Injective and Ondo expand tokenized stocks

Injective and Ondo are pushing two different parts of the same trade: getting more traditional assets into crypto-native portfolios. Injective opened markets tied to private-company valuations such as OpenAI, SpaceX and Anthropic through onchain perpetual futures in October 2025, while Ondo has spent 2026 extending tokenized public equities and Treasury products across more chains and institutional settlement rails. The products are not the same. But together they show how crypto infrastructure groups are trying to make stocks, ETFs and short-dated government debt usable inside wallets, bridges, lending venues and trading apps. ### How is Injective’s product different from a normal stock token? Injective’s October 1, 2025 launch was not a spot token representing legal ownership of OpenAI or SpaceX shares. The company said it was listing private-equity perpetual futures — derivatives that let traders take long or short exposure to estimated private-company valuations without holding the underlying shares. (theblock.co) The Block reported that Injective described the markets as the “world’s first” private-equity pre-IPO perpetual futures and said they would cover companies including OpenAI, SpaceX, Anthropic and Perplexity. Injective’s own ecosystem materials later grouped “pre-IPO equity markets such as OpenAI, SpaceX and more private companies” alongside onchain U.S. equities and gold on Helix, its decentralized exchange. (theblock.co) ### What problem is Ondo trying to solve on the public-markets side? Ondo Global Markets is built around tokenized exposure to publicly traded securities, not private-company derivatives. Ondo’s documentation says the platform is designed to give investors outside the United States onchain exposure to U.S.-listed stocks and ETFs, and that the tokens are intended to deliver the same economic exposure as the underlying security with dividends reinvested, net of withholding tax. (theblock.co) Ondo’s homepage says the platform has more than 260 assets and about 49,100 unique holders. The company also says the assets are transferable and usable in decentralized finance, which is central to its pitch that tokenized equities should work across trading, collateral and wallet infrastructure rather than sit in a closed broker account. ### Why does the Hyperliquid bridge matter? Ondo said this month that its tokenized stocks can now be transferred from Ethereum and BNB Chain to Hyperliquid’s HyperEVM through the Ondo Bridge. (docs.ondo.finance) A separate Ondo post said the Hyperliquid ecosystem can access more than 260 tokenized stocks and ETFs through Felix, a trading platform in that ecosystem. Ondo’s bridge page says the same infrastructure can move tokenized stocks, ETFs and Treasuries across chains using LayerZero. (ondo.finance) That matters mechanically because it turns the assets into portable collateral and tradable instruments across venues, rather than limiting them to Ondo’s own app. ### Where do Treasuries fit into this story? Ondo’s Treasury business is a separate but related leg of the strategy. On May 6, 2026, Ondo said it completed what it called the first near real-time cross-border, cross-bank redemption of a tokenized U.S. (ondo.finance) Treasury fund in a pilot with Kinexys by J.P. Morgan, Mastercard and Ripple. Ondo’s site says the pilot was designed around public blockchain infrastructure and interbank settlement rails. That places tokenized Treasuries closer to payments and cash-management use cases than tokenized stocks, even if both sit under the same broader effort to move conventional financial instruments onchain. (app.ondo.finance) ### Are these products available to everyone? Ondo says no for its tokenized stocks in the United States. (ondo.finance) Its Global Markets pages state that the tokens have not been registered under the Securities Act and may not be offered or sold in the U.S. or to U.S. persons unless an exemption is available. Injective’s pre-IPO markets also give exposure through derivatives rather than direct share ownership. That distinction matters because the recent buildout is less about putting cap tables onchain today than about wrapping equity-like and Treasury-like exposure in formats that crypto venues can trade, bridge and settle. (ondo.finance) That is an inference from the product structures described by the companies. (ondo.finance) ### What comes next from here? Ondo said in its documentation that it intends to tokenize thousands of publicly traded assets over the coming months. The company has also added voting capabilities for tokenized stocks through Broadridge and tokenized five Franklin Templeton ETFs, according to its site. Injective’s next visible milestone is its July 16, 2026 summit in Washington, where the company says tokenization and onchain finance will be central topics. (theblock.co) Ondo’s next steps are likely to be visible on its Global Markets and bridge pages, where it is already listing supported assets, chains and partner integrations. (injective.com) (docs.ondo.finance)