Ondo Rallies 17% After Launching Tokenized Stocks Through DTCC

The launch connects on-chain tokens to shares held in DTC custody and puts Ondo in the spotlight. The SPDR S&P 500 ETF is now represented through tokenized entitlements as well.

Key Takeaways

• Ondo rose 17% in 24 hours to $0.37 after launching its first tokenized stocks.
• The new tokens, CRCLon and SPYon, are fully backed and tied to shares in DTC custody.
• DTCC is expanding tokenization within a regulated framework and tested it with more than 30 parties.

Ondo (ONDO) surged to its highest level in a month after the crypto company rolled out its first tokenized stocks tied to DTC Tokenized Entitlements. The token climbed 17% over the past 24 hours and reached an intraday high of $0.37 (€0.32), its strongest price since June 18. That move helped ONDO separate itself from a mostly quiet crypto market, where Bitcoin (BTC) barely budged.

First Tokenized Stocks

Ondo’s new products are built on DTC Tokenized Entitlements for securities held at The Depository Trust Company. In plain terms, that means the on-chain tokens are directly linked to shares sitting inside Wall Street’s main custody system. Ondo says this is a first for tokenized equities.

The initial tokens track Circle (CRCL) and the SPDR S&P 500 ETF (SPY) on the blockchain. Ondo is issuing them as CRCLon and SPYon, and both are fully backed by the underlying securities. The company says the shares remain in DTC custody throughout, while the link to the DTC network runs through Alpaca Markets.

DTCC Speeds Up Tokenization

The launch is part of a wider tokenization push at DTCC, a company that has sat at the center of U.S. financial infrastructure for more than 50 years. In December 2025, DTCC received a No-Action Letter from the SEC for a tokenization service aimed at DTC Participants and their clients. That opened the door to offering custodied assets in token form inside a regulated framework.

DTCC says its Tokenization Service is designed to bring traditional finance and DeFi closer together by converting real assets held at DTC into tokenized versions. The first phase is focused on liquid assets such as the Russell 1000, major ETFs, and U.S. Treasuries, with more categories expected later. According to DTCC, more than 30 parties joined the recent test phase, which also covered collateral pledges, securities lending, and equity settlements.

Why This Matters for Europe

For European crypto readers, the key point is that tokenized securities are increasingly being tested inside existing market infrastructure rather than outside it. That suggests tokenization may be moving beyond a niche experiment and into a route that larger institutional players can use without leaving traditional custody and settlement systems behind. At the same time, the line between crypto and traditional markets keeps getting thinner, especially as regulation and infrastructure take on a bigger role. Grayscale previously pointed to the role networks like Ethereum, Solana, and BNB could play as tokenized stocks move further into traditional financial markets.