The era of 24-hour trading of US stocks and ETFs, like cryptocurrencies, is becoming a reality. Ondo Finance, a real asset tokenization (RWA) specialist, plans to launch US stock and ETF-based tokens on the Solana blockchain in early 2026. The idea is to move traditional securities to on-chain assets, eliminating time constraints on settlement and trading.
Ondo Finance already offers on-chain exposure to over 100 US stocks and ETFs through its Ethereum-based "Global Markets" product. This expansion to Solana is an extension of its strategy to expand this product line to a multi-chain platform. The structure remains the same. The actual underlying assets are held in a US-registered broker-dealer account, and investors only access economic benefits, such as price fluctuations and dividends, through the tokens held in their wallets. Legal ownership rights, such as shareholder rights or voting rights, are not included.
The core message put forth by Ondo is clear: stocks and ETFs, like stablecoins, should be freely transferable and usable within a single wallet. Token minting and redemption are available 24 hours a day, 7 days a week, and token transfers and trading are designed to operate 24/7. Solana's ultra-fast processing speed and low-fee structure are particularly recognized as technically supporting this model.
A structure that takes legal standards and risks into account is also emphasized. All tokens are issued and burned using a custodial backed system to maintain price linkage with the underlying asset. Investors can create or redeem tokens based on actual stocks or ETFs at any time, and the supply is not fixed. This is a mechanism to reduce the gap between token prices and actual market prices.
To ensure the reliability of its price calculations, Ondo has appointed Chainlink as its official oracle partner. Through a dedicated data feed that reflects various factors, including dividends and corporate activities, it aims to accurately reflect total returns, rather than simply tracking stock prices.
Technical measures for regulatory compliance are also included. This involves utilizing the transfer hook, a feature of Solana's token extension, to verify the eligibility requirements of the sender and receiver in real time when transferring tokens and block transactions that violate regulations. This is an attempt to maintain existing financial regulations while moving regulated assets on-chain.
The platform is expected to primarily target qualified investors outside the United States. Users will undergo identity verification and residency screening on Ondo's global market platform, then deposit stablecoins into their Solana wallets to purchase desired stocks and ETF tokens. Tokens can be used like regular cryptocurrencies, including for transfers between wallets, trading, and DeFi applications. However, tokens do not provide equity rights, such as attendance at shareholder meetings or voting rights.
The change that Ondo Finance is aiming for is a new asset type that behaves like stocks but is settled and transferred in real time on the blockchain. Despite the US stock market's transition to a T+1 settlement system, there are still limitations to the immediate use of collateral or the transfer of assets between apps when combined with DeFi. If the on-chain stock structure takes hold, it is expected to have a significant ripple effect on the derivatives and DeFi markets as a whole.
However, limitations are also clear. These tokens are ultimately economically exposed products, and legal ownership remains within the broker custody structure. If the broker, minting structure, and oracle do not function organically, price discrepancies and liquidity issues cannot be ruled out. This is why regulatory authorities will inevitably be paying close attention.
The market is focusing on whether Ondo, which has already operated a similar structure on other networks, can realize the concept of a "24-hour on-chain stock market" through Solana expansion, and whether this experiment, which blurs the lines between traditional securities and digital assets, will be successful.
