Ondo Global Markets is a tokenization platform for publicly traded securities developed by Ondo Finance and later rebranded as Ondo Stocks. It allows eligible investors outside the United States to gain on-chain exposure to U.S. stocks, ETFs, and other exchange-traded instruments through tokens on public blockchains. The model combines traditional stock market liquidity with the ability to hold and transfer assets within a blockchain environment. By 2026, the Ondo Stocks catalog had expanded to more than 440 tokenized stocks and ETFs, while its infrastructure had become available across multiple networks.
Contents
- What Is Ondo Global Markets and How Does Stock Tokenization Work?
- How Ondo Tokenized Stocks and ETFs Work
- Stocks, ETFs, and Other Assets Available on the Platform
- Ethereum, Solana, and the Multichain Infrastructure of Ondo Stocks
- Regulation, Risks, and the Future of Tokenized Stocks
1. What Is Ondo Global Markets and How Does Stock Tokenization Work?
Ondo Global Markets was introduced by Ondo Finance as infrastructure designed to bring economic exposure to traditional publicly traded securities onto the blockchain. The full launch took place in September 2025, when tokenized U.S. stocks and ETFs became available to users on Ethereum. The product was later renamed Ondo Stocks, although the original Ondo Global Markets name continues to appear in technical documentation.
The main difference between this model and synthetic DeFi assets lies in its backing. Tokenized stocks and ETFs are backed by corresponding securities and cash held through U.S. broker-dealers and other organizations specified within the structure. An independent Verification Agent verifies the backing, while a Security Agent holds a security interest in the collateral for the benefit of token holders.
A token should not automatically be considered equivalent to an ordinary share purchased through a brokerage account. Instead, it is a structured digital asset designed to provide economic exposure to the value of the corresponding security. The legal rights of the holder are determined by the terms of the specific product and the issuer's documentation.
Ondo connects the primary issuance of tokens with liquidity from traditional markets. When an eligible participant purchases a token, the infrastructure allows it to be minted against a stablecoin and the associated underlying asset. The reverse process takes place during redemption, helping the token price remain linked to the market value of the corresponding stock or ETF.
2. How Ondo Tokenized Stocks and ETFs Work
Ondo Global Markets uses smart contracts to manage token issuance and redemption. Its documentation uses TSLAon, a tokenized instrument linked to Tesla shares, as an example. To purchase the asset, a participant receives a signed attestation containing a quote and submits it to the smart contract together with a supported U.S. dollar stablecoin such as USDC. The contract then mints the token to an approved address.
The process works in reverse for redemptions. A user requests a redemption attestation, sends the corresponding tokens to the contract, and receives a U.S. dollar stablecoin according to the terms of the transaction. Ondo's API also provides pricing, historical data, OHLC information, and other data required by external wallets, exchanges, and fintech applications to integrate tokenized assets.
Key features of the Ondo Stocks model include:
- economic exposure to stocks and ETFs traded on U.S. markets;
- backing by corresponding securities and cash;
- token issuance and redemption through blockchain infrastructure;
- settlement using supported U.S. dollar stablecoins;
- the ability to transfer tokens between compatible blockchain addresses, subject to restrictions;
- integration with wallets, exchanges, and other Web3 applications;
- access to primary liquidity connected to traditional markets;
- independent verification of asset backing.
Direct minting and redemption are subject to participant eligibility and jurisdictional requirements. Trading in the underlying U.S. securities also remains connected to the operating schedule of traditional exchanges. Ondo indicates that minting and redemption are generally available on a 24/5 basis, with expanded availability supported for a growing number of instruments.
The on-chain format introduces functionality that is not available through a conventional brokerage account. Tokens can be held in compatible wallets, transferred across supported networks, and potentially used in permitted Web3 applications. However, the technical availability of a token does not override legal restrictions governing its acquisition and use.
3. Stocks, ETFs, and Other Assets Available on the Platform
At launch, Ondo Global Markets offered more than 100 tokenized U.S. stocks and ETFs. The catalog gradually expanded, and by 2026 Ondo Stocks listed more than 440 instruments. These include shares of technology, financial, industrial, and consumer companies, as well as index, sector, and other types of ETFs.
Tokenized instruments generally use the suffix "on." For example, TSLAon is linked to Tesla, NVDAon to NVIDIA, AMZNon to Amazon, and SPYon to the SPDR S&P 500 ETF. This naming convention helps distinguish the on-chain token from the underlying stock or fund traded on a traditional exchange.
| Asset Type | Examples | Token Function |
|---|---|---|
| Technology Stocks | NVDAon, INTCon, GOOGLon | Economic exposure to shares of technology companies |
| Consumer Sector | AMZNon, NKEon, Fon | On-chain exposure to publicly traded companies |
| Financial Sector | SOFIon, HOODon, BACon | Exposure to shares of financial companies |
| Index ETFs | SPYon, QQQon | Exposure to a portfolio of assets through ETFs |
| Other ETFs | TQQQon and other funds | Access to different exchange-traded strategies |
ETFs extend the model beyond individual companies. Instead of gaining exposure to a single stock, users can select a tokenized instrument linked to an index, sector, or another exchange-traded strategy. The platform also includes selected ETFs focused on commodities or strategies with higher volatility.
Tokenization does not change the risks of the underlying market. If the value of the corresponding stock or ETF declines, the economic value of the associated token is also exposed to that decline. Additional risks include those related to the issuer, custody structure, smart contracts, blockchain networks, and regulatory restrictions.
4. Ethereum, Solana, and the Multichain Infrastructure of Ondo Stocks
Ondo Global Markets initially launched on Ethereum, where tokenized stocks and ETFs are represented as blockchain tokens and interact with dedicated Ondo contracts. GMTokenManager handles minting and redemption operations, while USDon is used within the infrastructure for exchanges between GM tokens and supported stablecoins.
Ondo later expanded its infrastructure beyond Ethereum. As of 2026, official Ondo Stocks materials indicate support for Ethereum, BNB Chain, and Solana. Technical documentation also includes Global Markets contracts for HyperEVM, while the Ondo bridge supports the movement of GM tokens between several compatible networks.
Cross-chain transfers use the Ondo Token Bridge infrastructure, built with LayerZero technology and multiple independent verification mechanisms. Transfer limits apply to certain routes and are designed to limit potential losses in the event of problems with cross-chain infrastructure.
The multichain model is important for tokenized stocks because it allows a single type of traditional asset to interact with different segments of the crypto market. A user can gain economic exposure to a stock while holding the corresponding token in a public blockchain environment that supports wallets, exchanges, and other applications.
However, liquidity for the same token may vary between networks. Bridges introduce additional technological risks, while DeFi integration depends on the rules of each application and the legal eligibility of the asset. As a result, the availability of a token across multiple networks does not guarantee identical liquidity or functionality on each blockchain.
5. Regulation, Risks, and the Future of Tokenized Stocks
Access to Ondo Global Markets depends on jurisdiction. The tokens are not registered under the Securities Act of 1933 and are not offered in the United States or to U.S. persons without an applicable registration or exemption. Additional restrictions for certain categories of investors also apply in a number of other jurisdictions.
According to Ondo, the underlying stocks, ETFs, and cash are held with registered U.S. broker-dealers or other relevant institutions. A Security Agent is used to protect the interests of token holders, while the backing is regularly reviewed by an independent Verification Agent. This structure connects on-chain tokens with assets held within the traditional financial market.
In addition to movements in the price of the underlying stock or ETF, investors face risks related to the issuer, custodians, smart contracts, oracles, and blockchain infrastructure. Regulatory changes may also restrict access to the product in certain countries, while token liquidity can vary depending on the network and the time of the transaction.
At the same time, Ondo Global Markets illustrates how the RWA sector is expanding from tokenized bonds and cash-like instruments to publicly traded stocks and ETFs. The on-chain format simplifies the integration of these assets with wallets, exchanges, and other Web3 services, creating a connection between traditional markets and blockchain infrastructure.
Ondo Global Markets, now developed under the Ondo Stocks brand, uses asset-backed tokens, mint and redeem mechanisms, and institutional custody of underlying assets. This model brings economic exposure to traditional securities into an on-chain environment, but it does not eliminate market, legal, or technological risks.
