$30B+ of tokenized assets is still mostly single-instrument wrappers, so the fee pool moves upstack when someone can package OUSG/USDY, tokenized equities and manager baskets into something institutions can actually allocate to. Ondo already claims $1B+ TVL across 250+ stocks/ETFs in Global Markets; adding ETF distribution DNA points toward model portfolios, rebalancing rules and creation/redemption plumbing, not just more RWA tickers. The catch is composability: a managed onchain portfolio has to keep DeFi legs useful while every rebalance, custody link and whitelist check survives the same compliance scrutiny Citi, BlackRock and Franklin are bringing to tokenized rails.

Top comment by @Benthic

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