Ondo Finance’s Ondo Global Markets platform has integrated Chainlink as its official data oracle, enabling on-chain price feeds for tokenized US stocks such as SPYon, QQQon and TSLAon to go live on Ethereum. The feeds are now being utilized on Euler, where users can post tokenized equities as collateral to borrow stablecoins. This development provides on-chain pricing references for the tokenized assets and allows DeFi protocols to set collateral parameters and manage liquidations tied to underlying equities, while also accounting for corporate actions like dividends. The move marks a notable step in bringing traditional equities closer to decentralized finance, offering new avenues for lending and structured product design that hinge on reliable price data.

Key takeaways

• Chainlink has been designated as the official data oracle for Ondo Global Markets, supplying on-chain price feeds for tokenized US stocks on Ethereum.
• Initial support covers SPYon (SPDR S&P 500 ETF), QQQon (Invesco QQQ ETF), and TSLAon (Tesla stock), with the expectation of expanding to additional tokenized assets as coverage broadens.
• The price feeds feed into Euler, enabling tokenized equities to be used as collateral for borrowing stablecoins and for setting liquidation parameters in DeFi lending markets.
• Corporate actions, including dividends, are incorporated into the reference prices, helping maintain alignment between on-chain valuations and the underlying equities.
• Ondo’s move follows a broader push to tokenize US equities, underscored by regulatory and market actions across traditional finance and crypto venues, including Nasdaq’s rule-change efforts and public experiments by Robinhood and others.
• Industry developments highlight a growing ecosystem where tokenized stocks can feed DeFi protocols and potentially participate in broader on-chain trading and custody flows.

Tickers mentioned: SPYon, QQQon, TSLAon

Market context: The integration arrives amid a broader push to bring tokenized equities onto blockchain infrastructure as regulators in the United States refine custody and trading rules for tokenized securities. Observers note the convergence of traditional markets and DeFi as institutional and fintech players experiment with on-chain collateral, settlement efficiency and new product structures.

Why it matters

Ondo’s integration of Chainlink as the on-chain price oracle for tokenized stocks addresses a critical gap in DeFi’s treatment of synthetic equity representations. Before this development, tokenized equities had primarily served price exposure purposes or lightly simulated baseline risk rather than functioning as robust collateral. By linking on-chain prices to reference values tied to the underlying assets—and incorporating corporate actions—the ecosystem gains a more reliable mechanism for risk management, enabling lenders and protocol designers to calibrate collateral factors, liquidation thresholds and risk controls with greater fidelity to real-world equity behavior.

The partnership’s significance extends beyond Ondo. As markets experiment with tokenized versions of mainstream securities, the entire DeFi lending stack benefits from standardized, auditable price feeds that react to corporate actions and market dynamics. The collaboration with Chainlink—a long-standing oracle provider in the crypto space—also helps align DeFi protocols with real-world financial benchmarks, potentially fostering broader adoption of tokenized stocks within lending, derivatives and structured products. The move comes at a moment when traditional exchanges and fintechs are stepping up efforts to offer tokenized equity trading, custody and settlement on or near blockchain rails, signaling a converging trajectory for regulated tokenized assets and decentralized finance.

Regulatory and market developments underscore the momentum behind tokenized equities. Nasdaq has pursued a rule change with the U.S. Securities and Exchange Commission to enable listing and trading of tokenized stocks, aiming to integrate blockchain-based representations with a regulated exchange framework. Separately, the SEC issued a no-action letter allowing a Depository Trust & Clearing Corporation subsidiary to launch a tokenization service for securities already held in custody, adding clarity to custody pathways for tokenized assets. In the broader crypto ecosystem, tokenized stock offerings have already surfaced on various platforms, illustrating a multi-pronged approach to bringing on-chain exposure to blue-chip equities without sacrificing the transparency and programmability that DeFi affords.

On the liquidity and trading front, major market participants are pursuing ways to expand access to tokenized securities. The New York Stock Exchange and its parent company, Intercontinental Exchange, announced efforts to develop a blockchain-based trading platform for tokenized stocks and ETFs with 24/7 trading and near-instant settlement, subject to regulatory approval. Meanwhile, crypto-native tokenization initiatives have already brought dozens of tokenized US stocks to multi-chain ecosystems, with platforms like Kraken and Bybit hosting tokenized stock markets under the xStocks banner, and Robinhood launching a public testnet for Robinhood Chain, an Ethereum layer-2 network built on Arbitrum, designed to support tokenized assets and on-chain lending and derivatives. These moves collectively illustrate a cross-market push toward more flexible capital markets built on tokenized representations and on-chain data feeds.

For developers and users, the Ondo–Chainlink integration signals a more practical pathway for tokenized equities to function as collateral within DeFi. It binds the on-chain price determiners to the equity’s fundamentals, potentially enabling more sophisticated service models and risk management strategies in decentralized lending and beyond. The collaboration also reinforces the role of oracles as a bridge between traditional asset classes and DeFi ecosystems, an area that continues to attract attention as regulators, exchanges and fintechs map out the future of tokenized securities and on-chain finance.

Additional context around the broader tokenization wave is reflected in the ongoing coverage of tokenized assets across crypto media, including continued discussions of how tokenized stocks could operate within regulated frameworks and the evolving custody landscape. The ecosystem’s trajectory remains contingent on regulatory clarity, liquidity, and the ability of on-chain price feeds to reflect real-time market movements and corporate actions with high fidelity.

What to watch next

• Expansion of oracle coverage to additional tokenized equities and ETFs as Ondo and Chainlink broaden their integration footprint.
• Regulatory progress on tokenized securities, including potential approvals or filings related to further tokenized-stock listings and custody rules.
• Adoption by more DeFi protocols that may incorporate tokenized equities as collateral or reference price sources in lending and derivatives.
• New corporate actions and governance events for tokenized assets that could drive updates to reference prices and collateral models.

Sources & verification

• Ondo post: Defi adoption of Ondo tokenized stocks live — https://ondo.finance/blog/defi-adoption-of-ondo-tokenized-stocks-live
• Chainlink partnership with Ondo (PR Newswire, October 2025) — https://www.prnewswire.com/news-releases/ondo-and-chainlink-announce-landmark-strategic-partnership-to-jointly-bring-financial-institutions-onchain-302599151.html
• Nasdaq rule-change for tokenized stocks — https://cointelegraph.com/news/nasdaq-asks-sec-for-rule-change-to-trade-tokenized-stocks
• SEC no-action letter for tokenization services (DTCC) — https://cointelegraph.com/news/sec-clears-dtcc-to-offer-tokenization-service
• Robinhood Chain testnet (public) — https://robinhood.com/us/en/newsroom/robinhood-chain-launches-public-testnet/

Ondo and Chainlink bring tokenized stocks to DeFi on Ethereum

Ondo Finance’s Ondo Global Markets platform has integrated Chainlink as its official data oracle, enabling on-chain price feeds for tokenized US stocks such as SPYon, QQQon and TSLAon to go live on Ethereum (CRYPTO: ETH). The feeds are now being utilized on Euler, where users can post tokenized equities as collateral to borrow stablecoins. The integration anchors on-chain valuations to reference prices that reflect corporate actions like dividends, enhancing the reliability of on-chain pricing for collateral and liquidations. The collaboration marks a meaningful step in expanding the use cases for tokenized equities within decentralized finance and demonstrates how established oracle networks can support new asset classes on-chain.

Initial coverage includes SPYon (SPDR S&P 500 ETF), QQQon (Invesco QQQ ETF), and TSLAon (Tesla stock), with plans to expand as the oracle network and Ondo’s protocol integrations scale. The data feeds feed into lending markets on Euler, enabling users to collateralize tokenized stocks for stablecoin borrowing and to set risk controls based on up-to-date reference prices. This approach addresses a notable limitation: tokenized equities had been primarily used for price exposure rather than as robust collateral. By pairing exchange-linked liquidity with reliable on-chain price feeds, Ondo and Chainlink seek to unlock broader DeFi applications, including more sophisticated lending, risk management and perhaps new forms of on-chain structured products.

The broader ecosystem context includes a growing array of regulatory and market initiatives aimed at tokenized securities. Nasdaq’s pursuit of a rule change to permit listing and trading tokenized stocks signals a potential path for regulated, on-chain representations of listed shares. The same week, the SEC clarified custody rules for tokenized securities in collaboration with the Depository Trust & Clearing Corporation, which could streamline how tokenized assets move through the traditional custody pipeline. On the crypto front, platforms have already experimented with tokenized stock access, including tokenized stock offerings across Kraken and Bybit and the Robinhood Chain initiative, all pointing to increasing interoperability between on-chain finance and legacy markets.

With the Ondo–Chainlink integration, developers and users gain a practical mechanism to reference the true price of tokenized equities within DeFi protocols, enabling more reliable collateralization and liquidations. The development underscores the maturation of tokenized securities as a cross-border, cross-venue concept—one that depends on robust price oracles, regulatory clarity and continued collaboration between traditional finance operators and crypto infrastructure providers. As the market continues to experiment with tokenized assets, observers will watch for further asset coverage, governance updates, and regulatory milestones that could accelerate or recalibrate the adoption curve for tokenized stocks in DeFi and beyond.