Ondo Finance has launched Ondo Global Markets, a non-US distribution platform that lists more than one hundred tokenised US equities and ETFs at launch. The names cover every major US sector, with the largest weights in NVDA, AAPL, MSFT, the S&P 500 ETF SPY, and the Nasdaq-100 ETF QQQ. Mint and redeem run through a KYC-gated portal restricted to non-US investors.

The structure

Each Global Markets token is a 1:1 wrapper on the underlying US equity, held in regulated custody by a registered broker-dealer counterparty. Mint is bilateral against the broker; redemption is at the closing NAV on the next US trading day. Backing is published continuously through Chainlink Proof-of-Reserve feeds, which means any holder can verify reserve adequacy on-chain without trusting Ondo's accountants.

NAMES

100+

REGION

ex-US

ORACLE

Chainlink

The choice of an oracle attestation is deliberate. Ondo's earlier OUSG tokenised-treasury fund built its credibility on the same Chainlink integration, and the firm has clearly decided that proof-of-reserve is the moat. When CLARITY passes and US-recognised wrappers enter the market, the firms with three years of continuous attestation history will be in a different conversation than the ones still publishing PDFs.

Distribution to non-US investors is not a workaround. It is forty percent of the global equity market with no native on-chain access route until now.

What it competes with

Backed's xStocks and Swarm's tokenised equities cover similar ground but with different distribution. xStocks targets the Solana retail flow through DEX listings. Swarm focuses on EU-regulated venues. Ondo's bet is institutional non-US: family offices, allocators, and crypto-native treasuries that want US equity exposure without onshore brokerage relationships.

→ The takeaway

One hundred names is not a catalogue, it is a market. Ondo Global Markets, BUIDL, BENJI, ACRED — the same firm now stands behind a yield product, an equity product, and a credit product, all settled on the same rails. The on-chain prime broker stack just acquired its third leg.