Ondo Finance is enabling the tokenization of US stocks by routing them from $BNB to HyperEVM, transforming blue-chip equities into on-chain collateral for basis, arbitrage, and delta-neutral strategies.
Ondo Finance has expanded its tokenization efforts by transferring exposure to US stocks and ETFs from $BNB Chain to Hyperliquid’s HyperEVM through a cross-chain bridge built on LayerZero’s messaging framework. This new connection brings 35 tokenized assets, including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX, and BABA, onto HyperEVM, where they can be utilized for basis trades, funding-rate arbitrage, and delta-neutral positioning in combination with perpetual contracts and on-chain funding markets.
Tokenized Equities Meet HyperEVM Liquidity
This bridge leverages Ondo’s existing LayerZero integration, expanding it beyond Ethereum and $BNB Chain into the Hyperliquid ecosystem. Ondo’s model involves offshore special purpose vehicles that purchase and custody US securities with registered broker-dealers, issuing on-chain notes that represent economic risk. This structure, categorized as “indirect tokenization,” grants token holders claims against the issuer rather than legal ownership of the shares themselves.
Since the launch of Ondo Global Markets in September 2025, the platform has experienced rapid growth, with over $970 million in total value locked in tokenized stocks and ETFs and nearly $18 billion in cumulative trading volume. Tokenized stocks alone account for more than $700 million of the TVL, comprising over 60% of the entire tokenized equity market. Ondo has emerged as the largest issuer for tokenized treasuries and stocks, with a combined TVL exceeding $2.5 billion across products.
The integration of the Ondo bridge with Hyperliquid expands the collateral and strategy options available on HyperEVM, complementing Felix Protocol’s offering of 260+ Ondo-powered tokenized stocks and ETFs. Felix Protocol, originally a lending platform, ranks among the top DeFi applications on Hyperliquid’s L1 with approximately $167 million in TVL. The tokenized stocks market has surged past $1.5 billion in aggregate TVL, driven by non-US traders seeking access to US equity markets through on-chain avenues.
This move aligns with the broader trend of issuers and platforms vying for dominance in real-world asset liquidity. Ondo’s integration with HyperEVM’s derivatives infrastructure enables on-chain equities to serve as building blocks for complex, leveraged basis and volatility trades, mirroring traditional prime brokerage desks but executed through public smart contracts instead of proprietary bank systems.
