Ondo Finance – Building Toward an Onchain Prime Brokerage

The report explains how Ondo-issued assets have grown across categories, how issuance, redemption, and pricing infrastructure is shared across products, and what that implies for the platform’s effort to resemble an onchain prime brokerage. Farrell also outlines how Ondo’s design links investing, collateral, and trading, including how tokenized stocks and portfolios interact with the perpetuals venue.

The report then examines Ondo Stocks in detail, including the different tokenized-equity structures, how prices are anchored to listed markets, and how mint and redeem flows have evolved since launch. It also covers Ondo Private Markets and their approach to tokenized exposure to pre-IPO companies, as well as Intelligent Portfolios built on baskets of tokenized stocks, including strategies designed with BlackRock. Finally, the report analyzes Ondo Perps activity, the role of tokenized-stock collateral, and key competitive and structural risks across Treasuries, equities, and derivatives. The full analysis, supporting data, and the analyst’s view are available in the complete written report.

The report explains how Ondo-issued assets have grown across categories, how issuance, redemption, and pricing infrastructure is shared across products, and what that implies for the platform’s effort to resemble an onchain prime brokerage. Farrell also outlines how Ondo’s design links investing, collateral, and trading, including how tokenized stocks and portfolios interact with the perpetuals venue.

The report then examines Ondo Stocks in detail, including the different tokenized-equity structures, how prices are anchored to listed markets, and how mint and redeem flows have evolved since launch. It also covers Ondo Private Markets and their approach to tokenized exposure to pre-IPO companies, as well as Intelligent Portfolios built on baskets of tokenized stocks, including strategies designed with BlackRock. Finally, the report analyzes Ondo Perps activity, the role of tokenized-stock collateral, and key competitive and structural risks across Treasuries, equities, and derivatives. The full analysis, supporting data, and the analyst’s view are available in the complete written report.

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