SO on-chain — SOon
Live · Ondo Global Markets · SOon · Stock
The Southern Company on-chain
SOon is trading in line with the net asset value of the SO shares behind it.
Source: Ondo Global Markets (read-only data licence). NAV = underlying reference price × shares-per-token multiplier; premium = (token price − NAV) ÷ NAV. This page revalidates every five minutes, so figures can lag the live tape — the continuously-updating view is in The Office. Informational only, not financial advice.
The question every directory skips
Is SOon the same as SO stock?
No — and the difference is the whole point. No. SOon is a wrapper token issued by Ondo Global Markets that is designed to track SO and is backed by shares the issuer holds. Holding it gives you price exposure; it does not put you on the issuer's share register, it carries no voting rights, and redemption runs through the issuer's eligible-participant process rather than a broker.
- It is a wrapper, not the listed share.SOon is issued by Ondo Global Markets and designed to track The Southern Company. It is backed by shares the issuer holds, so it gives you price exposure — not a line on the company's share register.
- One SOon represents 1.017 SO shares.That is why the token prints at $90.53 while one SO share references $89.01. A multi-share token looks expensive next to the share price and is not mispriced — always divide by the multiplier before comparing a wrapper to a quote screen.
- Dividends. Ondo publishes a dividend record for SO, showing a 0.03% yield, paid quarterly, last cash amount $0.76 per share (2026-09-08). Whether and how a wrapper passes a distribution through is set by the issuer's terms — see how tokenized-stock dividends work.
- No voting rights.A wrapper conveys economic exposure. Governance rights stay with whoever holds the underlying shares — that is the issuer, not you.
- Redemption is issuer-gated.You cannot present SOon to The Southern Companyor to a broker. Creation and redemption run through the issuer's eligible-participant process, on its terms and on the underlying market's schedule — see mint and redeem.
- Eligibility is restricted.Tokenized-equity wrappers are generally not offered to US persons and can be limited by jurisdiction and by transfer-restriction rules baked into the token. The issuer's terms are authoritative; this page is neutral data, not an offer.
Related reading: what is a tokenized equity? · backed vs synthetic · NAV premium
Live · Ondo Global Markets · reference data
Key facts
| Wrapper token | SOon |
| Underlying ticker | SO |
| Underlying name | The Southern Company |
| Instrument type | Stock · Equities |
| Sector | Utilities |
| Shares per token | 1.017 |
| 52-week high | $102.55 |
| 52-week low | $85.23 |
| On-chain holders | 47 |
| Underlying 24h turnover | $571M |
| On-chain 24h volume | $4.80 |
| Underlying market cap | $102.4B |
| Shares outstanding | 1,150,362,966 |
| Trading status | active |
| Tradable sessions | regular |
52-week bounds are the underlying's, scaled by the shares-per-token multiplier and clamped so they always bracket today's price — when a new high is set, that high istoday's price. Market cap and shares outstanding describe the underlying company or fund, not the token. Turnover is the listed venue's; on-chain volume is Ondo's reported traded volume, and reads “not reported” when the feed returns none rather than showing a zero.
Verify it yourself · on-chain
Deployed contracts
| Chain | Contract address | Decimals | Explorer |
|---|---|---|---|
| BNB Chain | 0xd7a635…ef41f5 | 18 | View token |
| Ethereum | 0x99aa10…b6d974 | 18 | View token |
| Solana | aKzjn2Zd…pyondo | 9 | View token |
Addresses come from Ondo's metadata feed. Always confirm an address against the issuer's own documentation before interacting with a contract — a lookalike token is the cheapest attack in this sector.
Read this before the price
What can go wrong
- The premium can persist.A wrapper only tracks NAV while creation and redemption work. If that path is slow, gated or paused, the premium or discount can stay wide for days — you would buy above, or sell below, the value of the shares behind the token. What is a de-peg?
- Oracles can disagree.The NAV shown here is one reference. Independent oracles can print different numbers for the same asset, and anything reading those oracles inherits the divergence. How tokenized assets are priced
- Issuer and custody risk.The token is only as good as the shares held against it and the entity holding them. That is a counterparty exposure a brokerage share does not have. Proof of reserve
- Market-hours gap.The token can trade around the clock while SO does not. Prices set while the listed market is shut have no live NAV to check against, and the gap usually resolves at the next open.
- Liquidity is not the underlying's liquidity.Deep volume in SO says nothing about the depth available in SOon. Size moves a wrapper far more than it moves the listed share.
- Eligibility and transfer restrictions.Wrappers are typically not offered to US persons, and compliance rules can be enforced in the token itself — a transfer can simply fail. T-REX / ERC-3643
TokenizedXonChain is a neutral media and data platform. It is not a broker-dealer, exchange, trading venue, investment adviser or token issuer, and nothing on this page is a recommendation to buy, sell or hold anything.