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Following
ONDO Ondo Finance just launched a tokenized version of stocks that connects directly to the same infrastructure used on Wall Street to settle almost all U.S. stock transactions, and the market responded.
On July 16, the ONDO token exceeded US$0.38, the first significant price fluctuation in weeks. The rise is not driven by the recent recovery of memecoin or broader cryptocurrency sentiment. 
ONDO token prices at press time
The rise follows the launch of a new tokenized stock structure that links Ondo's tokens directly to securities settled through the Depository Trust Company (DTC). DTC is the organization responsible for clearing and settling the vast majority of U.S. stock transactions.
What actually launches
Ondo for the first time launched tokenized stocks backed by DTC tokenized interests (sometimes called digital twins) that correspond to securities held by DTC. These interests are generated through DTCC tokenization services and have the same CUSIP number and ticker code as the underlying securities, which means they represent a direct, traceable link to the real stock rather than a synthetic copy.
The first two assets to adopt this model are Circle's publicly traded shares (CRCL) and the SPDR S & P 500 ETF trust (SPY), denoted on the chain as CRCLon and SPYon respectively. Both are Ondo Stocks tokens and are fully backed by their underlying securities.
How the structure actually works
在这种模式下，与 CRCL 和 SPY 挂钩的 DTC 代币化权益充当了这些证券的数字孪生，而这些证券本身已经支持了 Ondo 现有的 CRCLon 和 SPYon 代币。Ondo 通过 Alpaca Markets 接入该系统，后者将 Ondo 连接至 DTC 参与者网络。
基础证券始终不会离开 DTC 的托管基础设施。真正流动的是代币化权益，即数字孪生，它可以在传统形式和代币化形式之间转换，并在 Ondo 合作伙伴网络中的交易所、钱包和 DeFi 平台之间进行分发。这种灵活性赋予了 Ondo Stocks 代币更多实用性，同时又不损害传统金融所依赖的托管链条。
为什么 DTCC 会参与其中
Ondo 加入了包括贝莱德、摩根大通、高盛、纳斯达克和纽约证券交易所在内的十多家主要传统金融和 DeFi 公司行列，共同参与 DTCC 迄今为止规模最大的代币化计划。DTCC 代币化服务使用了与已经清算和结算大多数美国证券交易的同一套底层 DTC 基础设施。
Ondo Finance 首席执行官 Ian De Bode 表示：“Ondo 是唯一一家同时构建美国证券代币化所有路径的公司。今天与 DTCC 的合作表明，Ondo Stocks 的基础设施是为与机构市场基础设施互操作而专门构建的，而非与之竞争。”
Frank La Salla, president and CEO of DTCC, sees the move as a signal that institutions are ready for tokenization. La Salla said: "DTCC has demonstrated that we can apply the same institutional rigour to tokenization as traditional assets, while continuing to maintain the integrity and resilience of global financial markets. DTCC tokenization services will institutionalize the tokenization market from day one and become a key driver of the future digital ecosystem."
Next steps
As DTCC tokenization services continue to advance as planned later this year, Ondo expects to further expand this model to allow its tokenized stocks based on DTC tokenized interests to be widely used through its global partner network, including exchanges, wallets and DeFi platforms.
The release deepens Ondo's role in the U.S. capital market infrastructure at a time when tokenized securities are increasingly intertwined with the traditional system to which they were once seen as a substitute.
