Ondo pipes tokenized US stocks from BNB to HyperEVM, turning blue‑chip equities into on‑chain collateral for basis, arb and delta‑neutral strategies.
Summary
- Ondo Finance has extended its tokenized securities bridge to Hyperliquid’s HyperEVM, moving a curated basket of U.S. stocks and ETFs from BNB Chain onto the perpetuals-focused L2.
- The integration initially supports 35 blue-chip names, including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX and BABA, enabling basis trades, funding‑rate arbitrage and delta‑neutral strategies directly on‑chain.
- Ondo Global Markets, launched in September 2025, has grown into the world’s largest tokenized securities platform with more than $970 million in TVL and nearly $18 billion in cumulative trading volume.
Ondo Finance has deepened its tokenization push by routing U.S. stock and ETF exposure from BNB Chain into Hyperliquid’s HyperEVM, using a cross‑chain bridge built on LayerZero’s messaging framework. The new connection brings 35 tokenized assets — including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX and BABA — onto HyperEVM, where they can be combined with perps and on‑chain funding markets for basis trades, funding‑rate arbitrage and delta‑neutral positioning.
Tokenized equities meet HyperEVM liquidity
The bridge builds on Ondo’s existing LayerZero integration, which it previously described as “the largest live bridge dedicated to tokenized securities” by supported assets, and extends that architecture beyond Ethereum and BNB Chain into the Hyperliquid ecosystem. Ondo’s model relies on offshore special purpose vehicles that buy and custody underlying U.S. securities with registered broker‑dealers, then issue on‑chain notes that transmit economic risk, a structure that a recent market explainer categorized as “indirect tokenization” because token holders have claims against the issuer rather than legal title to the shares themselves.
Since Ondo Global Markets went live in September 2025, the platform has scaled rapidly, with total value locked in tokenized stocks and ETFs surpassing $970 million and cumulative trading volume closing in on $18 billion, cementing its status as the largest tokenized securities venue globally. A March update highlighted that tokenized stocks alone accounted for more than $700 million of that TVL and over 60% of the entire tokenized‑equity market, while a separate investor update in January said Ondo had become “the #1 largest issuer for both tokenized treasuries and stocks,” with more than $2.5 billion in combined TVL across products.
For Hyperliquid and its users, the Ondo bridge broadens the available collateral and strategy set on HyperEVM, which already hosts Felix Protocol’s offering of more than 260 Ondo‑powered tokenized stocks and ETFs. Felix, originally a lending platform, now ranks among the top DeFi applications on Hyperliquid’s L1 with roughly $167 million in TVL, and a recent market overview noted that tokenized stocks across platforms have exploded past $1.5 billion in aggregate TVL as non‑U.S. traders seek on‑chain routes into U.S. equity markets.
The move also slots into a broader race among issuers and venues to dominate real‑world asset liquidity, with Ondo already powering tokenized stock access on venues such as Binance’s relaunched tokenized stock business and MetaMask’s integration of tokenized U.S. stocks and ETFs. By wiring tokenized blue chips into HyperEVM’s derivatives rails, Ondo and Hyperliquid are effectively turning on‑chain equities into building blocks for the same kind of complex, levered basis and volatility trades that have long defined traditional prime brokerage desks — only this time, they live in public smart contracts instead of proprietary bank stacks.
