Ondo Tokenized Stocks Go Live on Ethereum DeFi

Key Insights:

• Ondo tokenized stocks integrated Chainlink price feeds.
• Ethereum lending markets accepted tokenized equities as collateral.
• Euler enabled stablecoin borrowing against onchain stocks.

Ondo Finance integrated Chainlink as its official data oracle this week, bringing Ondo tokenized stocks onchain within Ethereum decentralized finance. The feeds supported SPYon, QQQon, and TSLAon, enabling these assets to function as collateral in lending markets. Euler activated pools where users supplied tokenized equities and borrowed stablecoins against them.

The launch marked a structural shift for real-world assets inside DeFi infrastructure. Ondo tokenized stocks moved beyond passive exposure into productive collateral use. That transition required reliable pricing and exchange-linked liquidity to support liquidations under volatile conditions.

Lending Markets Activate on Ethereum

Ondo’s official blog confirmed that Chainlink data feeds entered production for its tokenized equities. Those feeds incorporated corporate actions, such as dividends, and reflected reference prices tied to the underlying shares. With that pricing layer in place, Euler defined collateral factors and liquidation thresholds for the new markets.

Jonathan Han, chief executive officer of Euler, said the integration allowed users to unlock liquidity without selling securities. Sentora set and monitored borrow caps and risk parameters based on asset-level analysis. This framework isolated risk while allowing Ondo tokenized stocks to coexist alongside crypto-native collateral.

The initial rollout covered SPYon, which tracks the SPDR S&P 500 exchange-traded fund, QQQon tied to the Invesco QQQ exchange-traded fund, and TSLAon linked to Tesla stock. Ondo stated that support for additional tokenized U.S. equities and exchange-traded funds would follow as oracle coverage expands.

Oracle Infrastructure Supports Real-World Asset Growth

Chainlink, launched in 2017, delivered institutional-grade price feeds tailored for tokenized equities. The integration addressed a prior limitation that restricted tokenized stocks to price tracking rather than functional DeFi use. Protocols now access onchain pricing that mirrors the economic structure of traditional markets.

This shift occurred because DeFi lending markets require accurate data and deep liquidity to manage forced liquidations. Ondo stated that its tokenized equities inherited liquidity from venues such as Nasdaq and the New York Stock Exchange. By pairing exchange-linked liquidity with onchain reference feeds, Ondo tokenized stocks met the operational standards required for collateral markets.

Sentora oversaw ongoing monitoring to align collateral parameters with volatility and liquidity trends. That supervision reduced insolvency risk and aligned with institutional expectations for asset-backed lending.

Regulatory Moves Accelerate Tokenization Race

The development followed an October 2025 agreement that designated Chainlink as the primary oracle provider for Ondo tokenized stocks and exchange-traded funds. The timing aligned with regulatory shifts in the United States surrounding tokenized securities custody and trading.

In September, Nasdaq filed a rule change with the U.S. Securities and Exchange Commission to list blockchain-based versions of public shares. On Dec. 11, the regulator issued a no-action letter allowing a Depository Trust and Clearing Corporation subsidiary to launch a tokenization service for securities already in custody. On Jan. 19, the New York Stock Exchange and Intercontinental Exchange announced plans for a blockchain-based trading platform, pending approval.

Meanwhile, Kraken and Bybit listed over 60 tokenized U.S. stocks in June through Backed Finance’s xStocks brand, though U.S. customers were excluded from access. Robinhood later introduced tokenized versions of nearly 500 U.S. stocks for European Union users and launched a public testnet for Robinhood Chain built on Arbitrum.

Within this broader race, Ondo tokenized stocks positioned themselves inside Ethereum-native lending infrastructure rather than centralized trading venues. The integration prioritized collateral utility over speculative trading flows.

Ondo tokenized stocks now depend on expanded oracle coverage and deeper protocol integrations to sustain liquidity. Further listings and lending pool growth will determine whether tokenized equities secure a stable foothold in Ethereum’s decentralized credit markets.