Crypto World

Felix Launches Tokenized Stocks and ETFs on Hyperliquid Via Ondo Finance

Published

1 hour ago

26 March 2026

Felix Launches Tokenized Stocks and ETFs on Hyperliquid Via Ondo Finance

On-chain traders on Hyperliquid can now trade over 250 tokenized U.S. equities.

Felix Protocol has launched tokenized U.S. stocks and exchange-traded funds on HyperEVM, delivering on a partnership with Ondo Finance that was first announced in January.

The launch gives on-chain traders access to more than 250 tokenized equities through Felix’s native trading interface, with assets backed by real shares held off-chain through Ondo Global Markets. Felix claims users can execute orders as large as $1 million with net execution costs below 10 basis points — a threshold the protocol says addresses one of the key barriers to on-chain equity adoption.

“On-chain traders no longer have to off-ramp funds to gain exposure to US capital markets,” the protocol said in a post on X. The offering is not available to U.S. users or those in other prohibited jurisdictions.

Ondo Infrastructure

All tokenized assets on Felix are built on Ondo Global Markets’ spot infrastructure, which routes mints and redemptions through Felix’s smart contracts. Each token gives users economic exposure to the underlying asset’s price action and dividends, rather than direct share ownership.

Ondo is the dominant issuer in the tokenized equity space. The protocol’s total value locked (TVL) recently surpassed $550 million in tokenized stocks alone, commanding 59% of the market, according to data from RWAxyz. Ondo’s broader platform — which includes tokenized Treasuries and its USDY dollar-yield product — holds roughly $2.9 billion in total TVL, per DefiLlama.

From Lending to Equities

Felix began as a collateralized debt position and lending protocol on HyperEVM, and has grown into the fifth-largest DeFi application on Hyperliquid’s Layer 1 network. The protocol currently holds approximately $167 million in TVL, according to DefiLlama.

Felix said future iterations of the equities product will include limit orders and dollar-cost averaging across tokenized assets, exposure to international equity markets in countries such as South Korea, Japan, and India, support for hundreds of additional U.S. equities, and the integration of stocks and ETFs as collateral on Felix’s lending markets.

The collateral use case could be particularly significant: it would allow traders to borrow against their tokenized equity holdings on-chain, merging the protocol’s existing lending infrastructure with its new equities product.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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Crypto World

Nasdaq Tokenization May Split Stock Trading Across Markets: TD Securities

Published

1 minute ago

26 March 2026

NewsAdmin

Nasdaq Tokenization May Split Stock Trading Across Markets: TD Securities

Nasdaq’s push to bring tokenization into capital markets could lead to a dual-market structure in which traditional US exchanges operate alongside blockchain-based trading venues, according to TD Securities — a shift that could split trading activity and lead to price differences across platforms.

In a recent note, Reid Noch, vice president of US equity market structure at TD Securities, pointed to plans by Nasdaq and the New York Stock Exchange to introduce tokenization into alternative trading systems (ATS), a type of venue that matches buyers and sellers outside traditional exchanges.

While both exchanges are exploring tokenization, Noch said Nasdaq is pursuing three parallel initiatives: upgrading how trades are settled after execution, enabling companies to issue tokenized shares and supporting trading on offshore platforms such as Kraken.

Together, these efforts could result in two distinct systems — one within the regulated US market, and another operating through offshore, blockchain-based platforms.

However, TD Securities warns the expansion into offshore platforms could introduce a separate venue for trading the same underlying assets. These tokenized shares would be backed by real stocks but operate outside the US regulatory framework, with potential differences compared to traditional holdings.

For investors, that could mean the same stock trading in different places at different prices, making markets harder to follow and potentially shifting activity away from traditional exchanges.

Cointelegraph reached out to TD Securities for additional insights but did not receive a response in time for publication.

*The growth of tokenized stocks. Source:* *RWA.xyz*

Tokenized trading moves into the mainstream

The market for tokenized assets has grown quickly in recent years, with equities emerging as the next major focus.

As Cointelegraph recently reported, Kraken’s xStocks platform, which offers tokenized versions of publicly traded shares that can be bought on blockchain-based venues, has surpassed $25 billion in cumulative trading volume, reflecting roughly 150% growth since November.

For traders, this points to a shift toward round-the-clock markets, where stocks can be traded outside regular hours. However, it could also bring new risks, including lower trading activity and price differences across platforms.

Coinbase has also expanded into tokenized stocks as part of its push to build an “everything exchange,” signaling growing competition between crypto platforms and traditional exchanges for equity trading.

NYSE, for its part, has also been exploring other tokenization initiatives through a partnership with Securitize, aimed at developing a platform for tokenized securities that could support extended or round-the-clock trading.