- Ondo Finance now lets approved institutions mint Ondo Stocks with shares they already hold at Alpaca.
- In-kind conversions went live on Ethereum and BNB Chain on September 21.
- Access is granted case by case to approved institutions with both Ondo and Alpaca accounts.
Ondo Finance opened a way for approved institutions to mint its tokenized stocks using shares they already hold, not new cash.
Conversions are live on Ethereum and BNB Chain.
Alpaca book transfers replace cash
The route leverages Alpaca’s Instant Tokenization Network, or ITN, alongside Ondo’s existing cash-funded minting.
Through an internal book transfer, an approved institution moves shares from its Alpaca account to the Ondo Alpaca account. Tokens for these shares are then created on the blockchain by Ondo.
The institution redeems its Ondo Stocks tokens, and the shares are returned to its Alpaca account.
Conversions don’t require manual approval on each transaction, Ondo said. Alpaca Clearing is a FINRA regulated broker dealer that provides the brokerage and custody behind the network.
Ondo Stocks also trade on Solana, but the announcement on September 21 only cited conversions on Ethereum and BNB Chain.
Ondo expects the new route to give market makers a way to refill token inventory and to provide “tighter spreads and deeper liquidity” to secondary markets.
Only approved Alpaca account holders can mint tokens from their equities
Access is available for approved institutions on Alpaca on a case-by-case basis.
Participants must have active accounts on both Ondo and Alpaca. Ondo notes that ITN is not a generally available Ondo Stocks feature.
Ondo says it only provides the tokens to eligible non-U.S. persons and says they provide economic exposure to the referenced securities without being stocks, ETFs or ADRs.
As of September 22, Ondo’s platform had $3.63 billion in distributed assets across 441 products. The stock platform hit $1 billion in total value locked in May, less than a year after its launch in September 2025.
One trader bought QQQon tokens worth about $2.3 million in a single Ethereum trade in August, according to Cryptopolitan.
In July, Ondo launched leveraged perpetual futures on U.S. stocks, ETFs and commodities for non-U.S. traders.
The launch follows the SEC’s order for temporary, conditional exemptions on some Tokenized Securities Venues on September 17.
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FAQs
What did Ondo Finance launch?
An in-kind route that lets approved institutions mint Ondo Stocks with shares they hold, or redeem tokens for those shares.
Which blockchains support the new conversions?
Ethereum and BNB Chain. Solana, where Ondo Stocks also trade, was not included on September 21.
Who is allowed to use the in-kind conversion route?
Approved institutions on Alpaca, granted case by case, with active accounts at both Ondo and Alpaca.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
