Ondo Finance & Exodus: Tokenized RWAs on Solana

Overview

Two major developments are converging to reshape on-chain trading: Ondo Finance has established itself as the dominant tokenized RWA platform with 200+ assets on Solana since January 2026, and Exodus Markets launched on June 12, 2026, bringing these assets directly to Exodus's 1.5 million monthly active users through a partnership with Ondo. Together, they represent a significant bridge between traditional capital markets and crypto-native infrastructure.

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Key Data Points

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Ondo Finance: Dominant RWA Platform

Ondo Finance has captured approximately 70% of the tokenized equity market and controls ~60% of all tokenized equities by value ($557 million across 230 assets). Its product suite on Solana includes:

• Ondo Global Markets (OGM): 200+ tokenized U.S. stocks and ETFs, live since January 2026
• OUSG: Tokenized short-term U.S. Treasury bonds yielding 4.5–5.0% APY
• USDY: Yield-bearing stablecoin alternative backed by Treasuries ($2.73B issued)
• Ondo Perps: Leveraged trading on tokenized equities launched June 9, 2026, accepting USDY as collateral

Ondo's institutional partnerships include BlackRock (BUIDL fund integration), J.P. Morgan (cross-bank redemption pilot), Franklin Templeton, Mastercard, and DTCC (tokenization service participant launching July 2026).

⚠️ We were unable to verify the security of ONDO FINANCE (ONDO) on Base and EXODon on BSC. Caution advised when engaging with these tokens on non-Solana chains.

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Exodus Markets: Distribution at Scale

Exodus Markets launched June 12, 2026, integrating Ondo's 200+ tokenized assets directly into the Exodus self-custodial wallet app. Key characteristics:

• Regulatory structure: Structured notes issued by a BVI special purpose vehicle under Regulation S (non-U.S. investors only)
• KYC required: Wallet and transaction screening mandatory
• Tokenholders do not own underlying shares and receive no voting or shareholder rights
• Exodus MAUs: 1.5 million monthly active users

Exodus CEO JP Richardson stated: "Tokenized stocks are one of the most important developments in modern finance. For the first time, our customers can trade and hold tokenized equities with the same direct control and global access they expect from crypto."

Ondo CEO Ian De Bode added: "This is how tokenized markets scale, by integrating with the products people already use to manage their money."

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Solana's RWA Infrastructure

Solana has positioned itself as an "Internet Capital Market" with infrastructure designed for institutional-grade tokenized assets:

The chain's Token Extensions (Transfer Hooks) enforce compliance and jurisdiction restrictions directly on tokens—a critical feature for regulated securities. Solana's RWA TVL grew ~500% year-over-year to $13.5 billion (including stablecoins), with $2.01 billion in non-stablecoin tokenized assets.

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Implications for Crypto Trading

1. 24/7 Equity Access

Traditional markets operate 9:30 AM–4:00 PM ET, Monday–Friday. Tokenized equities on Solana trade 24/7/365, enabling:

• Trading during weekends, holidays, and after hours
• Intraday issuance and redemption with sub-second finality
• No T+1 or T+2 settlement delays

2. Composability with DeFi

Tokenized RWAs can serve as collateral in lending protocols, liquidity in AMMs, and underliers for derivatives. Ondo Perps (launched June 9, 2026) accepts USDY as collateral for up to 20x leveraged positions on tokenized stocks—creating a direct link between yield-bearing treasuries and equity trading.

3. Fractional Access & Lower Minimums

Traditional institutional products often require $100,000+ minimums. On-chain tokenization enables $1 minimum investments, democratizing access to U.S. Treasuries, blue-chip stocks, and ETFs for global users.

4. Institutional Liquidity On-Chain

The July 2026 DTCC tokenization service launch is a major catalyst. DTCC custodies $114 trillion in securities and clears virtually every U.S. stock trade. Its participation signals institutional-grade settlement infrastructure coming on-chain.

5. Interoperability with Crypto-Native Trading

Ondo Perps and Hyperliquid interoperate via LayerZero, enabling basis trades and funding arbitrage across tokenized equities and crypto perpetuals—a new cross-platform trading primitive.

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Risks and Limitations

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Outlook

The Ondo-Exodus partnership represents a distribution breakthrough for tokenized RWAs: Ondo provides the regulated asset infrastructure, while Exodus provides 1.5 million ready-made users in a self-custodial interface. The combination of 200+ tokenized assets, 24/7 trading, sub-second settlement, and DeFi composability creates a new trading paradigm that blends traditional market depth with crypto-native UX.

The next major catalyst is the July 2026 DTCC tokenization service launch, which brings institutional settlement infrastructure on-chain. If successful, this could trigger significant capital inflows into tokenized equities, positioning Solana as the settlement layer for a new generation of hybrid financial products.

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Evidence Snippets

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1 token(s) removed from results due to confirmed security risks.