Ondo Gains Wider US Authority For Tokenized Securities

July 23, 2026 | NCFA Market Activity | Capital Markets And Market Infrastructure, Digital Assets, Competition And Market Structure

Ondo Gains Wider US Authority For Tokenized Securities

On July 23, 2026, Ondo’s Oasis Pro Markets received new FINRA authorizations covering tokenized corporate shares, funds, public offerings, private placements and secondary trading in the United States.

The permissions connect more of the securities lifecycle inside the regulated group. Ondo can work with issuers, manage offerings, support secondary trading and maintain ownership records through its transfer agent. Transactions can settle in fiat or supported stablecoins, including transfers between blockchain wallets.

Existing broker dealers and advisers can connect through omnibus accounts, which could place Ondo products inside brokerage and retirement relationships investors already use.

Ondo now has the authority to build a wider US tokenized securities business. Although it hasn’t yet shown how many issuers, distributors or investors will use it.

Ondo Started In DeFi And Kept The Same Core Idea

Ondo launched in 2021 as a permissionless DeFi protocol. Its first products divided crypto yield into different risk levels, matching investors seeking more protection with those willing to accept more risk.

The mix of DeFi and traditional market structure came directly from founder Nathan Allman’s experience. Before starting Ondo, he worked in alternative credit at Prospect Capital, helped run quantitative crypto fund ChainStreet Capital and joined Goldman Sachs’ digital assets team.

That background pushed Ondo toward productive financial assets rather than crypto speculation. The company saw that DeFi could automate lending, trading and settlement, but much of its collateral remained volatile.

Ondo brought traditional assets onchain instead.

OUSG gave qualified investors tokenized exposure to US Treasuries. USDY combined Treasury and bank deposit backing with the transferability of a stablecoin like asset. Flux Finance let users borrow against tokenized Treasury collateral.

The products changed, but the core idea didn’t. An asset becomes more useful when it can move between platforms, settle quickly and support other financial activity.

Ondo Stocks extended that model to public equities. Ondo’s website currently reports about US$1.04 billion in value, more than 440 tokenized stocks and ETFs and approximately 81,500 holders. The company reported more than US$20 billion in cumulative volume in June 2026.

Selected assets can now be minted and redeemed around the clock, including weekends and US holidays. SPYon, QQQon and other products are already accepted as collateral in DeFi lending markets.

That utility matters more than putting a stock balance on a blockchain. Ondo wants regulated assets to remain useful after the first trade.

Ondo Is Building Several Routes Into The Same Market

Ondo isn’t relying on one legal or operating structure.

Ondo Stocks outside the United States uses tokens backed by securities held through US broker dealers. The tokens can travel through exchanges, wallets and DeFi applications but are generally unavailable to US investors.

US custodial tokens represent entitlements to securities that remain inside regulated US custody. On July 2, Ondo launched the first two examples using Micron shares and BlackRock’s IVV ETF. Oasis Pro TA issues the Ethereum tokens, while Broadridge supports voting and shareholder communications.

DTC Tokenized Entitlements connect Ondo products with securities held at The Depository Trust Company. The underlying shares remain inside DTC infrastructure while digital entitlements can be delivered through participant wallets. Ondo launched the first examples using Circle shares and the SPY ETF.

Oasis Pro adds the broker dealer, alternative trading system and transfer agent needed to support regulated issuance and trading in the United States.

These models serve different markets and carry different legal rights. They aren’t interchangeable.

That is why the xStocks comparison only goes so far. xStocks has built wide international distribution for tracker certificates. Ondo is combining an international token network with regulated US issuance, trading and transfer agency.

Ondo is also connecting with existing infrastructure rather than trying to replace it. Its DTC entitlement model uses the same custody core that supports most US securities transactions.

The company is building an onchain access layer around existing markets, not a separate market beside them.

Oasis Pro Gives Ondo A US Market And Distribution Stack

Ondo completed its Oasis Pro acquisition in October 2025. The deal brought a broker dealer, alternative trading system and transfer agent inside the group.

That combination covers the parts of tokenization that are difficult to solve with software alone: bringing securities to market, supervising trades, maintaining ownership records and connecting with regulated distributors.

The new FINRA authorizations widen what Oasis Pro Markets can support. Corporate shares, ETFs, mutual funds, index funds, public offerings and private placements can all sit inside the same operating structure. Supported transactions can settle in fiat or stablecoins.

Omnibus accounts add the distribution route. Broker dealers, advisers and retirement platforms can connect their existing customers without sending each investor to Ondo for another account.

That may be the most commercially important part of the approval.

Ondo has already built wide international distribution through exchanges, wallets and DeFi applications. A LI.FI integration can expose its stock catalogue through a network of more than 1,000 connected partners. Oasis Pro gives Ondo a route to US investors through firms that already hold their assets and manage their portfolios.

The model also creates tension. Brokers can bring customers, trust and regulated account infrastructure. They can also trap tokenized securities inside closed systems where wallet transfers, continuous settlement and collateral use disappear.

Ondo is trying to avoid that outcome. Its regulated entities handle the security, while supported wallets, stablecoins and blockchain networks preserve more of the asset’s onchain utility.

The permissions create that possibility. They don’t prove adoption. Ondo has launched two US custodial products and demonstrated DTC interoperability, but it hasn’t disclosed broad issuer participation, connected broker volume or sustained US trading activity.

NCFA Perspective

Ondo has spent five years building around a simple DeFi insight, "capital is more useful when it can keep working after the first transaction."

• Treasury tokens could earn yield and support lending
• Stock tokens could trade, travel between platforms and secure loans
• Stablecoins could settle purchases without waiting for a bank wire
• Oasis Pro adds the regulated machinery needed to bring more of that model into US securities markets
• DTC and Broadridge connect it with the records, custody and shareholder services already trusted by institutions

The opportunity is larger than putting shares onchain. Ondo is trying to make traditional assets work across brokers, public blockchains, stablecoins and DeFi without breaking the legal connection to the security.

Every broker, custodian, blockchain and wallet adds reach, but each can create a separate pool of liquidity, different investor rights and another point of failure. Ondo won’t win simply by supporting the most routes. It has to make those routes behave like one market.

The company’s advantage is its ability to combine regulated securities infrastructure with the transferability, settlement and collateral utility it learned in DeFi. The value disappears if distribution turns the tokens back into conventional brokerage positions with a blockchain label.

Talking Point

Can Ondo connect tokenized securities with existing brokers and advisers without losing the transferability and settlement advantages that make tokenization useful?

Information notice: Company figures are identified and attributed where applicable. Regulatory authorization does not constitute endorsement and does not establish product adoption, trading volume or investment performance. Product availability and legal treatment vary by jurisdiction and may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.