Following this announcement, the price of Ondo’s native token, ONDO, surged over 6% close to the $1 mark after opening the week at $0.86, aligned with the broader crypto market’s correction.
The newly launched platform is now live on the Ethereum blockchain, with plans to expand to other networks, including BNB Chain, Solana (SOL), and Ondo Chain.
These tokenized assets are reportedly fully backed by the underlying securities held with US-registered broker-dealers.. Investors will benefit from total economic returns equivalent to those of the underlying stocks, including price fluctuations, dividends, and corporate actions, as each token mirrors the performance of its asset.
Nathan Allman, the Founder and CEO of Ondo Finance, expressed enthusiasm about the launch, stating, “Ondo Global Markets is a breakthrough in financial access.”
Tokenizing the US dollar created an entirely new level of global reach and usability for dollars. Similarly, tokenized Treasuries have exploded in adoption, growing over 7,000% since 2023, because they meet real needs: 24/7 access to US dollar-denominated assets, and the ability to hold a stablecoin with yield. Ondo was one of the first movers here and continues to lead this space, with over $1.4B in TVL across 10 chains.
The spokesperson who spoke with The Defiant believes this extensive support network allows investors to easily access and manage their tokenized equities across various on-chain applications.
When writing, ONDO trades at $0.96, being one of the few tokens recording gains in all time frames. However, despite the cryptocurrency’s 60% growth year-to-date, it still trades 54% below its $2 record price.
Featured image from DALL-E, chart from TradingView.com
