Ondo

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BlackRock

Ondo Global Markets just crossed $1 billion in total value locked, reaching the milestone in under eight months since its September 2025 launch. The platform now holds more than 70% of the <a rel="noopener noreferrer nofollow">tokenized equity</a> issuer market and has processed over $18 billion in cumulative trading volume.
The entire tokenized stock and equities space has over $1.5 billion in TVL across all platforms. Ondo owns the vast majority of it.
Katie Wheeler,&nbsp;Managing Director, Global Partnerships, Ondo Finance, sat down with TheStreet <a rel="noopener noreferrer nofollow">Roundtable</a> in Miami. Wheeler spent a decade on Wall Street in fixed income — she was VP of U.S. iShares Institutional Fixed Income at BlackRock and Director of Business Development in Web3 at Circle before joining Ondo. She said the platform is just getting started.
<blockquote>
 “We are just scratching the surface,” she said. 
</blockquote>
<a href="https://www.thestreet.com/crypto/markets/rtb-debuts-on-nasdaq-ai-defi-media-platform-roundtable-to-trade-as-rtb" rel="noopener noreferrer nofollow">Related: RTB Debuts on Nasdaq: AI/DeFi Media Platform “Roundtable” to Trade as RTB</a>
<h2 id="what-ondo-global-markets-actually-does">What Ondo Global Markets actually does</h2>
Ondo GM is a <a rel="noopener noreferrer nofollow">tokenization</a> platform for U.S. equities. It allows investors around the world to buy and trade tokenized versions of publicly listed American stocks and ETFs on blockchain rails. The platform currently offers over 260 tokenized U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain.
<blockquote>
 "We can tokenize anything that's publicly listed in the United States. So if something trades on <a rel="noopener noreferrer nofollow">Nasdaq</a>, New York Stock Exchange, we're able to basically tokenize it and have it on a blockchain rail."
</blockquote>
The platform is also expanding with additional asset types, new utility features, and new geographic markets in the pipeline. Ondo has already secured regulatory approval to offer tokenized stocks and ETFs across 30 European countries in the EU and EEA, opening access to more than 500 million investors.
<a href="https://www.thestreet.com/crypto/markets/ondo-finance-exec-sees-tokenized-stocks-hitting-3b-by-year-end" rel="noopener noreferrer nofollow">Related: Ondo Finance exec sees tokenized stocks hitting $3B by year-end</a>
<h2 id="a-5-billion-prediction">A $5 billion prediction</h2>
Despite not being available to U.S. investors, the platform has exploded. It went from zero to $1 billion in TVL in under eight months — and Wheeler thinks the growth is just beginning.
<blockquote>
 "I wouldn't be surprised if we surpassed $5 billion by the end of the year. I know that seems a little advantageous, but we have a lot of interest and we're really building up quite a pipeline."
</blockquote>
That would represent a 5x increase from the current milestone in less than eight months. It's an aggressive target, but the trajectory so far makes it hard to dismiss. The platform's TVL has doubled since January 2026 alone.
Wheeler believes the growth is sustainable because the numbers, while impressive, represent a fraction of the liquidity that exists in traditional public markets.
<blockquote>
 "We are literally just scratching the surface. This is a very large industry. So even if we did 1%, I think that would be tremendous."
</blockquote>
<a rel="noopener noreferrer nofollow">Regulatory</a> clarity in the U.S. is expected to accelerate things further. The <a rel="noopener noreferrer nofollow">Clarity Act</a> — the market structure bill that would create clear regulatory lanes for digital assets — cleared its Senate Banking Committee markup on May 14. If it passes into law this year, it would give the crypto industry a formal framework for how tokenized products operate in the United States.
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</ul>
<h2 id="putting-the-market-size-in-context">Putting the market size in context</h2>
Wheeler drew a comparison to stablecoins — arguably the most proven product-market fit in all of crypto — to illustrate how early tokenized equities still are.
<blockquote>
 "There's about $300 billion in stablecoins right now. That's like 1% of M2 money supply. So stablecoins, which I think is arguably the thing that has the best product market fit across crypto, is still young. So then you think about $1 billion of tokenized treasuries, it's massive."
</blockquote>
The stablecoin market currently sits at approximately $323 billion. If the most mature crypto product category is still at roughly 1% penetration of the traditional market it mirrors, tokenized equities — at $1.5 billion total across the entire space — are barely a rounding error against global equity markets worth over $100 trillion.
That leaves two questions for anyone watching this space. First: if the most proven crypto product is still at 1% penetration, how long before tokenized equities approach anything resembling a ceiling? And second: if tokenized stocks eventually pull even 1% of global equity market liquidity onto blockchain rails, what does that mean for the platforms that got there first?

Ondo exec sees $5B in tokenized stocks by year-end after crossing $1B milestone

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TheStreet Roundtable

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