Ondo becomes first tokenization firm on DTCC Fund/SERV

Ondo Finance has become the first tokenization company to enter DTCC’s Fund/SERV network, connecting its regulated U.S. subsidiary with infrastructure that processes more than 85% of domestic mutual fund transaction volume.

Ondo Finance said its subsidiary Oasis Pro Markets has joined Fund/SERV as a member, making it the first tokenization platform to enter the Depository Trust & Clearing Corporation-operated network.

The membership gives Oasis Pro, a U.S.-registered broker-dealer, a standard route to fund companies, wealth platforms and other service providers already connected to Fund/SERV. Without such a link, the company could need separate technical connections for each distributor.

Fund/SERV sits at the center of mutual fund transaction processing in the United States. According to Ondo, DTCC infrastructure handles more than 85% of U.S. mutual fund transaction volume, giving participating firms access to an established network used across the investment industry.

Ondo gains one connection to multiple fund distributors

Through Fund/SERV, Oasis Pro can process several parts of a fund transaction within the same system. The network supports transaction confirmations, reconciliation and distributions, while account records, tax information and regulatory reports can also move through its infrastructure.

Using one established network may reduce the number of separate integrations required when Oasis Pro connects with fund companies, broker-dealers, advisers or wealth platforms. Ondo expects the connection to support distribution of its tokenized investment products through firms that already rely on DTCC systems.

“We’re excited to be the first tokenization platform to become part of Fund/SERV,” Ondo President Ian De Bode said.

De Bode added that the standardized connection allows Oasis Pro to reach multiple companies without building a new integration for each firm. His comments describe an operational benefit rather than a change to the legal status of the underlying investment products.

DTCC Managing Director Talia Klein said participation by a tokenization business shows how existing financial systems can accommodate products issued or managed using blockchain technology.

“Ondo’s participation in Fund/SERV demonstrates how established industry infrastructure can support the next phase of market evolution,” Klein said.

The connection deals mainly with distribution and fund processing. It does not replace the securities rules, custody arrangements, or investor protections that apply to each product offered through Oasis Pro.

Oasis Pro gives Ondo a regulated route into US markets

Oasis Pro Markets operates as an SEC-registered broker-dealer and alternative trading system and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Its affiliated Oasis Pro TA business is registered with the SEC as a transfer agent.

In July, Oasis Pro received FINRA authorizations covering tokenized corporate equities and fund products for U.S. institutions and retail investors. According to Ondo’s announcement at the time, the permissions support over-the-counter retail transactions, underwritten primary offerings, private placements and secondary trading.

The authorizations cover National Market System equities and interests in ETFs, mutual funds and index funds. Oasis Pro also said transactions could settle through fiat currencies or supported stablecoins, including transfers between blockchain wallets.

For American investors, the distinction between Ondo’s U.S. and overseas businesses remains important. Oasis Pro’s registrations provide the regulated channel for products offered domestically, while some Ondo products issued through offshore structures are restricted from U.S. persons unless they are registered or qualify for an exemption.

Omnibus account support also allows Oasis Pro to connect with existing broker-dealer and advisory channels. Ondo has said the structure could give institutions, registered investment advisers and retirement accounts access to tokenized securities through financial firms they already use.

Registration with the SEC and membership in FINRA or SIPC do not mean regulators have approved or recommended a particular tokenized security. Ondo’s regulatory disclosure also warns that buyers may lose some or all of the money invested in such products.

DTCC ties deepen after tokenization working group

The Fund/SERV membership builds on Ondo’s earlier involvement with DTCC. In June, crypto.news reported that Ondo had joined a DTCC tokenization working group alongside more than 50 financial companies, including BlackRock, Goldman Sachs, JPMorgan, Nasdaq, NYSE, Robinhood and Circle.

DTCC formed the group to test operational and technical processes for tokenizing assets held at the Depository Trust Company. The planned service covers DTC-custodied securities and is designed to preserve the ownership rights, investor protections and entitlements attached to their conventional forms.

A no-action letter issued by the SEC in December 2025 authorized DTC to operate the defined tokenization service for three years. DTCC said the eligible assets include Russell 1000 stocks, ETFs tracking major indexes and U.S. Treasury securities.

DTCC planned limited production transactions for July 2026, followed by a full launch in October. The organization said DTC held more than $114 trillion in assets when it announced the timetable in May.

Fund/SERV serves a different function within DTCC’s infrastructure. While the tokenization service focuses on converting eligible DTC-held securities into blockchain-recorded forms, Fund/SERV handles communication and transaction processing between fund managers and distributors.

Ondo has expanded its tokenized securities operations

Ondo has been adding products and distribution channels while developing its U.S. infrastructure. Oasis Pro can issue Ethereum-based tokens backed by securities held with regulated custodians, linking blockchain records with assets kept inside conventional custody systems.

In July, Ondo completed an onchain securities deployment tied to BlackRock’s iShares Core S&P 500 ETF and shares of Micron Technology. The underlying securities remained with regulated U.S. custodians under a structure Ondo said followed an SEC staff framework.

The arrangement was designed to keep the underlying shares inside the regulated custody system while using Ethereum-based tokens to represent exposure to them. Investor rights and product terms still depend on the legal structure of each token rather than the blockchain record alone.

Ondo has also developed Ondo Network as an execution layer for tokenized financial markets. The network launched in July with separate functions for trade execution, validation, and settlement, while supporting tokenized assets and stablecoin-based payments.

Outside the United States, Japan’s SBI Group agreed in July to tokenize Japanese stocks with Ondo. Under the proposed structure, Ondo Global Markets would issue the products, SBI would distribute them through its financial platforms, and the JPYSC stablecoin would support settlement and collateral.

The SBI-linked products have not been registered under the U.S. Securities Act and cannot be offered to U.S. persons unless they receive registration or qualify for an exemption.