How Ondo Finance plans to bring tokenized US stocks to Solana
Key takeawaysOndo plans an early 2026 rollout of tokenized US stocks and ETFs on Solana.The tokens are custody-backed. Underlying securities sit with US-registered broker-dealers, while onchain holders receive economic exposure rather than shareholder rights.Minting and redemption are designed to keep tokens anchored to real assets on a 24/5 basis, while transfers and trading can operate 24/7.Compliance is intended to travel with the asset, using Solana Token Extensions such as Transfer Hooks to enforce eligibility and transfer restrictions.Ondo’s core pitch is that investors should be able to hold traditional financial exposure, such as Treasurys, money market funds and now US equities, inside the same wallet they use for stablecoins and move those assets onchain.Most recently, the company plans to bring tokenized US stocks and exchange-traded funds (ETFs) to Solana. Ondo says it aims to launch these tokens in early 2026, extending a product line it already operates on other blockchains.The idea is straightforward: You hold a “stock token” in your wallet, then trade or transfer that exposure on Solana, with settlement that can occur much faster than the traditional market stack and access that continues even when US exchanges are closed.Did you know? Ondo Finance launched its USDY (“US Dollar Yield”) token in August 2023, describing it as a tokenized note backed by US Treasurys and bank deposits, paying 5% APY at launch.What exactly is Ondo putting on Solana?Ondo’s Global Markets product already offers onchain exposure to more than 100 US stocks and ETFs, with “hundreds more” on the roadmap. The team has flagged Solana as one of the next networks in line.The Solana rollout focuses on taking that existing catalog and making it available on Solana in early 2026, with tokenized stock and ETF trading that runs 24/7 and settles in seconds.With roughly $365 million already issued onchain, this represents a scale-up of Ondo’s existing tokenization business. Bringing the product to Solana follows an earlier expansion to BNB Chain.According to Ondo’s disclosures, the tokens provide economic exposure to publicly traded stocks and ETFs, including dividend effects, with the underlying assets held at US-registered broker-dealers, along with cash in transit.The holder’s claim is to that stream of economic returns, while shareholder rights over the underlying securities remain with the custodial structure that owns them. In short, financial performance lives onchain while formal ownership remains offchain. That is the core structure Ondo plans to bring to Solana.How the structure works: Custody, minting and redemptionFor stock tokens to be credible, they need to stay anchored to real securities.Ondo’s design follows a classic custody-backed model. The underlying US stocks and ETFs are held with one or more US-registered broker-dealers, along with any cash that sits between trades or transfers. The tokens visible onchain are intended to reflect economic exposure to that pool of assets, rather than a separate synthetic product that could drift away from what is actually held.That is where minting and redemption come in. Token supply is designed to expand and contract as users create and redeem tokens against the underlying assets, rather than leaving a fixed pool to trade freely on secondary markets.Ondo says users will be able to mint and redeem 24 hours a day, five days a week, while the tokens themselves can move directly between crypto wallets and applications 24/7/365. In other words, creation and redemption align with traditional market hours, while transfers and trading follow crypto’s always-on rhythm.Pricing is the other key component. If a token is meant to track total economic return, it cannot simply mirror the last exchange-traded share price. Dividends and corporate actions must be reflected in the data as well.Ondo has pointed to Chainlink as the official oracle layer, and Chainlink has discussed building custom feeds for each tokenized equity that account for both price movements and events such as dividend payments. This gives protocols, trading venues and risk systems a single, consistent reference for what each token is worth at any given moment.Solana’s technical features also matter at this level of detail. Tokenized equities require eligibility checks and transfer rules to be built into the asset’s behavior.Solana’s Token Extensions include transfer hooks, which are pieces of code that run each time a token moves. This allows Ondo to attach conditions directly to the token, including who is allowed to hold it, which regions are excluded, and what happens when someone attempts to send it into a specific smart contract. These checks travel with the asset wherever it moves in the ecosystem.Why Solana?If Ondo wants tokenized US stocks to feel natural to everyday crypto users, Solana is an obvious candidate.The network already has a large retail audience, fast confirmation times and a culture of trading applications built around low fees and near-instant execution. For something that looks and feels like an equity position but lives in a wallet alongside stablecoins and memecoins, those characteristics are hard to ignore. That context sets the stage for Ondo’s plan to launch its tokenized stocks and ETFs on Solana in early 2026.There is also a regulatory and risk angle. These tokens are linked to regulated underlying assets, and as Ondo’s own disclosures make clear, they do not turn the holder into a direct shareholder.That means there must be jurisdiction filters, investor eligibility checks and clear rules governing how and where the tokens can move. The product only works if those constraints are enforced consistently rather than being left to individual applications or exchanges to interpret on their own.Solana’s Token Extensions are built with this type of real-world asset in mind. The Transfer Hook extension allows each token to call custom logic on every movement. For example, it can confirm that both the sender and receiver are permitted to hold the asset or block transfers to certain smart contracts altogether.Instead of relying on every front end and every decentralized finance (DeFi) protocol to remember the rules, Ondo can embed those rules directly into the token itself and then focus on expanding coverage and improving the surrounding user experience.Did you know? In the first half of 2025, Solana averaged around 3 million to 6 million daily active addresses, with peaks above 7 million on some days, while typical transaction fees were roughly $0.00025 per transaction and blocks were produced about every 400 milliseconds.How it would work for a user (once it’s live on Solana)The experience is expected to feel much more like a regulated investment product than a typical DeFi token.The first step is eligibility. Ondo’s Global Markets line has been positioned for qualifying non-US investors, using jurisdiction filters and an eligibility screen. Before you ever hit “buy,” you would need to confirm that you are in a permitted region and meet the relevant requirements.Onboarding will likely feel closer to opening a brokerage account than simply connecting a wallet to a decentralized exchange (DEX). Because the tokens are described as fully backed by underlying stocks and ETFs held at US-registered broker-dealers, along with cash in transit, access must meet strict regulatory standards.That includes Know Your Customer (KYC) checks, custody obligations and other compliance requirements.Once you are approved, the user flow then shifts into a more crypto-native model:You fund a Solana wallet with a payment asset supported by Ondo for this product, typically stablecoins.You select a ticker and buy or mint the tokenized version. Minting and redemption are described as operating 24 hours a day, five days a week, while transfers between wallets and applications can continue 24/7/365.You hold the position like any other token in your wallet, with one important caveat: It provides economic exposure, including dividend effects, but it is not the stock or ETF itself and does not carry shareholder rights.Upsides and limitationsThe potential appeal is clear. If Ondo succeeds in making stock and ETF exposure behave more like standard tokens on Solana, users may experience faster settlement and more flexible movement of positions compared with traditional brokerage workflows.Even with US markets moving to T+1 settlement, a day and a few seconds sit in very different buckets, especially for users who want to move value between venues or use positions within onchain applications without waiting for trades to clear.At the same time, some limits remain built into the design. Ondo’s disclosures are clear that holders receive economic exposure only. The underlying shares and associated shareholder rights remain with the regulated custody and brokerage structure that actually owns the securities. Access is also filtered by jurisdiction and investor eligibility since the backing assets sit within that regulated environment.Market mechanics add another layer of dependency. For the token to track the real instrument closely, liquidity must be present, prices must stay aligned, and corporate actions such as dividends need to flow through cleanly.That is why Ondo emphasizes both broker-dealer custody and a dedicated oracle system as core components rather than optional extras. If either the custody link or the oracle layer fails, the promise of stock-like behavior onchain begins to break down, regardless of how smooth the Solana user experience may appear on the surface.Did you know? T+1 settlement means a trade settles, with cash and securities officially exchanging hands, one business day after the trade date. If you buy a stock on Monday, it typically settles on Tuesday, assuming there is no market holiday. In the US, this became the standard for most securities on May 28, 2024, replacing the old T+2 cycle.What to watch before this goes live on SolanaBetween now and the early 2026 target, the key signals will be the launch details that determine who can use the product, how closely the tokens track the real instruments and what protections apply if something goes wrong.Here is the short checklist worth watching:Launch lineup: Which stocks and ETFs are supported on day one and whether Ondo sticks with the same custody-backed model it uses elsewhere.Access rules: How non-US eligibility, jurisdiction limits and KYC checks work and what happens if a user’s status changes.Custody and backing: Where the underlying shares and ETFs are held and how minting and redemption operate in practice.Pricing and events: How Chainlink feeds handle both prices and corporate actions such as dividends and splits.Onchain controls: Whether Solana Token Extensions, such as Transfer Hooks, are used and how strict the transfer rules are.Finally, expect scrutiny. Regulators and market structure groups have warned that tokenized stock products can confuse investors because they often do not provide shareholder rights, and the token framing does not make them any less of a securities issue.That scrutiny is likely to shape how aggressively Ondo restricts access and how explicit it is about what holders do and do not own.