Ondo's Tokenized Stock Portfolio Tops $50M in Four Weeks

Ondo's tokenized stock portfolio product attracted more than $50 million in assets within four weeks of launch, the firm's global head of institutional, Mathieu de Verne, said in a November 9 interview on CoinDesk's X account. The figure anchors a broader shift: tokenized equities are moving from a market-access tool into collateral, diversified portfolios and perpetual futures trading.

De Verne said Ondo's onchain assets have doubled over the past year and cumulative onchain users have exceeded 1 million. He framed that growth as a starting point rather than an endpoint for adoption.

Where does the demand come from?

Initial demand came from investors outside the United States who face barriers to buying Treasuries, U.S. stocks and ETFs, de Verne said. Intermediary fees, investor eligibility restrictions and trading hours across time zones limit access for these users.

In parts of Southeast Asia, Africa and Latin America, brokerage access to U.S. assets can be difficult or expensive, he noted. Ondo treated those constraints as its primary source of demand.

Investors reach the assets through two channels:

• Partner centralized exchanges, using existing accounts
• Self-custody wallets, where users control their own keys

De Verne described users buying tokenized Apple and Nvidia shares through exchange accounts or trading with stablecoins held in their own wallets.

What can tokenized stocks do beyond passive holding?

Users can pledge tokenized stocks as collateral to borrow funds or obtain diversified exposure through a single token. Ondo launched its portfolio product in partnership with BlackRock, reducing the need for investors to manage individual allocations, de Verne said. The portfolio token can also serve as onchain collateral.

Perpetual futures are currently the fastest-growing use case, according to de Verne. Using stocks instead of stablecoins as collateral can improve capital efficiency by allowing invested assets to support trading positions. He also described hedged strategies designed to capture platform funding payments.

Ondo's stated focus is expanding from making assets available onchain to building demand for products that use them — comparable to how stablecoins evolved from settlement instruments into building blocks for lending and trading markets.

What comes next?

De Verne outlined plans to offer tokenized Anthropic shares on the company's IPO day, drawing on Ondo's experience providing onchain access to SpaceX shares. He said demand similar to what Ondo saw for SpaceX could bring substantial inflows on the day of the offering.

After improving access, the next step is to offer products and uses investors cannot obtain through traditional financial channels, de Verne said. Ondo's aim is to make its assets available onchain so third parties can build additional products and applications around them. The $50 million portfolio milestone and the planned Anthropic offering suggest 2026 will test whether tokenized equities can sustain institutional-grade volume beyond the access trade.