Ondo Finance just made its biggest move yet, launching Ondo Global Markets on Solana (SOL) with more than 200 tokenized U.S. stocks and ETFs. The platform instantly becomes the largest real-world asset issuer on the network, representing roughly 65% of all tokenized RWAs currently live on Solana.

The lineup includes heavy hitters: NVDA, AAPL, META, and CRCL on the stock side, plus major ETFs like SPY and QQQ. Non-U.S. investors can now access these tokenized securities through Jupiter at launch, with broader wallet and DeFi protocol integration planned.

How the Tokens Work

These aren’t synthetic derivatives or price trackers with counterparty risk baked in. Each token is backed 1:1 by the actual underlying security, held with licensed U.S. broker-dealers. Ondo structures them as total-return trackers, meaning holders capture price movements, dividends, and corporate actions.

Dividends get automatically reinvested net of tax withholdings. So if you hold AAPLon and Apple pays a dividend, you’ll see more AAPLon tokens in your wallet rather than a cash distribution. Prices stay quoted in USD.

Minting and redemption runs 24 hours a day, five days a week—matching traditional market hours—but the tokens themselves can move between wallets and DeFi protocols around the clock.

Why Solana Makes Sense

Solana’s architecture gives Ondo something Ethereum can’t easily match: throughput. The network claims capacity for 50,000 transactions per second using its proof-of-history consensus mechanism. For a platform aiming to replicate brokerage-level liquidity onchain, that matters.

The timing looks deliberate. Solana hosts 3.2 million daily active users, according to recent data, and SOL has been showing strength—trading at $130.83 on January 21, up 2.91% in 24 hours with a $74.1 billion market cap. Circle also announced new Solana products the same day, suggesting coordinated ecosystem momentum.

The Bigger Picture

Ondo already operates as the largest tokenized stock and ETF platform by total value locked. Adding Solana expands reach beyond Ethereum and BNB Chain, where the protocol previously lived.

For traders, the value proposition is access. Non-U.S. users get exposure to U.S. equities without traditional brokerage friction, while maintaining the composability that DeFi enables. Want to use your NVDA tokens as collateral? That’s the eventual play.

The launch also signals where institutional RWA tokenization is heading. Rather than starting with exotic assets, Ondo went straight for the securities that actually trade—SPY, QQQ, the mega-cap tech stocks everyone already wants. Integration across Solana wallets, exchanges, and DeFi protocols will determine whether this becomes infrastructure or remains a novelty.

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