Chainlink Feeds Bring Ondo Tokenized US Stocks to DeFi Collateral
Ondo Finance announced that its Ondo Global Markets platform has integrated Chainlink as its official data oracle, enabling price feeds for tokenized U.S. equities SPYon, QQQon and TSLAon to go live on Ethereum.
In a statement on Wednesday, Ondo said the new feeds are already active on Euler, allowing users to post these tokenized equities as collateral to borrow stablecoins.
The integration delivers onchain pricing data for the tokenized assets, allowing decentralized finance protocols to define collateral parameters and manage liquidations using reference prices that track the underlying equities. The feeds also reflect corporate actions, including dividends, so applications can reference up-to-date equity values.
Initial coverage includes SPYon (tracking the SPDR S&P 500 ETF), QQQon (tracking the Invesco QQQ ETF) and TSLAon (tracking Tesla stock). Ondo said additional tokenized stocks and exchange-traded funds are expected as oracle coverage and protocol integrations expand.
According to the announcement, risk settings for the new lending markets — including collateral factors and liquidation thresholds — are being set and monitored by Sentora. Ondo said the development addresses a prior constraint for tokenized equities, which were primarily used for price exposure and were not broadly accepted as collateral in DeFi. By combining exchange-linked liquidity with onchain price feeds, the initiative aims to support wider use of tokenized stocks in lending and other structured products.
The move follows an October 2025 partnership between Ondo Finance and Chainlink, the blockchain oracle network launched in 2017, under which Chainlink was designated the primary data provider for Ondo’s tokenized stocks and ETFs.
Race to tokenize U.S. equities
As U.S. regulators refine the legal framework for tokenized securities, traditional financial institutions and crypto firms are accelerating efforts to bring equities onto blockchain infrastructure.
In September, Nasdaq filed a rule-change proposal with the U.S. Securities and Exchange Commission (SEC) seeking authority to list and trade tokenized versions of publicly traded stocks, potentially allowing blockchain-based representations of listed shares to trade within its regulated venue.
On Dec. 11, the SEC clarified how broker-dealers may custody tokenized securities under existing rules and issued a no-action letter permitting a Depository Trust & Clearing Corporation subsidiary to launch a tokenization service for securities already held in DTC custody.
On Jan. 19, the New York Stock Exchange and its parent, Intercontinental Exchange, said they are developing a blockchain-based platform for trading tokenized stocks and ETFs, featuring 24/7 trading and near-instant settlement, pending regulatory approval.
On the crypto side, more than 60 tokenized U.S. stocks launched in June across Kraken and Bybit. The product, developed by Backed Finance under its xStocks brand, provides blockchain-based exposure to blue-chip companies, though it is not currently available to U.S. customers.
Meanwhile, Robinhood — which introduced tokenized versions of nearly 500 U.S. stocks for EU users in October — opened a public testnet for Robinhood Chain, an Ethereum layer-2 network built on Arbitrum.
On Wednesday, the company said the network is intended to support tokenized real-world and digital assets, including 24/7 trading, self-custody, and onchain lending and derivatives applications.
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