Ondo Finance's tokenized stock products have crossed $1.3 billion in total value, the company said Tuesday, marking a new high for the platform. The ONDO token rose 8% on the news, climbing back toward the $0.60 mark it hasn't touched since early November.
The milestone comes as tokenized real-world assets gain traction among both crypto-native investors and traditional finance players looking for yield. Ondo's platform lets users hold tokenized versions of stocks and bonds on-chain, with each token backed by the underlying security held in custody.
What's behind the $1.3 billion figure
Ondo's tokenized stocks are part of a broader push to bring traditional assets onto public blockchains. The $1.3 billion represents the combined value of tokenized equities and related products on Ondo's platform. The company hasn't broken down how much comes from individual stocks versus broader index products, nor has it specified the number of unique holders.
The 8% gain in ONDO puts the token up roughly 40% from its December lows, though it's still well below its 2024 highs. Trading volume for ONDO has also picked up, according to exchange data, suggesting the move has some backing beyond thin weekend liquidity.
The IMF's tokenized stock warning
Not everyone is celebrating. The International Monetary Fund recently flagged risks related to tokenized stocks, pointing to concerns about liquidity, custody, and how these products would behave under stress. The IMF's warning didn't name Ondo specifically, but it applies to the entire sector.
The fund's concerns echo those raised by other regulators about tokenized securities: what happens if the underlying assets can't be sold quickly enough to meet redemptions, and who's on the hook if a custodian fails. Ondo holds its underlying assets with regulated custodians, but the IMF's broader point is that the rules for these products are still being written.
What a return to $0.60 would take
ONDO's path back to $0.60 depends on factors the company hasn't fully detailed. The token's price is tied to both the growth of Ondo's platform and broader crypto market conditions. If tokenized assets keep attracting institutional money, the platform's revenue could rise — which in theory supports the token. But if the sector hits a regulatory wall, that support could evaporate.
There's also the question of competition. Other platforms are chasing the same tokenized-asset market, and Ondo's early lead doesn't guarantee it keeps it. The company has been adding partnerships and new products, but it faces the same scaling challenges as any fintech operating at the intersection of crypto and traditional finance.
What to watch next
Ondo hasn't set a date for its next product launch or financial disclosure. The $1.3 billion figure will be tested in the coming months as more tokenized stock platforms come online and regulators — including the IMF — keep a closer eye on the space. For now, the market has voted with an 8% gain, but whether that holds depends on whether the underlying business keeps growing at the same pace.
