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FollowingTraditional financial giants have entered tokenized securities. Does Ondo Finance still have room?
When traditional financial giants such as Fidelity and Charles Schwab finally move into tokenized securities, will Ondo Finance still have a foothold? Ian De Bode, CEO of Ondo Finance, provides a clear answer, and the starting point is understanding what Ondo is actually building and what Wall Street is building.
De Bode explained in an exclusive interview that Ondo's core product is what he calls the "wrapper model", which is to issue a tool that allows it to fully carry the economic exposure of the underlying asset, with a structure similar to the way stablecoins operate.
What Ondo actually builds
"Stabiloins are essentially just a packaging of cash in bank accounts," de Bode told The Street Roundtable,"We do the same thing with stocks, ETFs and other assets."
This wrapper structure is specifically used to solve DeFi (decentralized finance) compatibility issues. Native stocks always require licenses and can only be held by fully verified users, which can invalidate smart contracts. Ondo's wrapper circumvents this limitation and creates a crypto-asset-like tool that is compatible with the DeFi protocol, self-managed wallets, and cryptocurrency exchanges without disrupting existing systems.
De Bode pointed out that cryptocurrency exchanges have found tokenized stocks in the form of wrappers very easy to integrate. They can leverage existing accounting and custody infrastructure, keep markets open 24 hours a day, and settle transactions against stablecoins.
Why traditional finance is not a competitor
De Bode bluntly stated his view of traditional financial institutions: They are not competitors, but infrastructure builders dedicated to solving complementary problems.
In his view, companies like Fidelity, Nasdaq, the New York Stock Exchange and DTCC (American Depository Trust and Clearing Corporation) are moving the market towards an all-weather trading infrastructure through tokenization. And they don't focus on DeFi distribution and compatibility.
"If you package that asset and put it in DeFi, it will be extremely useful," he said,"because DeFi is inherently available 24/7."
Two roles, not the same track
De Bode's framework is clear: Traditional finance builds the all-weather market infrastructure, while Ondo builds DeFi integration and distribution channels through which offshore investors can invest through self-managed wallets and cryptocurrency exchanges. "The two are highly complementary," he said.
Ondo has also expanded the usefulness of DeFi with its own product portfolio, including Ondo Perps, a perpetual futures platform that allows investors to use tokenized stocks and ETFs as collateral for leveraged transactions.
