Ondo Finance has pushed tokenized U.S. equities further into DeFi, piping a suite of blue‑chip stocks and ETFs from BNB Chain into Hyperliquid’s HyperEVM via a cross‑chain bridge built on LayerZero’s messaging framework. The connection brings 35 tokenized assets — including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX and BABA — onto HyperEVM where they can be used as on‑chain collateral alongside perpetuals and funding markets for basis trades, funding‑rate arbitrage and delta‑neutral strategies.
How it works
- Ondo issues on‑chain notes backed by offshore special purpose vehicles that buy and custody the underlying U.S. securities through registered broker‑dealers. This structure — often called “indirect tokenization” — gives token holders economic exposure to shares while legal title remains with the issuer.
- The new bridge leverages Ondo’s existing LayerZero integration, which the firm previously described as “the largest live bridge dedicated to tokenized securities” by supported assets, and extends that architecture into Hyperliquid’s ecosystem.
Why it matters
- Traders on HyperEVM can now combine tokenized equities with derivatives and on‑chain funding to execute complex strategies typically reserved for prime brokerage desks — think leveraged basis trades, volatility plays and funding arbitrage — but in public smart contracts.
- For Hyperliquid users, the bridge broadens collateral options and strategy sets. HyperEVM already hosts Felix Protocol, which lists over 260 Ondo‑powered tokenized stocks and ETFs and has become one of the chain’s top DeFi apps with roughly $167 million in TVL.
Growth and market context
- Ondo Global Markets has scaled quickly since launching in September 2025. TVL in Ondo’s tokenized stocks and ETFs tops $970 million and cumulative trading volume is approaching $18 billion. A March update noted tokenized stocks alone account for more than $700 million of that TVL and over 60% of the tokenized‑equity market.
- In January, Ondo said it had become the “#1 largest issuer for both tokenized treasuries and stocks,” with combined products exceeding $2.5 billion in TVL.
- Across platforms, tokenized stocks have surged past $1.5 billion in aggregate TVL as non‑U.S. traders seek on‑chain routes into U.S. equity markets.
Broader implications
- The move is another step in the race to dominate real‑world asset liquidity onchain. Ondo already powers tokenized stock access on venues like 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 transforming on‑chain equities into building blocks for the same kinds of complex, levered strategies used in traditional finance — but now transparent and programmable in public smart contracts.
Bottom line: Ondo’s bridge to HyperEVM expands where and how tokenized U.S. equities can be traded and financed onchain, accelerating the integration of real‑world stocks with DeFi trading and derivatives infrastructure.
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