Phemex Integrates Ondo Finance's Tokenized Stocks
Cryptocurrency platform Phemex has completed the full integration of Ondo Finance's tokenized stock offerings. The company announced the move on February 21. This positions the platform to participate in the growth of real-world asset (RWA) tokenization.
- Ondo Finance, founded in 2021, specializes in tokenizing real-world assets (RWAs), offering products like OUSG (Ondo Short-Term U.S. Treasuries) and USDY (a yield-bearing token backed by U.S. Treasuries). - The market for tokenized real-world assets is projected to grow from $0.67 billion in 2025 to $1.21 billion in 2030, with some analysts predicting it could reach up to $30 trillion by that year. - Phemex was founded in 2019 by former Morgan Stanley executives and serves over 10 million users worldwide, offering services like spot and derivatives trading with up to 100x leverage. - Ondo's tokenized stocks function as total-return trackers that mirror the economic performance of the underlying asset; they are backed 1:1 by securities held at U.S.-registered broker-dealers. - 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, positioning Ondo with about 17% of the tokenized U.S. Treasuries market. - This integration makes over 200 tokenized U.S. stocks and ETFs, such as those tracking NVDA, AAPL, and SPY, available to non-U.S. investors on the Phemex platform. - The Ethereum network is the dominant blockchain for tokenized finance, hosting over $17 billion in tokenized RWAs, which represents a 315% increase from the previous year.
