskler arasında gösteriliyor. Bu sorunlar, tokenizasyonun yayılmasını yavaşlatabilir veya belirli platformların büyümesini sınırlayabilir.
Özellikle hisse fiyatını takip eden sentetik tokenlaştırılmış ürünler ayrı bir risk taşıyor. Bu ürünler, geleneksel hisselerin fiyat hareketlerine maruz kalma imkânı sunabilir; ancak yatırımcıya doğrudan mülkiyet veya oy hakkı vermeyebilir.
Citrini’nin değerlendirmesi, Bitcoin ve Ethereum’un değer kaybedeceğine dair kesin bir tahmin değil. Araştırma şirketi, Wall Street’in blokzincire geçişinden doğabilecek ekonomik faaliyetin farklı kripto projeleri için daha cazip fırsatlar yaratabileceğini savunuyor.
Yatırımcı açısından belirleyici olan, yalnızca tokenizasyonun büyümesi değil, bu büyümenin hangi protokollerde gerçek gelire dönüştüğü ve token sahiplerine ne ölçüde değer sağladığı. Bu nedenle Citrini’nin listesi kesin fiyat hedefleri olarak değil, iş modelleri ve gelir paylaşımı açısından incelenmesi gereken projeler olarak değerlendirilmeli.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Crypto whale sets 10 key targets first: Amid multiple macro headwinds, BTC has only corrected around 5% and will continue holding as long as it does not drop below $79,000.
Whale "Set 10 Big Goals" (@jasonleo) posted late at night, noting that the most notable aspect of Bitcoin’s (BTC) current correction is not the magnitude of the drop, but rather "why it only fell this much". He pointed out that recent macro headwinds include the 30-year U.S. Treasury yield approaching 5.7%, the 10-year yield around 5.3%, rising market expectations for another interest rate hike this year, and resurfacing oil price and inflation pressures. Despite this confluence of negative factors, BTC has only corrected by roughly 5% so far. Jasonleo argues that an asset’s price reaction to news is meaningful in itself. In the past, a single macro headwind could trigger a BTC drop of over 10%; this time, however, under the combined pressure of multiple headwinds, the price has not suffered significant damage—an indication that the current uptrend has notable resilience. Comparing BTC’s current trajectory to its prior bottom near $58,000, he says both periods share the trait of "selling pressure easing after all negative factors are fully priced in", while the market remains in a strong trend. He added that he does not expect BTC to plummet directly to $78,000 or even $74,000, setting $79,000 as the watch level for position adjustments: if BTC breaks below $79,000, he will start reducing positions; if it closes below $78,000 on a daily basis, he will exit all remaining long positions to wait for the next entry opportunity; if the key level holds, he will continue holding long positions.
1 seconds ago
Papertrade opens pre-deposits, official trading expected to launch on October 10.
Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".
1 seconds ago
The US stock storage sector’s decline has widened further, with Sandisk and SK Hynix ADRs falling more than 5%.
According to market data from BIT (bit.com), losses in the U.S. stock market storage sector have widened further, with individual stocks recording the following declines: Seagate Technology (STX) fell 3.94%; Western Digital (WDC) dropped 3.05%; SanDisk (SNDK) declined 5.4%; Micron Technology (MU) fell 4.21%; and SK Hynix ADR (SKHY) decreased 5.45%.
1 seconds ago
The Nasdaq's decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%.
According to BIT (bit.com) market data, the Nasdaq’s decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%. Intel and Marvell dropped over 4%, AMD and Micron declined more than 3%, and Nvidia fell nearly 2%. Earlier news: OpenAI’s annual revenue is $20 billion lower than previously reported, reaching $50 billion as of the end of September, compared to the widely cited $70 billion figure.
1 seconds ago
OpenAI’s annual revenue is $20 billion lower than previously reported, with the latest figure standing at $50 billion.
Beating AI Express, according to the Financial Times, OpenAI recently disclosed to investors that its annualized revenue stood at nearly $50 billion as of the end of September, significantly lower than the $70 billion reported at the end of last month. Insiders said the discrepancy arises because investors tried to directly compare OpenAI’s annualized revenue with that of its rival Anthropic, as the two companies use different accounting standards: Anthropic includes sales revenue generated via cloud partners such as AWS and Google Cloud in its revenue, while OpenAI does not. Earlier, investors adjusted OpenAI’s revenue standard to arrive at a $40 billion figure for its August annualized revenue, then combined this with the company’s disclosed revenue growth of over 70% to investors to calculate the $70 billion number. OpenAI declined to comment.
1 seconds ago
Federal Reserve Chair Walsh is scheduled to deliver a speech at the IMF Annual Meeting in Bangkok on October 16.
According to the official agenda for the International Monetary Fund (IMF) Annual Meeting in Bangkok, Federal Reserve Chair Walsh has confirmed his attendance at the event and is scheduled to deliver a public speech on October 16 local time. His trip has been formally included in the meeting’s agenda by the IMF Bangkok Annual Meeting Organizing Committee. As the head of a leading global monetary policy-making institution, Walsh’s appearance has drawn significant attention. During the conference, his speech will focus on elaborating on the current macroeconomic situation and monetary policy framework. The IMF has now released the relevant schedule in accordance with established procedures. All speaking arrangements for participating guests have been posted on the official platform, and specific details of the speeches will be subject to on-site disclosures.
Ondo Finance Opens On-Chain Access to Private Company Exposure@OndoFinance has launched Ondo Private Markets, a new on-chain infrastructure layer designed to give eligible investors tokenized exposure to some of the world's leading private companies before they go public.
The move takes direct aim at one of the most persistent frustrations in venture investing: illiquidity.
Traditional access to these assets has been limited to institutional investors and venture funds, often with multi-year lockup periods and fragmented over-the-counter broker desks handling secondary trades.
Tokenized Notes, Not Equity: What Investors Are Actually GettingIt is important to understand the structure of the product.
Sources:
The Block: Ondo launches onchain private-company exposure, starting with AI
PR Newswire via Manila Times: Ondo Private Markets official announcement
CoinTelegraph: Ondo Takes Private Company Exposure Onchain With 24/7 Trading
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Papertrade opens pre-deposits, official trading expected to launch on October 10.
Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".
17 minutes ago
The US stock storage sector’s decline has widened further, with Sandisk and SK Hynix ADRs falling more than 5%.
According to market data from BIT (bit.com), losses in the U.S. stock market storage sector have widened further, with individual stocks recording the following declines: Seagate Technology (STX) fell 3.94%; Western Digital (WDC) dropped 3.05%; SanDisk (SNDK) declined 5.4%; Micron Technology (MU) fell 4.21%; and SK Hynix ADR (SKHY) decreased 5.45%.
17 minutes ago
The Nasdaq's decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%.
According to BIT (bit.com) market data, the Nasdaq’s decline widened to 1%, while the Philadelphia Semiconductor Index fell more than 2%. Intel and Marvell dropped over 4%, AMD and Micron declined more than 3%, and Nvidia fell nearly 2%. Earlier news: OpenAI’s annual revenue is $20 billion lower than previously reported, reaching $50 billion as of the end of September, compared to the widely cited $70 billion figure.
17 minutes ago
OpenAI’s annual revenue is $20 billion lower than previously reported, with the latest figure standing at $50 billion.
Beating AI Express, according to the Financial Times, OpenAI recently disclosed to investors that its annualized revenue stood at nearly $50 billion as of the end of September, significantly lower than the $70 billion reported at the end of last month. Insiders said the discrepancy arises because investors tried to directly compare OpenAI’s annualized revenue with that of its rival Anthropic, as the two companies use different accounting standards: Anthropic includes sales revenue generated via cloud partners such as AWS and Google Cloud in its revenue, while OpenAI does not. Earlier, investors adjusted OpenAI’s revenue standard to arrive at a $40 billion figure for its August annualized revenue, then combined this with the company’s disclosed revenue growth of over 70% to investors to calculate the $70 billion number. OpenAI declined to comment.
17 minutes ago
Federal Reserve Chair Walsh is scheduled to deliver a speech at the IMF Annual Meeting in Bangkok on October 16.
According to the official agenda for the International Monetary Fund (IMF) Annual Meeting in Bangkok, Federal Reserve Chair Walsh has confirmed his attendance at the event and is scheduled to deliver a public speech on October 16 local time. His trip has been formally included in the meeting’s agenda by the IMF Bangkok Annual Meeting Organizing Committee. As the head of a leading global monetary policy-making institution, Walsh’s appearance has drawn significant attention. During the conference, his speech will focus on elaborating on the current macroeconomic situation and monetary policy framework. The IMF has now released the relevant schedule in accordance with established procedures. All speaking arrangements for participating guests have been posted on the official platform, and specific details of the speeches will be subject to on-site disclosures.
17 minutes ago
Trump: Will not attack Iran ahead of midterm elections, US and Iran are holding productive discussions.
Trump stated, "We are holding productive discussions with the Islamic Republic of Iran. I want to make this clear to everyone: Even though Iran is in a very difficult economic and military situation, and sanctions will remain fully effective, oil is flowing through the Strait of Hormuz at record volumes—22 million barrels alone last night, none of which originated from or was bound for Iran! We will not attack Iran at any time before the U.S. midterm elections on November 3. Iran will not possess nuclear weapons!"
Russia’s Sberbank: A significant number of customers have expressed interest in cryptocurrencies.
According to TASS, Anatoly Tsarev, deputy chairman and board member of Russia's Sberbank (Sber), said the bank has observed significant interest in cryptocurrencies among its customers.
1 seconds ago
A 2.3% further drop in ETH would trigger the liquidation of nearly $100 million in long positions held by Maji.
According to TradingBeats' monitoring, "Maji" (Huang Licheng, wallet address 0x020c) currently holds a long position of approximately 36,200 ETH with 25x full-position leverage, worth around $92.88 million at an average entry price of $2,646.1, with an unrealized loss of roughly $2.828 million. ETH is currently trading at approximately $2,568. Maji’s liquidation price stands at $2,508.2, a gap of about $59.7; a further ~2.3% drop in ETH would trigger his estimated liquidation line. Other long positions also face near-term risks. One trader holding a 20x full-position long ETH position worth ~$2.362 million, with an average entry price of $2,774.1 and liquidation price of $2,541.5, is about 1.0% away from the current price (wallet address 0xf25a). Two other 25x full-position long ETH traders hold positions worth ~$9.581 million and ~$2.096 million respectively, with average entry prices of $2,575.7 and $2,575.1, and have set full-position stop-loss orders at $2,523 (wallet addresses 0x634f, 0xa516). The two stop-loss orders collectively cover approximately 4,547.2 ETH, worth ~$11.473 million at the trigger price, with the stop-loss level about 1.8% lower than the current price.
1 seconds ago
Pi Network has officially integrated with OSC 7501, eliminating the need to guess the agent’s status via terminals.
Beating AI News Flash: Ghostty creator Mitchell Hashimoto has recently proposed a new terminal state protocol, OSC 7501. The protocol enables programs to proactively notify terminals of their current status—whether working, waiting for user input, completed, or errored—eliminating the need for terminals to infer status from screen content. Rex already has preliminary support, and open-source coding agent Pi has officially integrated OSC 7501 in its v1.1.0 release. On launch, Pi first checks if the terminal supports OSC 7501, sending status updates only if support is confirmed. The agent reports "working" when running or compressing context, "blocked" when requiring user input for dialogs or login, "done" on task completion, "error" for unretryable failures, and reverts to "idle" after a user-initiated cancellation. Pi does not send prompts or model outputs to the terminal; status messages only include necessary details such as session names, dialog titles, or error summaries.
1 seconds ago
Jeff Yan: "If I were to start a new business now, I would likely choose to research options."
Hyperliquid founder Jeff Yan, during an interview on the Empire Podcast at DAS 2026 Asia, was asked: "If you were a builder and no longer allowed to work on infrastructure, what would you build?" Yan responded: "I’d look around to identify unbuilt projects with real potential, depending on what other builders are working on. Right now, I might explore options, since many people I’ve spoken with want to trade them. Perpetual contracts largely meet the needs of most users, but some traders note they can’t fully express all their market views using perpetuals. I believe HIP-4 offers a very clear framework for building an options protocol: it can inherit spot markets, order books, and portfolio margin; for market makers, perpetual contracts are available to hedge option delta. The key is turning that component into something widely appealing. I don’t think any option or convexity yield-style product in crypto has truly reached escape velocity, though it’s clearly achieved that in traditional finance."
1 seconds ago
Whale Sells 257,928 $HYPE for $23M Profit After 26x Return in 2 Years
A whale who bought 257,928 $HYPE($902K at the time) at only $3.5 ~2 years ago is selling $HYPE for profit. Over the past week, he deposited 131,421 $HYPE ($11.77M) into #Kraken at $89.56 and still holds 140,506 $HYPE ($12.2M). Total profit: over $23M, with a 26x return.
1 seconds ago
Ghostty's developer's new terminal Rex runs 10,000 sessions simultaneously, using only 3.8GB of memory.
Beating AI Express News: Ghostty creator Mitchell Hashimoto has announced scalability tests for his new terminal, Rex. Designed for long-lived sessions and remote connections, Rex allows terminal tasks to run continuously in the background. During the test, Rex maintained 10,000 active terminal sessions simultaneously, consuming approximately 3.8GB of memory while remaining responsive. The team has paused further scaling for now, with the next target being 100,000 sessions. At the 10,000-session mark, much of the overhead no longer stemmed from the terminal itself. The first bottleneck came from Linux’s file descriptor table, the system’s record of files and connections opened by processes. After terminal sessions exceeded around 5,000, each new process added roughly 512KB of overhead for this table alone, even though only about 4 file descriptors were actually used. Rex has since added a segment of C code to shrink this allocated space to the actual required size. Another issue was threads: Previously, Rex assigned one thread per active terminal session to wait for data, leading to excessive memory overhead at scale. Now, if a terminal has no read activity for 2 consecutive seconds, it is handed over to a shared thread for unified monitoring.
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)
New York Fed: U.S. one-year inflation expectations rise to 3.9%, hitting a new high in over three years.
The Federal Reserve Bank of New York’s Wednesday survey shows that U.S. consumers’ one-year ahead inflation expectations rose sharply in September, hitting their highest level in over three years, while households’ views on both current and future financial conditions deteriorated. Respondents projected a 3.9% inflation rate one year from now, up from 3.6% in August, marking the highest reading since May 2023. Three-year inflation expectations climbed from 3.2% to 3.3%, while five-year inflation expectations held steady at 3%. The NY Fed survey also noted that in September, households downgraded their assessments of current and future financial situations and perceived that accessing credit had become more difficult. However, households’ concerns about failing to repay debts on time actually eased. Labor market expectations saw some improvement: compared with August, respondents viewed the probability of a one-year ahead unemployment rate rise as lower, their worries about involuntary unemployment over the next year weakened, and their confidence in securing a new job if they lost their current role increased.
6 minutes ago
Hunter Biden blamed market makers for the sharp drop in the LAPTOP token following its launch, and denied that his team had cashed out.
Hunter Biden, son of former US President Joe Biden, published a post revealing independent investigation findings into the LAPTOP token launch, stating he has hired forensics firm Groom Lake to review all transactions on the token’s launch day. He denied his team engaged in insider selling, noting founder tokens remain in the same wallet and have not moved since launch; his personal tokens are locked for six months, then will vest over two years. Citing the investigation, he said Market Maker 1 held $500,000 in startup capital but only deployed roughly $5,200 and fewer than 30,000 tokens to the liquidity pool—just 0.003% of total supply. The extremely low liquidity pushed the token’s price from $0.05 to around $317 in under two minutes, before plunging 98% within an hour. 84 seconds after the price peaked, Market Maker 1 withdrew its funds during the sell-off, draining on-chain liquidity available to absorb sales at near-current prices from $16,157 to zero. He claimed Market Maker 1 earned roughly $686,000 from its DEX position, while Market Maker 2 netted over $2.1 million from related DEX trades, and argued the market makers responsible for the launch issues should repurchase and burn the tokens. He said he takes full ultimate responsibility, will not exit the project, and plans to burn most unclaimed tokens from the initial airdrop next week—this airdrop made up 10% of the total token supply.
6 minutes ago
Trader Boomer goes long on PUMP, with an unrealized profit of approximately $2.19 million.
According to TradingBeats’ monitoring, Boomer (Twitter handle @solanadoomer1) holds approximately 2.684 billion long positions in PUMP via Hyperliquid address 0xbf73. The position is valued at around $17.32 million, with 10x leverage, an average entry price of roughly $0.00564, current unrealized profit of about $2.19 million, and a position return of approximately 145%. The address opened the current PUMP long position roughly 8 days ago and has held it continuously since. PUMP’s current price is up around 14.5% from its average entry price. As of press time, the PUMP perpetual contract price on Hyperliquid stands at $0.00645, up roughly 1.3% over the past 24 hours.
6 minutes ago
A U.S. government address has once again transferred 750.2 WBTC to Coinbase Prime, valued at approximately $62.34 million.
According to on-chain analyst Yu Jin’s monitoring, after transferring $103 million in assets early this morning, the U.S. government address moved 750.2 WBTC (valued at $62.34 million) to Coinbase Prime 15 minutes ago. Over the past 24 hours, the address has transferred a total of $165 million in assets, with 1,583.8 BTC (valued at $134 million) flowing into Coinbase Prime.
6 minutes ago
Crypto figure 'Maji' still faces an unrealized loss of over $4 million on his nearly $100 million Ethereum (ETH) position.
According to TradingBeats monitoring, crypto figure "Maji" (Huang Licheng) currently holds around 38,400 ETH long positions on Hyperliquid, with the position valued at approximately $98.7 million. The position uses 25x full leverage, with an average entry price of ~$2,679, resulting in an unrealized loss of roughly $4.06 million and a return of about -99%. During today’s market pullback, Maji briefly reduced his ETH long positions to around 35,700 units before increasing his long exposure again; his current holding has rebounded to ~38,400 ETH. As of now, ETH trades at ~$2,573, and the position’s estimated liquidation price is ~$2,507, roughly 2.5% below the current market price.
6 minutes ago
Injective releases new whitepaper, focusing on institutional-grade finance and tokenization.
Injective has released a new version of its whitepaper, marking the first full rewrite since the original launch in December 2018. The initial whitepaper centered on a front-running-resistant trading protocol built on Ethereum, while the updated version positions Injective as a Layer 1 blockchain for institutional-grade finance and asset tokenization, covering the full lifecycle of tokenized assets—from issuance and trading to settlement. The whitepaper details a native real-world asset (RWA) tokenization framework that establishes role-based permissions for minting, transferring, receiving, and burning assets. Its iAssets feature leverages stablecoin margin and oracle pricing to offer derivatives tracking external assets, eliminating the need for wrapping or pre-funding. Tokenized assets are traded on a fully on-chain central limit order book (CLOB), with sealed high-frequency batch auctions executed per block to clear at a uniform price, mitigating front-running and transaction-ordering miner extractable value (MEV). Byzantine Fault Tolerant (BFT) consensus delivers deterministic finalization, with block times averaging around 600 milliseconds. The new whitepaper also covers native Ethereum Virtual Machine (EVM) and WebAssembly (WASM) environments sharing a unified state, perpetual contract risk management, and AI agent finance. AI agents can interact with tokenized assets via MCP servers, strategy-constrained signatures, and x402 machine payments denominated in USDC. On-chain protocol revenue will be allocated to regular INJ community buyback programs.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Ondo Private Markets Opens with a Pre-IPO AI PlayOndo Finance has launched Ondo Private Markets, a new platform designed to bring institutional-grade exposure to private companies onchain.
The rationale behind the product reflects a structural gap in the investment landscape.
Broader Expansion Planned Across High-Growth Sectors
Sources:
The Block: Ondo launches onchain private-company exposure, starting with AI
CoinTelegraph: Ondo opens private markets with tokenized pre-IPO AI exposure
PR Newswire via Manila Times: Ondo Private Markets To Bring Private-Company Exposure Onchain
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.
Related Listen: Why Robinhood Chain Saw Memecoins Take Off Before Real World Assets
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.
