Ondo aims to rebuild prime brokerage on-chain with perps first
At its summit, Ondo showcased rapid growth in tokenized assets and unveiled plans to turn that momentum into a full-stack on-chain financial services ecosystem. Ian De Bode said 2025 marked a breakout year: the firm is now a leading issuer in tokenized U.S. Treasuries with more than $2 billion in total value locked, and its Global Markets platform for tokenized stocks and ETFs has reached roughly $600 million in TVL, giving Ondo about 60% market share in that niche.
The company also highlighted partnerships with Mastercard and JPMorgan. Tokenization remains early and revenue is not yet the primary focus. De Bode described the current phase as a "land grab," with banks, asset managers and custodians racing to put assets on-chain.
He said the priority is building scalable infrastructure — "the pipes" — before monetization fully kicks in, and noted that even at current scale Ondo’s tokenized products are tiny relative to traditional finance markets.
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