Ondo Hits $2B in Tokenized Assets, Eyes On-Chain Prime Brokerage Future

$2 billion. That's how much Ondo has locked up in tokenized U.S. Treasuries—a figure that would've seemed fantastical just a year ago when tokenized assets were still largely experimental.

Speaking at the Ondo Summit, President Ian de Bode called 2025 a "breakout year" for the firm. Beyond leading the tokenized Treasury space, Ondo's Global Markets platform for tokenized stocks and ETFs has hit roughly $600 million in total value locked, capturing about 60% market share in that emerging niche.

Still a 'Land Grab' Phase

Yet de Bode remains grounded about where the industry stands. "Revenue is not yet the primary focus," he explained, describing the current phase as a "land grab" with banks, asset managers, and custodians racing to get assets on-chain.

The priority right now is building scalable infrastructure—"the pipes," as de Bode puts it—before full monetization kicks in. Even at current scale, Ondo's tokenized products remain tiny relative to traditional finance markets. That $2 billion in tokenized Treasuries? It's a drop in the ocean compared to the broader U.S. Treasury market.

But partnerships with traditional finance heavyweights like Mastercard and JPMorgan suggest the infrastructure play is gaining institutional credibility.

Perps as the Gateway to Prime Brokerage

Ondo's real ambition becomes clear with its latest launch: Ondo Perps, a platform for perpetual futures on equities and commodities. Unlike existing venues that rely solely on stablecoins, Ondo Perps allows tokenized stocks and ETFs to be posted as collateral.

This isn't just a feature addition—it's strategic positioning. The design aims to attract market makers, deepen liquidity, and enable more sophisticated trading strategies. De Bode's vision is convergence: "Investors will want a single app to trade crypto, stocks, ETFs, and derivatives around the clock."

Perpetuals are just the first step toward recreating traditional prime brokerage services on-chain, where institutional clients can access lending, trading, and risk management tools in one integrated platform.

Global Demand Drives Early Adoption

Interestingly, the real traction is coming from outside the U.S. Ondo's tokenized stocks platform has seen net inflows on all but three days since launching in September. Distribution through crypto wallets and exchanges—including Binance Wallet and a newly announced MetaMask integration—is accelerating uptake, particularly in Asia.

De Bode argues tokenized stocks solve real access problems globally, similar to how stablecoins expanded access to U.S. dollars. For investors in regions with regulatory or geographic barriers to direct U.S. equity investment, tokenized assets offer a compelling alternative.