Ondo Global Markets crosses $240M TVL, leads tokenized stocks and ETFs on-chain

Ondo Global Markets, the tokenized stock and ETF platform by blockchain company Ondo Finance, has hit a record total value locked (TVL) of more than $240 million as of Sep. 18.

This is a remarkable achievement for the newly launched platform that was launched barely a fortnight ago on Sep. 3.

In fact, Ondo Global Markets became the world’s largest tokenized stock and ETF platform by TVL within 48 hours of launch on Ethereum, surpassing the combined value locked on rival offerings, according to DeFiLlama.

Related: What is tokenization? Explained

Ondo Global Markets is a new platform that offers investors outside the U.S. access to more than 100 tokenized U.S. stocks and exchange-traded funds (ETFs).

Tokenization is the process of using blockchain technology to turn assets like stocks, funds, etc. into digital tokens. Besides digitizing and globalizing traditional market assets, tokenization enables 24/7 on-chain trading and makes assets more affordable due to fractional offerings.

Related: What are tokenized stocks? Explained

Currently available in Asia-Pacific, Europe, and Latin America, Ondo Global Markets lets investors trade tokenized U.S. stocks and ETFs directly. Each token is fully backed by the corresponding underlying security, with custody provided by licensed partners.

Ondo says investors can move these tokenized assets across wallets, exchanges, and protocols. Traders can also access them through BitGet Wallet, Trust Wallet, OKX Wallet, and exchanges like Gate, Blockchain.com, and MEXC.

Global investors have been eyeing the U.S. stock and ETF market for a long time, but limited access and nationality have proven to be hurdles so far. Ondo addresses this challenge by offering access to non-U.S. investors across the globe.

The market first went live on the Ethereum platform and is soon expected to expand to BNB Chain, Solana, and Ondo Chain.

Traders can access Ondo’s Global Markets outside its platform also as leading wallets like BitGet Wallet, Trust Wallet, and OKX Wallet and crypto exchanges like Gate, Blockchain.com, and MEXC are offering the products.

As per on-chain intelligence platform DeFiLlama, the TVL on Ondo Global Markets has reached $242.42 million as of Sep. 18.

Kraken’s xStocks, with $59.3 million in TVL, and Dinari’s dShares, with $45.42 million, lag far behind. Combined, all other tokenized stock platforms together account for less value locked than Ondo alone.

The total TVL across all such tokenized stock and ETF platforms stood at $365 million at the time of writing.

Though investors have shown equal demand for tokenized stocks and ETFs on Ondo Global Markets, nine of the top ten assets by value locked are ETFs.

Among Ondo’ most popular tokenized securities are:

• SPDR S&P 500 ETF ($SPY)

• iShares Core S&P 500 ETF ($IVV)

• iShares 20+ Year Treasury Bond ETF ($TLT)

• iShares Core MSCI EAFE ETF ($IEFA)

• Invesco QQQ ($QQQ) – the only stock among the top 10 holdings

Ondo Finance’s other tokenization products, including its short-term U.S. Treasury fund (OUSG) and Ondo U.S. Dollar Yield ($USDY), have collectively attracted over $1.5 billion in assets under management.

Editor’s Note: This story has been updated to clarify that Ondo ranks first in TVL for tokenized public stocks and ETFs. The broader category of tokenized securities also includes private equity funds, Treasuries, and other institutional products. In that wider market, Securitize remains the leader, with $3.1 billion in assets under management (AUM).

This story was originally reported by TheStreet on Sep 18, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.