Exodus and Ondo bring 200 tokenized stocks and ETFs to Solana

Exodus Movement has partnered with Ondo Finance to launch trading for more than 200 tokenized stocks, ETFs, and real-world assets through its wallet app.

According to a June 12 announcement, Exodus Movement has introduced Exodus Markets in partnership with Ondo Finance, giving eligible users in select jurisdictions access to more than 200 tokenized stocks, ETFs, and real-world assets on the Solana blockchain.

Available through the company’s self-custodial wallet, the service expands Exodus beyond crypto storage and transfers by adding tokenized equity and ETF trading to a platform that also supports payments, rewards, and other financial services.

“For the first time, our customers can trade and hold tokenized equities with the same direct control and global access they expect from crypto,” said JP Richardson, CEO and co-founder of Exodus.

Richardson added that “Exodus is becoming the front door to every asset you hold, without compromising on trust and control.”

Founded in 2015 and listed on the NYSE American under the ticker EXOD, Exodus was the first publicly traded company to tokenize its own stock in 2021. Customers in supported markets can now trade tokenized EXOD shares alongside other tokenized assets through the wallet application.

The rollout follows Ondo Finance’s appointment of former Invesco executive John Hoffman as managing director and head of product portfolios. Announced a day earlier, the move places Hoffman in charge of building tokenized investment products and portfolio baskets as Ondo expands its tokenized asset business.

Speaking about the partnership, Ondo Finance CEO Ian De Bode said Exodus had built a sizable self-custody user base over several years and argued that adoption would grow through products people already use to manage their finances.

“This is how tokenized markets scale, by integrating with the products people already use to manage their money,” De Bode said.

Regulators turn attention to tokenized equities

According to RWA.xyz, tokenized equities reached $5.5 billion in market capitalization as of June 8, up about 147% from $2.23 billion at the start of the year, making the segment one of the largest categories within the real-world asset market.

RWA market cap by asset class. Source: RWA.xyz

As such, regulators across the globe are also paying closer attention to the sector. 

For instance, South Korea’s Ministry of Economy and Finance recently said tokenized stocks should be treated as securities if regulators determine they carry the characteristics of traditional securities, potentially bringing them under existing taxation rules.

Meanwhile, the U.S. Securities and Exchange Commission has proposed removing two Regulation NMS rules that some analysts believe could affect the future structure of tokenized stock trading. 

Even as tokenized equities gain traction, questions around investor rights remain unresolved. Exodus noted that the tokenized assets available through Exodus Markets are not the same as owning the underlying securities and do not provide shareholder rights. 

The issue has become increasingly important as regulators in the U.S. and other jurisdictions examine whether future tokenized stock products should provide the same rights and protections as conventional shares.