When you buy a tokenized stock from Ondo Global Markets, you own an RWA token backed 1:1 by a real share that a regulated US broker-dealer (Alpaca) has bought and holds in custody. The token tracks the stock's total return including dividends, and for 250+ names you can even vote by proxy — but you are not on the company's share register, and the token is legally not the share. That distinction is the single most important thing to understand before touching the product.
The second most important thing: OGM is not an exchange. Ondo Finance is an issuer — the party that mints the tokenized security — and OGM is its tokenized-stocks platform, launched in September 2025. There is no “Ondo account” with an order book in the way Kraken or Binance have one; tokens are minted and redeemed against real shares and then circulate on-chain. Who Ondo Finance is as a company — the Treasuries business, the backers, the ONDO token — is covered in our What is Ondo Finance? explainer; this page is about the stocks product itself.
Ondo Global Markets TVL and market share
OGM crossed $1 billion in TVL in May 2026 — under eight months after launch, and the first tokenized-stock platform to reach that mark. It is still the largest tokenized-equity issuer, at around $957m of market cap in mid-August 2026 — roughly a third of a ~$2.8bn category, per RWA.xyz data reported by The Block. The growth curve was unusual from the start: OGM became the largest tokenized-equity platform within roughly 48 hours of its September 2025 launch.
Two honest caveats belong next to those numbers. TVL is a live metric — it moves with markets and flows, so check RWA.xyz for the current figure rather than quoting a snapshot. And platform TVL is not the ONDO token's price: the governance token is a separate asset whose price is affected by its own factors, such as token unlocks, independently of how much value sits on the platform.
What you can trade
OGM offers 400+ tokenized US stocks and ETFs: large-caps such as AAPL, NVDA, TSLA, MSFT, META and GOOGL, broad index ETFs such as SPY and QQQ, and sector and commodity ETFs. Tokens are issued across Solana, Ethereum and BNB Chain, and trading runs 24/5. That last detail is a nuance most write-ups miss: unlike some tokenized-stock products that trade around the clock, OGM follows a 24/5 schedule — continuous through the trading week, not weekends.
How it works: mint-and-redeem, priced off real exchanges
OGM runs a mint-and-redeem model. Alpaca, a regulated US broker-dealer, buys and custodies the real underlying shares, and Ondo issues tokens against them at a 1:1 ratio. What sets the model apart from many tokenized stocks is where liquidity comes from: rather than depending on thin on-chain pools, OGM sources liquidity from major US stock exchanges — which is what delivers brokerage-level pricing and low slippage, including for larger sizes. Pricing uses Chainlink oracles; cross-chain movement uses LayerZero, which has also bridged OGM assets to Hyperliquid's HyperEVM.
The practical consequence of the issuer model: your counterparty is the mint/redeem structure — Ondo as issuer and Alpaca as custodian — not an exchange's order book. That is where the product's trust rests, and where its risk concentrates.
Regulation and availability
The short answer: eligible non-US investors only. US persons are restricted by securities rules, and the UK is typically restricted too. On the approvals side, OGM is authorised to offer tokenized stocks and ETFs across 30 EU/EEA countries and was the first tokenized-securities issuer admitted for trading in ADGM (Abu Dhabi). In February 2026, Ondo confidentially filed an SEC registration statement — if approved, OGM would become the first issuer of transferable tokenized stocks subject to SEC reporting. That filing is pending, not granted; treat it as direction of travel, not status. The wider legal picture is in our guide to tokenized-stock legality.
OGM vs Kraken xStocks vs Binance bStocks
All three are tokenized stocks backed 1:1 — with any of them you hold a token, not the registered share. The differences that actually matter are the issuer model, voting, hours and where you trade.
| Ondo Global Markets | Kraken xStocks | Binance bStocks | |
|---|---|---|---|
| What you own | RWA token, total return incl. dividends | Tokenized stock (Backed Finance) | BEP-20 tokenized certificate |
| Issuer / regulator | Ondo; SEC filing pending, 30 EU/EEA countries, ADGM | Backed Finance (Switzerland) | BTech Holdings, ADGM-regulated |
| Voting | Proxy voting on 250+ names (Broadridge) | No | No |
| Dividends | Tracked in token (total return) | Reflected at token level | Auto-reinvested via on-chain multiplier |
| Trading hours | 24/5 | 24/7 on-chain; varies on-exchange | 24/7 |
| Where you trade | Mint/redeem + on-chain (Solana, Ethereum, BNB Chain) | Kraken, Bybit, on-chain | Binance |
If you want tokenized stocks inside an exchange account rather than an issuer's mint/redeem flow, start with Kraken xStocks or Binance bStocks.
Risks to understand
- Issuer and custodian risk. The 1:1 backing rests on Ondo as issuer and Alpaca as custodian. You do not hold the registered share yourself.
- Regulatory status is evolving. The SEC registration is filed but pending, and tokenized-securities rules are still forming across jurisdictions.
- A young, small market. Tokenized equities are new and tiny next to traditional markets; resilience under stress is less proven.
- Smart-contract and bridge risk. Tokens depend on on-chain contracts, Chainlink oracles and LayerZero bridges — each a technical attack surface.
- A token is not a registered share.Even with proxy voting and total-return tracking, you hold a tokenized security, not the equity on the company's register.
This is general information, not investment advice. Product terms, eligibility and figures change — verify current conditions with Ondo and for your own jurisdiction before acting.