Ondo Finance will list more than 200 tokenised U.S. stocks and exchange-traded funds on the Solana blockchain, CoinDesk reported on Jan. 21.
The move will allow users to directly trade U.S. stocks and ETFs using cryptocurrencies.
The newly listed products include big tech companies such as Apple, Tesla, Meta, Microsoft and Nvidia, as well as major ETFs including the SPDR S&P 500 ETF (SPY) and the iShares Russell 2000 ETF (IWM).
Users can buy stocks in dollars through an Ondo Finance account and then convert them into tokens based on the Solana blockchain. They can also buy stocks using Solana SPL stablecoins such as USDC, USDT and UXD. When selling stocks, the dollars are immediately converted into an Ondo Finance account and can be withdrawn back to the blockchain.
Ondo Finance carried out the tokenisation without approval from the U.S. Securities and Exchange Commission (SEC), but stressed it is thoroughly complying with existing financial regulations.
It said it was designed so customers hold stocks directly in an Ondo Finance account, which also fits the SEC's new custody rules.
Chi-gyu Hwang
delight@d-today.co.kr