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SOL Analysis of the tokenized stock redemption process
Selling tokenized stocks back to Ondo (Ethereum address: 0xfaba6f8e4a5e8ab82f62fe7c39859fa577269 be3) will not return the underlying stocks. What actually enters your wallet is USDC or USDon (Ethereum address: 0xace8e719899f6e91831b18ae746c9a965c2119 f1)-a U.S. dollar stablecoin natively supported by the Ondo Stocks platform, representing the cash value of the stock at the time of redemption.
How the redemption process works
The settlement speed depends on the type of stablecoin you choose to redeem. USDon's redemption is always completed instantly. Redemptions from USDC are equally immediate, provided that Ondo's stablecoin converter holds sufficient liquidity. If the USDC reserve of the converter is insufficient, the user will receive the USDon first and then convert it yourself, but this conversion requires Ondo to whitelist the relevant wallet.
The underlying stocks themselves never move up the chain. According to Ondo's documentation, all positions are held by one or more U.S. registered escrow brokers. Ankura Trust Company, an independent third-party security agency, holds a priority and complete security interest in the collateral for the benefit of token holders. The structure is designed to protect investors even if the issuer defaults.
Total Return Tokens and Corporate Behavior
Ondo's tokenized shares use a total return tracking structure. Dividends are reinvested in tokens after deducting applicable withholding taxes, which means that as value accumulates, a single token may gradually represent more than one underlying share. Foundry and redemption operations may be suspended during periods of corporate action or sharp market fluctuations.
The broader context is also worthy of attention. Ondo recently launched a 24/7 instant casting and redemption service for some of its most active tokenized stocks and ETFs (including Ethereum, BNB Chain and Solana networks), eliminating the previous restriction that limited operations to trading days in the U.S. market. Currently, more than 430 tokenized stocks and ETFs have been launched on the platform. In July 2026, Oasis Pro Markets, a brokerage subsidiary of Ondo, was authorized by FINRA to provide tokenized shares to U.S. institutional and retail investors, an important regulatory milestone in this field.
For users, the practical point is clear: After redemption of tokenized stocks from Ondo, your position will be converted to stablecoin liquidity rather than holding a position in a securities account. The value of cash is settled on the chain, and the custody structure behind it is designed to replicate the protection mechanisms of traditional securities markets.
