Ondo Finance Integrates With Phemex Exchange
RWA platform Ondo Finance has completed an integration with the Phemex exchange. The partnership expands access to Ondo's tokenized global stocks for non-U.S. retail and institutional users. Some early investors from a 2022 sale have voiced concerns over illiquid, non-transferable tokens from that period, highlighting potential governance issues.
- The integration brings 14 of Ondo's tokenized securities to Phemex's more than 10 million users, including tokenized versions of NVIDIA, Tesla, Apple, Amazon, the Nasdaq 100 ETF, and the SPDR S&P 500 ETF. - Ondo Finance's tokenized U.S. Treasury products, OUSG and USDY, are backed by assets from institutions like BlackRock and managed by custodians such as BNY Mellon, Citi, and JP Morgan. - In December 2025, the U.S. Securities and Exchange Commission (SEC) concluded a multi-year investigation into Ondo Finance without filing any charges. The probe had examined whether Ondo's tokenization of real-world assets and its ONDO token complied with federal securities laws. - The ONDO token's primary utility is governance, allowing holders to participate in the Ondo DAO. Token holders can vote on protocol upgrades, fee structures, and risk management policies. - Phemex was founded in 2019 by former Morgan Stanley executives and offers over 600 spot trading pairs and 530+ futures contracts. - Beyond Phemex, Ondo Finance has recently expanded its reach by listing its tokenized U.S. stocks and ETFs on Binance, the world's largest crypto exchange by trading volume. - On January 17, 2025, Ondo Finance unlocked over 1.9 billion previously restricted ONDO tokens, significantly increasing the circulating supply. - The platform's Total Value Locked (TVL) grew from $40 million to over $534 million in 2024 and reached $1.6 billion by mid-September 2025, securing approximately 17% of the tokenized U.S. Treasuries market.
