Written by: Tia, Techub News

On September 3, Ondo Finance officially launched Ondo Global Markets, issuing the first batch of over 100 tokenized U.S. stocks and ETFs on Ethereum, with plans to expand to over 1,000 assets (targeting non-U.S./non-UK qualified users) within the year. The products are backed by underlying securities held by regulated brokerages, and the tokens can be instantly transferred on-chain and are compatible with DeFi. This is not only a significant move for Ondo in the RWA space but also a landmark event marking the beginning of the coin-stock era.

How is this different from early "synthetic stocks"?

There are many ways to "move stocks on-chain," but the core that truly determines practicality and compliance lies in the design of legal relationships and asset support links.

Unlike early "synthetic stocks" that relied solely on derivative price tracking, Ondo adopts a model that is closer to traditional financial structures. First, the underlying securities are not merely at the "shadow contract" level but are actually held by regulated brokerages or custodians. The on-chain tokens achieve a 1:1 peg to these assets through a mint and burn mechanism, theoretically ensuring the existence of redemption rights.

Secondly, this structure requires the establishment of compliant and efficient clearing and settlement channels, allowing token holders to exchange their tokens for real stocks or cash through processes such as KYC, compliance checks, and registration transfers when they request redemption. The smoothness of the redemption mechanism will directly affect whether the price difference between the token market and the underlying assets can be promptly bridged.

Moreover, to achieve true "same stock, same rights," tokenized securities must also carry corporate actions such as dividends, stock splits, and voting, linking traditional equity distribution with on-chain identity mapping. However, this step involves complex connections with legal confirmation and registration systems, which still need to be implemented through trusted entities or intermediaries.

There is also a natural tension between technology and compliance: tokenized securities have the potential to seamlessly integrate with DeFi protocols, but in reality, they are often subject to compliance constraints such as whitelisting, transfer restrictions, or geographical barriers. The path Ondo currently chooses (for example, Ondo is not open to U.S. and U.K. users) is to gradually explore on-chain composability while maintaining legality, reserving space for a more open capital market in the future.

How will this reshape the landscape of crypto finance?

First, the paradigm of asset allocation is changing. In the past, on-chain assets mainly revolved around BTC, ETH, and stablecoins. Now, tokenized stocks, ETFs, and the rapidly growing tokenized government bonds and money market funds have brought the "stocks-bonds-crypto" mixed portfolio onto the chain. For institutions and long-term funds, this means significantly reduced friction in cross-market allocation; for DeFi protocols, more diverse collateral and more robust interest rate anchors will emerge. Data shows that by 2025, the RWA market size will reach billions of dollars, with government bonds and money market products being the first to be accepted as collateral by the mainstream, a trend that may extend to stock tokens.

Secondly, liquidity and market-making logic will also be reshaped. On-chain markets operate 24/7, while traditional stock markets still follow daily closing and T+ settlement, creating friction due to this "time difference": the price of on-chain tokenized stocks may reflect overnight events or global sentiment in advance, and when the traditional market opens, the price gap needs to be quickly closed. This forces market makers to develop arbitrage and hedging tools across time zones and markets, with high technical and financial barriers, similar to the early evolution of cross-market arbitrage.

The expansion of collateral dimensions will inject new momentum into the derivatives and lending markets. Tokenized government bonds, represented by BlackRock's BUIDL, have already been accepted as margin by crypto exchanges. If stock tokens can also enter the margin pool in the future, they will be used for repurchases, lending, futures margins, and even clearing, truly embedding themselves into the global financial infrastructure. This means that the derivatives market may welcome a batch of new contracts backed by "tokenized physicals," reducing counterparty risk while bringing the volatility of traditional markets onto the chain.

However, compliance remains a decisive factor. Ondo is currently not open to U.S. and U.K. users, reflecting the divergence in regulatory attitudes. Relatively open regions such as the EU, Hong Kong, and Singapore may become the first liquidity centers for tokenized securities, leading to typical "regulatory arbitrage" and regional concentration of liquidity.

In this broader trend, the real winners may not be a single platform but the entire industry chain. Brokerages and custodians will be responsible for holding and redeeming the underlying securities; market makers and quantitative institutions will play roles in cross-market arbitrage and risk hedging; clearing and settlement service providers will need to connect on-chain transactions with traditional clearinghouses; wallet and KYC providers will need to find a balance between compliance and user experience.

Conclusion

The significance of tokenized stocks is no longer just about "putting old wine in new bottles," but about opening up a new intermediary space between crypto finance and traditional finance. If the tokenization of government bonds is a "test," then the tokenization of stocks is more like a "live drill"—it may completely expand the asset base of DeFi and blur the boundaries between the crypto world and Wall Street.

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