Ondo Global Markets is a tokenized securities platform developed by Ondo Finance that brings economic exposure to publicly traded U.S. stocks, ETFs, and other exchange-traded instruments onto public blockchains. The project, also developed under the Ondo Stocks brand, enables eligible users outside the United States to mint, transfer, and redeem tokens backed by traditional securities held through regulated custody infrastructure and a licensed broker-dealer. Unlike synthetic products that only track an asset's price, Ondo's model links token issuance and redemption to the purchase and custody of underlying assets in traditional financial markets. By August 2026, the infrastructure supports more than 440 tokenized stocks and ETFs and operates across several networks, including Ethereum, BNB Chain, and Solana.
Contents
- What Is Ondo Global Markets and How Does Stock Tokenization Work?
- How Ondo Stocks Tokenized Equities and ETFs Work
- Ondo Global Markets Infrastructure: Ethereum, BNB Chain, and Solana
- Features, Availability, and Risks of Ondo Tokenized Stocks
- Ondo Global Markets and the Development of Tokenized Securities
1. What Is Ondo Global Markets and How Does Stock Tokenization Work?
Ondo Global Markets was introduced by Ondo Finance as infrastructure connecting public blockchains with traditional securities markets. The core concept is to give users access to an onchain asset with economic exposure to a stock or ETF without creating a separate isolated liquidity market for every instrument. To achieve this, the system connects token issuance with traditional brokers, custodians, and stock exchanges.
When an eligible instrument is purchased through Ondo, the underlying security is acquired in the traditional market and held through regulated custody infrastructure and a licensed broker-dealer. The user receives a token representing economic exposure to that asset. Ondo Stocks use symbols with the on suffix; for example, the tokenized version of Tesla stock is represented as TSLAon.
Ondo Stocks are structured as ERC-20-compatible digital assets. This allows them to be held and transferred through blockchain infrastructure and potentially integrated with wallets, exchanges, and DeFi applications. However, the underlying shares continue to exist within the traditional securities system: blockchain acts as an additional layer for representing economic exposure rather than replacing stock exchanges or securities depositories.
This architecture distinguishes Ondo Global Markets from a fully onchain stock exchange. Nasdaq or NYSE still provide liquidity for the underlying securities, while Ondo connects that liquidity with tokenized assets through minting and redemption. As a result, arbitrage between traditional and onchain markets can help keep token prices relatively close to the value of the corresponding stocks or ETFs.
2. How Ondo Stocks Tokenized Equities and ETFs Work
Ondo Stocks are designed to provide economic exposure similar to holding the corresponding underlying instrument, with dividends reflected through reinvestment after applicable withholding taxes. This distinction is important: a tokenized asset should not automatically be treated as an ordinary share registered directly in the token holder's name. The holder's legal rights depend on the product structure and governing documentation.
The minting and redemption mechanism links the number of outstanding tokens to underlying securities. When an eligible user mints a new token, Ondo's infrastructure establishes the corresponding position in the traditional asset. Redemption reverses the process. This structure allows the platform to draw on liquidity from traditional securities markets instead of requiring a completely independent liquidity pool for every tokenized stock.
The platform supports more than individual company shares. Its catalog includes ETFs tracking broad stock indices and specific sectors, technology and growth companies, products offering exposure to gold and silver, and selected leveraged and inverse ETFs. By August 2026, Ondo's official catalog includes more than 440 tokenized stocks and ETFs.
Minting and redemption are available 24 hours a day, five days a week for eligible users. However, the existence of a blockchain token does not mean that the underlying stock market operates continuously. When traditional exchanges are closed, pricing mechanisms and the availability of certain operations may differ from normal trading sessions. Continuous token transfers and liquidity in the underlying stock therefore represent two separate concepts.
3. Ondo Global Markets Infrastructure: Ethereum, BNB Chain, and Solana
The initial Ondo Global Markets architecture was developed around Ethereum and the ERC-20 standard. This format simplified integration with existing wallets, infrastructure providers, and DeFi protocols. Ondo subsequently expanded the model to additional networks so that tokenized securities could operate across multiple blockchain ecosystems.
In October 2025, Ondo Stocks expanded to BNB Chain with more than 100 tokenized U.S. stocks and ETFs. In January 2026, the platform expanded to Solana, offering more than 200 instruments at launch. By August 2026, the overall platform catalog exceeds 440 tokenized stocks and ETFs, although the exact selection of available assets may differ between networks and applications.
| Component | Purpose | Role in Ondo Global Markets |
|---|---|---|
| Ondo Stocks | Tokenized securities | Provide economic exposure to U.S. stocks, ETFs, and other publicly traded instruments |
| Underlying Securities | Backing assets | Traditional securities used to back tokenized positions |
| Ethereum | Public blockchain | Supports the issuance and transfer of tokenized assets using ERC-20 infrastructure |
| BNB Chain | Additional blockchain network | Expands access to Ondo Stocks through the BNB Chain ecosystem |
| Solana | High-performance blockchain | Supports hundreds of Ondo tokenized stocks and ETFs |
| Mint / Redemption | Connection to traditional markets | Allows tokens to be issued and redeemed against underlying securities |
Ondo also provides APIs and a smart-contract layer for infrastructure partners. These tools can be used by wallets, cryptocurrency exchanges, fintech applications, and other services to access quotes, historical prices, and functionality for creating token minting or redemption requests.
The multichain model has practical significance for the RWA market. Rather than requiring users to move to a single specialized network, Ondo aims to make the same categories of traditional assets accessible across several major blockchain ecosystems. Technical compatibility, however, does not remove legal restrictions: the ability to hold a token on a particular blockchain does not automatically grant the right to acquire it in every jurisdiction.
4. Features, Availability, and Risks of Ondo Tokenized Stocks
One of the main characteristics of Ondo Global Markets is its use of liquidity from traditional securities markets. Instead of establishing a separate large onchain liquidity pool for every stock, the minting and redemption mechanism connects token supply with underlying instruments. Arbitrage between these two layers is intended to reduce significant discrepancies between the value of a token and the corresponding traditional security.
Another feature is the ability to use tokenized assets within blockchain infrastructure. Their tokenized format simplifies transfers between supported wallets and integration with compatible applications. This can potentially extend the use of tokenized securities across the broader onchain economy, although access to specific DeFi functionality depends on the protocol, blockchain network, and applicable regulatory restrictions.
Key Features of Ondo Global Markets:
- tokenization of publicly traded U.S. stocks and ETFs;
- more than 440 tokenized instruments in the catalog by August 2026;
- tokens linked to underlying securities in traditional markets;
- minting and redemption mechanisms connecting tokens with exchange liquidity;
- deployment across Ethereum, BNB Chain, and Solana;
- support for onchain transfers of tokenized assets;
- integration with wallets, exchanges, and other Web3 applications;
- API and smart-contract infrastructure for partners;
- minting and redemption available 24 hours a day, five days a week for eligible users;
- availability primarily for eligible users outside the United States, subject to jurisdictional restrictions.
The regulatory structure remains one of the main limitations. Ondo Stocks are not registered under the U.S. Securities Act of 1933 and are not offered in the United States or to U.S. persons unless an applicable registration, exemption, or exclusion is available. Restrictions also apply in certain other jurisdictions. For example, access in some European countries and the United Kingdom may be limited to qualified investors, while Switzerland may restrict availability to professional clients.
Investors also face risks that differ from holding shares directly through a conventional brokerage account. In addition to the market risk of the underlying security, users must consider the token issuer's structure, custody arrangements, smart-contract risks, the availability of minting and redemption, blockchain infrastructure risks, and potential regulatory changes. International regulators have separately emphasized the importance of distinguishing direct ownership of shares from economic exposure provided through third-party tokenized products.
5. Ondo Global Markets and the Development of Tokenized Securities
Ondo Global Markets is developing amid a broader transition of traditional financial instruments toward blockchain infrastructure. While the first major wave of RWA adoption focused primarily on tokenized U.S. Treasuries and money market funds, publicly traded stocks and ETFs have emerged as another important segment. Their integration is more complex because it must account for corporate actions, dividends, trading hours, investor rights, brokers, and custody infrastructure.
The market is simultaneously developing through several different models. Companies such as Ondo issue third-party tokens that provide economic exposure to existing equities, while traditional exchanges are exploring ways to integrate tokenization directly into regulated market infrastructure. Nasdaq has proposed a model for trading securities in either traditional or tokenized form, while NYSE and its parent company ICE have also been developing infrastructure related to onchain settlement and extended trading availability.
This distinction is important when evaluating Ondo Stocks. A tokenized version of a share issued by a third-party platform does not necessarily provide the same legal rights as a company share registered directly in an investor's name. The industry's development therefore depends not only on the number of available tokens and trading volumes, but also on standardizing custody rules, disclosures, corporate actions, settlement processes, and investor protections.
Ondo Global Markets demonstrates one of the largest-scale approaches to connecting public blockchains with liquidity from traditional stock markets. Expansion to hundreds of stocks and ETFs across Ethereum, BNB Chain, and Solana has transformed the project from an individual RWA product into multichain infrastructure for tokenized securities. Its future development will depend on regulation, the reliability of its custody model, and the ability of tokenized instruments to maintain a close relationship with their underlying markets. If these conditions are met, tokenized stocks could become an important part of the continuing convergence between traditional capital markets and onchain finance.
