Latest news: In an interview with CoinDesk Live from the Ondo Summit, Ondo President Ian de Bode says 2025 marked a watershed year for its core businesses.
- The company is now a leading issuer of tokenized US Treasuries, with more than $2 billion in total value locked, according to Chairman Ian De Bode.
- Its Global Markets platform for tokenized stocks and ETFs has reached about $600 million in TVL, giving Ondo about 60% market share in that niche, De Bode said.
- Ondo also highlighted partnerships with traditional finance heavyweights, including Mastercard and JPMorgan.
The context: Tokenization is still early and revenue is not the main focus yet.
- De Bode described the current phase as a “land grab,” with banks, asset managers and custodians competing to put assets on-chain.
- He said the priority is to build scalable infrastructure (“the pipelines”) before monetization fully kicks in.
- Even at the current scale, Ondo’s tokenized products remain small relative to traditional financial markets, he added.
Why it is important: Ondo is positioning itself beyond asset issuance and into services.
- The company announced Ondo Perps, a new platform for perpetual futures on stocks and commodities.
- Unlike existing venues that rely solely on stablecoins, Ondo Perps will allow tokenized stocks and ETFs to be posted as collateral, De Bode said.
- That design is intended to attract market makers, deepen liquidity and enable more sophisticated trading strategies.
Driving demand: Retail adoption outside the US is already emerging.
- De Bode said Ondo’s tokenized stock platform has seen net inflows on all but three days since its launch in September.
- Distribution through cryptocurrency wallets and exchanges, including Binance Wallet and a recently announced MetaMask integration, is accelerating adoption, particularly in Asia.
- He argued that tokenized stocks solve real access problems globally, similar to how stablecoins expanded access to US dollars.
What comes next: Ondo’s long-term ambition is on-chain prime broking.
- Perpetuals are just the first step toward recreating traditional on-chain prime brokerage services, De Bode said.
- The broader thesis is convergence: Investors will want a single app to trade cryptocurrencies, stocks, ETFs and derivatives 24 hours a day.
- Ondo plans to partner with centralized exchanges and wallets to make traditional tokenized assets native to crypto trading workflows.
