Quant and Ondo tokens gained more than 30% since Wednesday as a US payments network, BlackRock model portfolios and a CFTC update pushed tokenization forward.
Key Facts
Quant and Ondo each gained about 33% since Wednesday's close, while Bitcoin was little changed over the past 24 hours.
The Clearing House picked Quant to power a tokenized-deposit network, and Ondo put BlackRock-built portfolios onchain, both on Sept. 24.
Futures volume ran about 20 times spot volume in Quant and four times in Ondo, and Chainlink and Canton rose without news of their own.
Quant and Ondo each gained more than 30% since Wednesday after a major US payments network, BlackRock's model portfolios and a CFTC update all pushed tokenization forward in one day. Whether that turns into lasting demand for the tokens is the question.
Quant (QNT) traded near $94.40 as of 9:51 a.m. ET on Friday, up 21.7% over 24 hours, according to CoinMarketCap. Ondo (ONDO) rose 14.1% to about $0.55. Chainlink (LINK) and Canton (CC) each gained about 12%. Bitcoin (BTC) was little changed.
Bullish, one of the firms behind Thursday's announcements, set out what it expects the technology to change.
"Tokenization will turn static, opaque assets into active, transparent digital shares," Bullish CEO Tom Farley said on Thursday.
What Drove the Tokenization Rally? Banks and Regulators Aligned
The Clearing House, which runs US payment networks that settle more than $2 trillion a day, announced that Quant will power its tokenized-deposit network. The network is expected to open to banks in the first half of 2027.
"Tokenized deposits are now the de facto way banks move money on-chain," Quant CEO Gilbert Verdian said in the announcement.
Meanwhile, Ondo Finance launched portfolios built on BlackRock model strategies for non-US investors the same morning. Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth also formed a coalition to develop standards for tokenized stocks backed by their issuers.
That evening, CFTC staff updated its FAQs to cover investing customer funds in tokenized assets and keeping records on a blockchain.
Quant closed Wednesday near $70.60 and Ondo near $0.41, according to CoinMarketCap data.
Quant's onchain activity also jumped. Active addresses hit 2,064 on Sept. 24, the most since November 2025, analytics firm Santiment reported.
Is the Rally Leveraged? Futures Outran Spot Trading
Quant futures volume reached about $814 million over 24 hours, against about $39 million in spot trading, according to CoinGlass data. Its open interest nearly doubled to about $33 million.
Ondo futures volume came to about $2.7 billion, roughly four times its spot volume. Its open interest rose 29% to about $578 million.
Liquidations of leveraged positions stayed small, at about $1.8 million for Quant and $6.1 million for Ondo.
What Comes Next? Wall Street's Tokenization Meeting on Oct. 27
The coalition's members will meet issuers at the New York Stock Exchange on Oct. 27 to discuss how public companies can approach tokenization, according to the group's announcement.
The market those firms are building for is also growing. Onchain real-world assets total about $40.9 billion, up 4.2% over 30 days, according to RWA.xyz data.
The tokens still trail their year-ago prices. Ondo is down about 39% over 12 months and Chainlink about 33%, according to CoinMarketCap.
Banks, asset managers and regulators all moved on tokenization in a single day. Whether that lifts the tokens once the headlines fade is a separate test.
"Only available to non-US investors for now, but that will quickly change as asset managers work through requirements of SEC's recent innovation exemption," NovaDius Wealth President Nate Geraci wrote on X on Sept. 24, referring to the BlackRock portfolios.
Further Reading: Bitcoin Price Holds $84K Despite Bond Sell-Off, Eyes $97K
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
