Ondo Finance today launches its first digital twin U.S. equity tokens generated via DTCC’s tokenization service. These tokens are backed by securities held in DTC (Depository Trust Company), which oversees clearing and settlement for the vast majority of U.S. securities transactions. Through DTCC’s tokenization service, these tokenized interests share the same CUSIP and ticker symbols as their underlying securities and can be delivered directly into wallets of DTC participants for use by Ondo and other clients.

Ondo joins what is DTCC’s largest tokenization initiative to date, involving over a dozen traditional finance and DeFi institutions including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE. This project marks a pivotal step toward interoperability between traditional finance and DeFi, moving beyond siloed parallel systems.

“Ondo is the only company building all pathways for U.S. security tokenization,” said Ian De Bode, CEO of Ondo Finance. “Our collaboration with DTCC today proves that Ondo’s stock infrastructure was designed from the ground up for interoperability with institutional market infrastructure—not competition with it. As the tokenized securities market continues to evolve, Ondo aims to play a leading role in bringing these assets to on-chain investors.”

This milestone represents a significant advancement for DTCC’s tokenization service and strengthens Ondo’s position within the evolving integration of tokenized securities into traditional market infrastructure across the U.S. capital markets.

Operational Mechanics

The underlying assets—Circle’s publicly traded stock (CRCL) and SPDR S&P 500 ETF (SPY)—are represented on-chain as CRCLon and SPYon: Ondo equity tokens fully backed by their respective securities. In this model, DTCC’s tokenization service generates DTC tokenized interests for CRCL and SPY, serving as digital twins of the underlying securities for CRCLon and SPYon. Ondo accesses this network through Alpaca Markets, which connects Ondo to the DTC participant network. Securities held at DTC can seamlessly transition between traditional and tokenized forms, unlocking greater flexibility, access to new liquidity pools, and enhanced digital asset functionality via the digital twin architecture. These additional capabilities directly translate into improved utility for Ondo equity tokens across exchanges, wallets, and DeFi platforms within Ondo’s global partner ecosystem. The underlying securities remain securely held within DTC’s custodial infrastructure at all times.

“DTCC demonstrates that we can apply the same institutional-grade rigor to tokenized assets as we do to traditional ones, while continuing to uphold the integrity and resilience of global financial markets,” said Frank La Salla, President and CEO of DTCC. “DTCC’s tokenization service will institutionalize the tokenized market from day one and become a key enabler of the future digital ecosystem—strengthening trust, security, and scale in the digital economy.”

About Ondo Finance

Ondo Finance is a blockchain technology company focused on real-world asset tokenization and bringing institutional-grade financial products onto the blockchain. By bridging traditional finance with decentralized infrastructure, Ondo is committed to making capital markets more accessible, transparent, and efficient.

Author: Ondo Finance, Translated by DeepTide TechFlow