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Project Overview
Ondo Finance is an institutional-grade financial infrastructure protocol dedicated to bringing real-world assets (RWAs) and traditional public securities on-chain. By offering tokenized investment products such as USDY (yield-bearing stablecoin backed by US Treasuries) and OUSG (Short-Term US Treasuries Fund), and developing the dedicated Ondo Chain Layer 1 blockchain, the platform enables global investors to access high-quality, transparent, and regulated financial markets within a decentralized ecosystem.
Binance US Stock Business Structure Exposed: Nest Trading Handles Connections, Alpaca Monopolizes 94% of Tokenized US Stock Market
Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."
Pantera Capital Transfers 83.9 Million ONDO Tokens, Potentially Facing Selling Pressure
According to on-chain analyst Ember (@EmberCN), Pantera Capital—the lead investor in Ondo—transferred 83.9 million ONDO tokens (approximately $22.11 million) five hours ago. The market expects these tokens to be sold in the near term. The receiving address has a history of similar activity: one year ago, it received 34.28 million ONDO tokens (approximately $42.52 million) from Ondo’s multi-sig wallet and subsequently transferred them to Coinbase Prime in batches.
A trader went long 4.58 million ONDO tokens with 5x leverage in the past hour, valued at approximately $2.1 million.
According to on-chain analytics platform Lookonchain (@lookonchain), trader 0xf01d opened a 5x leveraged long position on 4.58 million ONDO tokens within the past hour, valued at approximately $2.1 million.
Ondo project multi-sig wallet has transferred over 328 million ONDO to exchanges like Coinbase in the past 2 months
According to on-chain analyst Ember monitoring, over the past 2 months, the multi-sig wallet of the Ondo project has cumulatively transferred more than 328 million ONDO (worth $98.42 million) to exchanges such as Coinbase.
Ondo project team transfers 150 million ONDO, 21.33 million already moved to exchanges
the Ondo project team's multi-sig address transferred 150 million ONDO (worth $63.88 million) 7 hours ago, of which 21.338 million ONDO (worth $9.15 million) were moved to Coinbase and Bybit 1 hour ago.
Pantera Capital Transfers 83.9 Million ONDO Tokens, Potentially Facing Selling Pressure
According to on-chain analyst Ember (@EmberCN), Pantera Capital—the lead investor in Ondo—transferred 83.9 million ONDO tokens (approximately $22.11 million) five hours ago. The market expects these tokens to be sold in the near term. The receiving address has a history of similar activity: one year ago, it received 34.28 million ONDO tokens (approximately $42.52 million) from Ondo’s multi-sig wallet and subsequently transferred them to Coinbase Prime in batches.
The Ondo team has again transferred $34 million worth of tokens from the main wallet to a new address.
According to on-chain analyst onchainschool.pro (@how2onchain), the ONDO team has again transferred $34 million worth of ONDO tokens from its main wallet to a new wallet address.
Ondo Finance’s multisig wallet has continuously transferred ONDO tokens to Coinbase over the past six weeks, totaling 116 million tokens.
According to on-chain analyst Ember (@EmberCN), approximately 116 million ONDO tokens (valued at roughly $30.21 million) have been transferred from the Ondo Finance multisig wallet to Coinbase over the past ~six weeks. The transfer pattern shows a clear regularity: roughly 20 million ONDO tokens are transferred weekly from the multisig wallet to another multisig address, followed by multiple smaller transfers to Coinbase within several days.
SpaceX IPO Day One: Tokenized on-Chain; Ondo Finance Lists $SPCX
Ondo Finance officially announced that SpaceX has officially launched on-chain, with its IPO token $SPCX now live on the Ondo Global Markets platform, supporting Solana, Ethereum, and BNB Chain. This marks the first time in history that the largest IPO to date has been tokenized on-chain on its listing day.
Ondo Finance: SpaceX Tokenized Asset SPCXon to Launch on Ondo Global Markets
Ondo Finance announced on X platform that SpaceX has completed the largest IPO in history, with its tokenized asset SPCXon launching on Ondo Global Markets on its first day of trading, supporting Solana, Ethereum, and BNB Chain.
Ondo Finance Hires Former Invesco ETF Executive to Develop On-Chain Investment Products
Ondo Finance has hired John Hoffman, a former Invesco ETF executive and Grayscale managing director, aiming to expand its tokenized investment products beyond equities and treasuries.John Hoffman will serve as managing director and head of product portfolio, focusing on building and distributing tokenized portfolios, including investment portfolios co-developed with asset management firms and strategies built around Ondo's existing products. This move indicates Ondo Finance's plan to go beyond single-asset tokenization and shift towards managed investment products on the blockchain. The current market size of tokenized assets has exceeded $30 billion. (CoinDesk)
Ondo CEO: RWA Perpetual Contract Platform Ondo Perps Expected to Launch Within Weeks, Business to Proceed as Planned
Odaily Odaily, Ondo Finance CEO Ian De Bode issued an open letter, mourning the passing of company founder Nathan Allman, and stated that Ondo will continue to advance its business development according to the established roadmap.Ian De Bode mentioned that Nathan Allman had already built a solid management team and product plan before his passing; the company's leadership and board structure remain stable, and the strategic direction will not change. He revealed that Ondo will announce new infrastructure plans in the coming days and continue to push for the launch of Ondo Perps. This product is positioned as the first perpetual contract platform for real-world assets (RWA), allowing tokenized assets to be used as collateral for trading, and is expected to officially launch within the next few weeks.Additionally, Ian De Bode stated that Ondo's current on-chain asset scale has approached $4 billion, and it will continue to expand its business around tokenized stocks, ETFs, treasuries, and yield-bearing assets, further extending into areas such as trading, prime brokerage, and asset management.
Nathan Allman, Founder of Ondo Finance, Passes Away Unexpectedly; President Ian De Bode to Assume Role of CEO
Ondo Finance announced the unexpected passing of its founder, Nathan Allman. The announcement stated that Nathan Allman’s vision, humility, and execution shaped Ondo Finance’s development, and his mission to build a more open and inclusive financial system will continue to guide the company’s future initiatives. Ondo Finance also confirmed that Ian De Bode, who has long served as President, will assume the role of CEO. The announcement noted that Ian De Bode has been overseeing the company’s strategy, product development, and day-to-day operations for over two years and enjoys full support from the management team.
Data: Ondo Global Markets TVL Surpasses $1 Billion
Ondo Finance announced its Ondo Global Markets platform has surpassed $1 billion in total value locked (TVL), becoming the first tokenized stock and ETF trading platform to reach this scale. It is understood that the platform has been online for less than 8 months, with TVL doubling since January 2026 and accumulating approximately $18 billion in trading volume. According to data from RWA.xyz, it currently holds over 70% market share in the tokenized stock issuance sector.
Related news
Ondo Finance Partners with Mirae Asset to Advance On-Chain ETF Tokenization
According to an official announcement, Ondo Finance has partnered with Mirae Asset, South Korea’s largest asset management company, to tokenize its Global X ETF product line on-chain via Ondo Global Markets.
Ondo: Partnered with Korea's largest asset management company Mirae Asset to promote tokenization of Global X ETF product line
Ondo Finance announced on X platform that it has partnered with Mirae Asset, South Korea's largest asset management company, to tokenize its Global X ETF product line through the Ondo Global Markets platform.Ondo stated that Mirae Asset will become the first asset management company in Asia to bring its existing ETF product line on-chain, with the first batch covering 10 Global X ETFs across sectors such as artificial intelligence and technology, blockchain and digital assets, robotics and space innovation, lithium and silver, defense technology, and covered call option yield strategies.Ondo believes that the asset management industry is becoming one of the key directions for financial tokenization transformation. The next generation of capital market infrastructure is being built on-chain, and traditional institutions that defined the previous financial system are beginning to embrace this trend.
Ondo partners with Mirae Asset to tokenize its Global X ETF product line
Odaily报道，Ondo Finance announced the signing of a Memorandum of Understanding (MOU) with Korean asset management giant Mirae Asset. Through the tokenized securities platform Ondo Global Markets, the two parties will tokenize the Global X ETF product line under Mirae Asset.According to the agreement, the partnership will initially focus on Global X's US-listed ETF products, and later expand to fund products listed in Europe, Hong Kong, Japan, Canada, and Australia. Mirae Asset will continue to serve as the underlying ETF asset manager, while Ondo will be responsible for providing tokenization infrastructure and on-chain distribution services.
SpaceX IPO Day One: Tokenized on-Chain; Ondo Finance Lists $SPCX
Ondo Finance officially announced that SpaceX has officially launched on-chain, with its IPO token $SPCX now live on the Ondo Global Markets platform, supporting Solana, Ethereum, and BNB Chain. This marks the first time in history that the largest IPO to date has been tokenized on-chain on its listing day.
Ondo Finance: SpaceX Tokenized Asset SPCXon to Launch on Ondo Global Markets
Ondo Finance announced on X platform that SpaceX has completed the largest IPO in history, with its tokenized asset SPCXon launching on Ondo Global Markets on its first day of trading, supporting Solana, Ethereum, and BNB Chain.
Ondo Finance Hires Former Invesco ETF Executive to Develop On-Chain Investment Products
Ondo Finance has hired John Hoffman, a former Invesco ETF executive and Grayscale managing director, aiming to expand its tokenized investment products beyond equities and treasuries.John Hoffman will serve as managing director and head of product portfolio, focusing on building and distributing tokenized portfolios, including investment portfolios co-developed with asset management firms and strategies built around Ondo's existing products. This move indicates Ondo Finance's plan to go beyond single-asset tokenization and shift towards managed investment products on the blockchain. The current market size of tokenized assets has exceeded $30 billion. (CoinDesk)