Ondo Finance posted a milestone at 14:35 UTC on Oct. 14, 2026: "$4 billion in TVL," its total value locked1. The post put "$1.3B+" of that in tokenized stocks and ETFs. Those are Ondo's own figures. RWA.xyz, a tracker of tokenized assets, showed $3.96 billion for Ondo at 23:50 UTC on Oct. 152. Add Ondo's $83.3 million stablecoin, and the tracker reaches $4.04 billion. So Ondo's $4 billion holds up. Most of it sits in Treasuries. The tokenized stocks are the new part. Founder Nathan Allman, president Ian De Bode, marketing head Ben Grossman and their colleagues built them312. RWA.xyz now ranks Binance's stock tokens ahead of Ondo's26.
Two counts of Ondo's $4 billion
RWA.xyz files $3.0 billion of Ondo's value under U.S. Treasury debt2. Stocks come second, at $0.87 billion. Stablecoin, commodity, crypto and credit tokens add the last $0.17 billion. Ondo Finance calls itself the "#1 platform for tokenized U.S. Treasuries"1. RWA.xyz's Treasury table agrees: Ondo at $3.0 billion, then Franklin Templeton's Benji at $2.5 billion, read at 00:16 UTC on Oct. 164.
U.S. Treasuries make up $3.0 billion of Ondo's $4.04 billion on RWA.xyz, Oct. 15, 2026
Value of Ondo's tokens by asset class on RWA.xyz, in billions of US dollars
- U.S. Treasury debt: $3.00B
- Stocks: $0.87B
- Everything else: $0.17B
Source: RWA.xyz [2].
Read the chart as a table
| Item | Value | Note |
|---|---|---|
| U.S. Treasury debt | $3.00B | |
| Stocks | $0.87B | |
| Everything else | $0.17B | Stablecoin, commodity, crypto and credit tokens |
How far apart are the two stock counts? About $0.43 billion: Ondo says more than $1.3 billion, and RWA.xyz says $0.87 billion12. The tracker files Ondo's commodity tokens in their own class, worth $0.04 billion. Even with those, its count stays under $1 billion. Ondo's Oct. 14 post leaves its counting method unstated.
Ondo cites "1M+ cumulative holders across products," which counts everyone who has held a token1. RWA.xyz counts 544,143 addresses holding Ondo tokens on Oct. 152.
Both sides, in their own words
Does Ondo still lead tokenized stocks?
“From line items in a brokerage account to crypto tokens you can transfer, trade, and hold in a wallet.”
“Today, the SEC has essentially created two regulatory regimes for stock trading”
The team behind Ondo's tokenized stocks
Nathan Allman, Ondo's founder and then its chief executive, opened the stock tokens on Ethereum on Sept. 3, 20258. "We saw stablecoins export the U.S. dollar by bringing it on-chain," Allman told CoinDesk. “Now, Ondo Global Markets is doing the same thing for U.S. securities.”
One week in, on Sept. 9, 2025, Ondo's account claimed "$100m+ TVL"5. Ondo put the figure at $460 million on Jan. 21, 2026, and at $1 billion on May 1167. Both posts give floors: more than $100 million then, and more than $1.3 billion now1.
Ondo says its stock tokens grew 13 times over, to $1.3 billion, by Oct. 14, 2026
Total value locked in Ondo's tokenized stocks and ETFs, as Ondo stated it, in millions of US dollars
- Ondo's Oct. 14, 2026 post: $1,300M
- Earlier figures Ondo published
Sources: X [1]; X [5]; Ondo Finance [6]; Ondo Finance [7].
Read the chart as a table
| Item | Value | Note |
|---|---|---|
| Sept. 9, 2025 | $100M | Ondo's post said $100m+ after one week |
| Jan. 21, 2026 | $460M | |
| May 11, 2026 | $1,000M | |
| Oct. 14, 2026 | $1,300M | Ondo's post said $1.3B+ |
Ondo announced Allman's death on May 25, 2026, and named Ian De Bode, its longtime president, chief executive in the same post9. That succession is still contested. A court order lets De Bode run daily operations while a fight over control plays out13. The order bars De Bode from major changes, CoinDesk reported on Sept. 24. Ondo's team page lists him as acting CEO and president3.
Ondo's account quoted De Bode on Bankless on Sept. 24, 2025. “Ondo Global Markets is the first platform where the assets are both permissionless and you can buy them in size at the right price,” he said10. Grossman carried the line to his own followers 55 minutes later, naming "tokenized stocks/ETFs" where De Bode said "assets"11.
On June 1, De Bode described the team's design. “And when we built Ondo Stocks, we designed it for deep, real liquidity and TradFi execution prices to avoid our stocks depegging in the secondary market - a real problem with other providers,” he wrote12.
Ben Grossman announced his own hire on June 24, 2024. “Big news: Excited to announce I've joined @OndoFinance to supercharge their marketing,” he posted, and he put Ondo's TVL at "over $500M"14. His hire came 14 months before the Sept. 3, 2025 launch. Ondo's team page calls him VP of marketing3. His X profile opens with "Brought stocks to the world onchain."16
Grossman made the case on Aug. 26, 2025, eight days before the launch. "The way people think about 'stocks' will change," he posted. “From line items in a brokerage account to crypto tokens you can transfer, trade, and hold in a wallet.”15
Others added voting rights, a U.S. broker-dealer and a lending venue. Ondo added shareholder voting through Broadridge on April 28, 2026, and Matthieu de Vergnes, its global head of institutional, spoke for it17. “By working with Broadridge, we are enabling holders of our on-chain tokenized stocks to access governance and voting capabilities, with all the additional benefits on-chain tokens provide,” he said.
Ondo closed its purchase of Oasis Pro, owner of an SEC-registered broker-dealer, on Oct. 7, 202518. Pat LaVecchia was its chief executive. Its unit, Oasis Pro Markets, won FINRA authorizations on July 23, 2026 to offer tokenized equities to U.S. investors19. Katie Wheeler, managing director of global partnerships, came from BlackRock's iShares and from Circle, TheStreet reported20. Armand Khatri, head of ecosystem, spoke for the Morpho deal that made the tokens loan collateral21. Matt Blumberg, head of DeFi, took Ondo's liquidity pitch to the Token2049 stage, Grossman posted on Oct. 2, 202522. The team page also lists Cameron Clifton, VP of engineering, and Yuxin Wu, VP of product design3. Min Lin heads global business development at Ondo.
Ondo's stock tokens went live Sept. 3, 2025, 14 months after Grossman joined
Ondo's steps since Grossman's hire
Read the chart as a table
| Date | Event |
|---|---|
| June 24, 2024 | Grossman joins Ondo |
| Sept. 3, 2025 | Stock tokens live. On Ethereum, with Nathan Allman as chief executive |
| Oct. 7, 2025 | Oasis Pro deal. Owner of a broker-dealer, led by Pat LaVecchia |
| Jan. 21, 2026 | Solana launch |
| April 28, 2026 | Broadridge voting. Announced by Matthieu de Vergnes |
| May 25, 2026 | De Bode named CEO. In the post announcing Allman's death |
| July 23, 2026 | FINRA authorizations |
| Oct. 14, 2026 | $4 billion post |
How a stock token gets its price
Ondo's post credits part of its growth to "RFQ"1. That stands for request for quote: a buyer asks for a price, and the platform names one. Ondo's quote holds for about 30 seconds, its documentation says23. Behind it, Ondo buys the share through a U.S.-registered broker-dealer24. A regulated custodian holds the share, and the buyer gets a token, such as AAPLon for Apple. Ondo Finance's Solana post said the tokens tap “the liquidity of the world's largest exchanges such as NASDAQ and NYSE”6.
Fine print in Ondo Finance's documents sets the limits. “Ondo Stocks are not themselves stocks, ETFs or ADRs and the Ondo Stocks do not provide their holders with rights to hold or receive their respective underlying assets,” its documentation says25. “Because liquidity is generally lower while the traditional markets are closed, bid-ask spreads can be wider than during an active session, available size is subject to conservative per-asset Off-Hours limits, and the price of a token may diverge more significantly from the value the underlying security will have when its primary market next reopens,” Ondo's pricing page says23.
Binance leads one count
At 00:16 UTC on Oct. 16, RWA.xyz's stock table ranked Binance's bStocks first at $1.0 billion26. Ondo came second at $0.87 billion, then xStocks at $0.59 billion. Securitize followed at $0.34 billion and Robinhood at $0.14 billion. That puts Ondo at about 27% of the table's $3.27 billion.
Binance's bStocks led Ondo on RWA.xyz, $1.0 billion to $0.87 billion, on Oct. 16, 2026
Value of tokenized stocks by issuer on RWA.xyz at 00:16 UTC, in billions of US dollars
- Ondo: $0.87B
- Binance's bStocks: $1.00B
- Other issuers on the table
Source: RWA.xyz [26].
Read the chart as a table
| Item | Value |
|---|---|
| bStocks | $1.00B |
| Ondo | $0.87B |
| xStocks | $0.59B |
| Securitize | $0.34B |
| Robinhood | $0.14B |
Binance posted its own figure at 11:00 UTC on Oct. 15, about 20 hours after Ondo27. "bStocks AUM: $1,000,000,000+," it wrote. In January, Grossman posted that “Ondo is now larger by TVL than every other onchain stocks issuer combined (including Robinhood)”28. Ondo's May 11 post claimed "over 70% market share among tokenized equity issuers, per RWA.xyz"7. Company claims still put Ondo ahead, $1.3 billion in TVL to $1 billion in assets under management1. RWA.xyz's count puts Ondo second in tokenized stocks.
The case against the rulebook
Benjamin Schiffrin, director of securities policy at Better Markets, makes the strongest case against the new rules. The SEC issued an "Innovation Exemption" for tokenized stock trading on Sept. 17, 202630. Schiffrin answered on Sept. 1729. “Today, the SEC has essentially created two regulatory regimes for stock trading,” he said. “One regulatory regime governs trading traditional stocks, where investors are protected by longstanding rules. The other governs the trading of stocks in tokenized form and exempts market participants that facilitate this type of trading from the rules that protect investors.”
SEC Chair Paul Atkins defended the order. “The Innovation Exemption is designed to resolve challenges that have prevented responsible innovation from taking root in the United States while providing investor protections and market integrity standards,” he said30. The order runs five years, CNBC reported. Tokens under it must carry the shares' rights, dividends and votes included.
Hester Peirce named the issuer risk in a July 9, 2025 statement as an SEC commissioner. “Purchasers of these third-party tokens may face unique risks, such as counterparty risks,” she wrote31. Read against Ondo's own documents, her description fits its model: a third party issues tokens tied to shares a custodian holds2425.
The International Monetary Fund added numbers. Its new study found tokenized stocks about 1.5 times as volatile as the same shares on traditional venues32. Tokenized shares were also significantly less liquid, CoinDesk reported on Oct. 11. The IMF put all tokenized equities at about $2.3 billion on July 31, 2026.
By the numbers
- $4 billion: Ondo's total value locked, in its post at 14:35 UTC on Oct. 14, 20261.
- RWA.xyz read $3.96 billion for Ondo at 23:50 UTC on Oct. 152.
- 9.68%: growth in that figure over 30 days, per the same page2.
- Over 1,000 stocks and ETFs: Ondo's launch-post plan for the end of 202524.
- About 1.5 times: how much more volatile tokenized stocks ran than their shares, per the IMF32.
What to watch
Katie Wheeler told TheStreet in May, “I wouldn't be surprised if we surpassed $5 billion by the end of the year.”20 Ondo's stock figure stood at more than $1.3 billion on Oct. 14, and RWA.xyz's count of it at $0.87 billion two days later126. Wheeler's mark needs the tracker's count to keep climbing. Schiffrin's case gains if the first venues under the SEC's exemption show the swings the IMF measured3032.
Sources
- Ondo Finance, "A new milestone for Ondo: $4 billion in TVL.," post on X, Oct. 14, 2026, https://x.com/Ondo/status/2110378961129652608
- RWA.xyz, "RWA.xyz | Ondo," platform page, accessed Oct. 15, 2026, https://app.rwa.xyz/platforms/ondo
- Ondo Finance, "Team," ondo.finance, accessed Oct. 15, 2026, https://ondo.finance/team
- RWA.xyz, "RWA.xyz | Tokenized U.S. Treasury Funds," accessed Oct. 16, 2026, https://app.rwa.xyz/treasuries
- Ondo Finance, "1 Week, $100m+ TVL," post on X, Sept. 9, 2025, https://x.com/Ondo/status/1965526334500966652
- Ondo Finance, "Ondo Finance Brings Hundreds of Tokenized Stocks to Solana For the First Time," Ondo Finance blog, Jan. 21, 2026, https://ondo.finance/blog/global-markets-live-on-solana
- Ondo Finance, "Ondo Stocks Surpasses $1 Billion in Total Value Locked, a First for Tokenized Stocks," Ondo Finance blog, May 11, 2026, https://ondo.finance/blog/ondo-tokenized-stocks-surpass-one-billion-tvl
- Krisztian Sandor, "Ondo Finance Rolls Out Tokenized U.S. Stocks, ETFs as Equity Tokenization Ramps Up," CoinDesk, Sept. 3, 2025, https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up
- Ondo Finance, "It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder.," post on X, May 25, 2026, https://x.com/Ondo/status/2059054473775894797
- Ondo Finance, "Other tokenized stock and ETF models have struggled with one critical problem: liquidity.," post on X, Sept. 24, 2025, https://x.com/Ondo/status/1970894484088160501
- Ben Grossman, "Ondo Global Markets is the first platform where the tokenized stocks/ETFs are both permissionless and you can buy them in size at the right price.," post on X, Sept. 24, 2025, https://x.com/ben_grossman/status/1970908216453398844
- Ian De Bode, "Onward: Remembering Nathan Allman and the Road Ahead," Ondo Finance blog, June 1, 2026, https://ondo.finance/blog/onward-remembering-nathan-allman-and-the-road-ahead
- Will Canny, "Someone was trying to sell Ondo Finance after founder Nathan Allman's death," CoinDesk, Sept. 24, 2026, https://www.coindesk.com/business/2026/09/23/someone-was-trying-to-sell-ondo-finance-after-founder-nathan-allman-s-death
- Ben Grossman, "Big news: Excited to announce I've joined @OndoFinance to supercharge their marketing.," post on X, June 24, 2024, https://x.com/ben_grossman/status/1805220378660225520
- Ben Grossman, "The way people think about "stocks" will change.," post on X, Aug. 26, 2025, https://x.com/ben_grossman/status/1960460498174140642
- Ben Grossman, "Ben Grossman (@ben_grossman)," profile on X, accessed Oct. 15, 2026, https://x.com/ben_grossman
- Broadridge, "Ondo Finance Brings Shareholder Voting Capabilities to Tokenized Securities with Broadridge," Broadridge, April 28, 2026, https://www.broadridge.com/press-release/2026/broadridge-and-ondo-bring-shareholder-voting-capabilities-to-tokenized-securities
- Ondo Finance, "Ondo Finance Completes Acquisition of Oasis Pro to Accelerate U.S. Tokenized Securities Innovation," Ondo Finance blog, Oct. 7, 2025, https://ondo.finance/blog/ondo-acquires-oasis-pro
- Ondo Finance, "Ondo Finance's Oasis Pro Markets Secures FINRA Authorizations to Offer Broad Range of Tokenized Equities and Funds to U.S. Investors," Ondo Finance blog, July 23, 2026, https://ondo.finance/blog/finra-authorizations-to-offer-tokenized-equities
- Jackson Alton Hinkle, "Ondo exec sees $5B in tokenized stocks by year-end after crossing $1B milestone," TheStreet via Yahoo Finance, May 14, 2026, https://finance.yahoo.com/markets/crypto/articles/ondo-exec-sees-5b-tokenized-214320881.html
- Morpho, "Ondo," Morpho stories, Feb. 27, 2026, https://morpho.org/stories/ondo/
- Ben Grossman, "Ondo's Head of DeFi, Matt Blumberg (@matt_blumberg), on stage at Token2049 explaining why Ondo is the largest issuer of tokenized stocks," post on X, Oct. 2, 2025, https://x.com/ben_grossman/status/1973649909774688296
- Ondo Finance, "Token & Quote Pricing," Ondo Finance Docs, accessed Oct. 15, 2026, https://docs.ondo.finance/ondo-stocks/token-and-quote-pricing
- Ondo Finance, "Ondo Stocks is Now Live: The Dawn of Wall Street 2.0," Ondo Finance blog, Sept. 3, 2025, https://ondo.finance/blog/global-markets-is-live
- Ondo Finance, "Important Notes," Ondo Finance Docs, accessed Oct. 15, 2026, https://docs.ondo.finance/ondo-stocks/important-notes
- RWA.xyz, "RWA.xyz | Tokenized Stocks," accessed Oct. 16, 2026, https://app.rwa.xyz/stocks
- Binance, "bStocks AUM: $1,000,000,000+," post on X, Oct. 15, 2026, https://x.com/binance/status/2110687133455233268
- Ben Grossman, "Over 40% of all RWA assets issued on Ethereum are by Ondo," post on X, Jan. 13, 2026, https://x.com/ben_grossman/status/2011108407915548824
- Benjamin Schiffrin, "SEC's Innovation Exemption Imperils Investors," Better Markets, Sept. 17, 2026, https://bettermarkets.org/newsroom/secs-innovation-exemption-imperils-investors/
- Tanaya Macheel, "SEC clears path for tokenized stocks, bringing 24/7 trading closer," CNBC, Sept. 17, 2026, https://www.cnbc.com/2026/09/17/sec-clears-path-for-tokenized-stocks-bringing-24/7-trading-closer.html
- Hester M. Peirce, "Enchanting, but Not Magical: A Statement on the Tokenization of Securities," U.S. Securities and Exchange Commission, July 9, 2025, https://www.sec.gov/newsroom/speeches-statements/peirce-statement-tokenized-securities-070925
- Olivier Acuna, "IMF finds demand for tokenized stocks, says the market is still volatile, illiquid," CoinDesk, Oct. 11, 2026, https://www.coindesk.com/business/2026/10/11/imf-finds-demand-for-tokenized-stocks-says-the-market-is-still-volatile-illiquid