Ondo Finance has brought Ondo tokenized US securities to market in a form that sits squarely inside the existing American regulatory framework, issuing Ethereum-based tokens backed one-for-one by real shares held in the traditional US custody system and granting token holders the same proxy voting rights as ordinary brokerage account holders.
The product launched in July 2026, covering tokenized versions of the BlackRock iShares Core S&P 500 ETF and Micron Technology shares. Ondo describes both as the first production deployments in the United States of the custodial structure the Securities and Exchange Commission (SEC) outlined in its joint statement on tokenized securities issued on 28 January 2026.
How the Structure Works for Token Holders
The mechanics are straightforward. Underlying shares remain inside the regulated US custody chain. Ondo’s registered transfer agent, Oasis Pro TA (an SEC-registered transfer agent that Ondo acquired last year), then issues Ethereum tokens representing those positions on a one-for-one basis. Because the shares never leave the traditional system, transfer restrictions follow existing rules and are enforced by the participating broker-dealer, transfer agent, and custodian.
The shareholder rights piece is handled by Broadridge Financial Solutions, whose partnership with Ondo was first announced on 28 April 2026. Token holders receive issuer communications and can cast proxy votes through Broadridge’s ProxyVote.com platform, the same route used by investors in conventional brokerage accounts. Matthieu de Vergnes, Managing Director and Global Head of Institutional at Ondo Finance, said at the time of that April announcement: ‘By working with Broadridge, we are enabling holders of our on-chain tokenized stocks to access governance and voting capabilities, with all the additional benefits on-chain tokens provide.’
Ian De Bode, CEO of Ondo Finance, has argued that tokenized securities should not be viewed as requiring a single regulatory or product model, and that the launch demonstrates tokenization can ‘meet both market and regulatory requirements.’
Many earlier tokenized share products operated outside the US or lacked any shareholder governance. This structure keeps the underlying assets inside the US regulated system while recording ownership on-chain.
Ondo Tokenized US Securities and the Broader Broadridge Platform
Broadridge is not new to tokenized assets. The firm already processes $8 trillion in tokenized assets per month through its existing infrastructure, separate from the new on-chain governance product launched with Ondo, according to a Broadridge press release. Doug DeSchutter, President of Broadridge’s Investor Communication Solutions business, said tokenization will scale only if it delivers ‘both innovation and investor confidence.’
The same Broadridge on-chain governance platform is being adopted more broadly. Galaxy (Nasdaq: GLXY), described as the first US public company to issue native tokenized equity on a major public blockchain, has said it will use the platform for its upcoming annual general meeting and shareholder vote.
Broadridge’s extended governance solution covers all models of tokenized securities, including on-chain voting, a unified issuer view of on- and off-chain holdings, and institutional-grade reporting, extending to issuers, investors, and broker-dealers regardless of how assets are structured.
The Global Platform and What Comes Next
Separate from the newly launched US product, Ondo operates Ondo Global Markets, a platform aimed at non-US investors that offers over 200 tokenized US stocks and ETFs. The platform has generated over $9 billion in cumulative trading volume, a figure consistent across multiple sources. Its total value locked (TVL, meaning the total value of assets held on-chain) is reported differently depending on the source: Markets Media, citing Ondo’s own disclosures, puts TVL above $500 million, while ChainCatcher reports the figure exceeds $2.5 billion. The discrepancy is unresolved; readers should treat the TVL figure as approximate until Ondo provides a definitive disclosure.
On the regulatory front, Ondo Global Markets has confidentially submitted a registration statement to the SEC to provide issuer-level disclosures for all investors in its tokenized products globally. That filing, if approved, would bring the international platform closer to the disclosure standards already applied to the newly launched US product.
For UK investors watching from the sidelines, the key question is whether a compliant, governance-enabled tokenized securities market in the US accelerates regulatory pressure on other jurisdictions to follow. The SEC’s January 2026 framework now has its first live deployments. Whether other asset managers or custodians file similar structures in the coming months will be the clearest signal of whether this becomes an industry standard or remains a single firm’s experiment.
