Ondo Finance is now tokenizing US stocks using $BNB on HyperEVM, transforming well-known equities into on-chain collateral for basis, arbitrage, and delta-neutral strategies.
Expanding its tokenization efforts, Ondo Finance is channeling exposure to US stocks and ETFs through $BNB Chain into Hyperliquid’s HyperEVM via a cross-chain bridge developed on LayerZero’s messaging framework. This new integration brings 35 tokenized assets, including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX, and BABA, onto HyperEVM. Here, these assets can be utilized alongside perpetual contracts and on-chain funding markets for basis trades, funding rate arbitrage, and delta-neutral positioning.
Tokenized Equities on HyperEVM
The bridge leverages Ondo’s existing LayerZero integration, which was previously hailed as the largest live bridge dedicated to tokenized securities based on supported assets. This integration extends beyond Ethereum and $BNB Chain into the Hyperliquid ecosystem. Ondo’s model involves offshore special purpose vehicles that purchase and safeguard underlying US securities with registered broker-dealers. These vehicles then issue on-chain notes that convey economic risk. This model, characterized as “indirect tokenization,” grants token holders claims against the issuer rather than legal ownership of the shares.
Since the launch of Ondo Global Markets in September 2025, the platform has witnessed rapid growth. Total value locked in tokenized stocks and ETFs has exceeded $970 million, with cumulative trading volume nearing $18 billion. This cements Ondo’s position as the leading global venue for tokenized securities. Notably, tokenized stocks alone account for over $700 million of the TVL and more than 60% of the tokenized equity market. Ondo has also emerged as the largest issuer for both tokenized treasuries and stocks, boasting a combined TVL of over $2.5 billion across products.
The Ondo bridge enhances the collateral and strategy options available on HyperEVM, complementing Felix Protocol’s offering of over 260 Ondo-powered tokenized stocks and ETFs. Felix Protocol, initially a lending platform, now ranks among the top DeFi applications on Hyperliquid’s L1 with around $167 million in TVL. Tokenized stocks across platforms have collectively surpassed $1.5 billion in TVL, indicating a growing demand among non-US traders for on-chain access to US equity markets.
This move aligns with the broader trend of issuers and platforms vying for dominance in real-world asset liquidity. Ondo is already facilitating access to tokenized stocks on platforms like Binance’s tokenized stock business and MetaMask’s integration of tokenized US stocks and ETFs. By integrating tokenized blue-chip equities into HyperEVM’s derivatives ecosystem, Ondo and Hyperliquid are enabling on-chain equities to serve as building blocks for complex, leveraged basis and volatility trades, akin to traditional prime brokerage desks, albeit within public smart contracts rather than proprietary bank systems.