Ondo Finance has opened a new route for tokenised US stock and ETF products to move into Hyperliquid’s HyperEVM, linking one of the fastest-growing real-world asset platforms with a major on-chain derivatives venue through LayerZero’s cross-chain infrastructure.The integration allows users to transfer Ondo’s tokenised assets from Ethereum and BNB Chain to Hyperliquid via the Ondo Bridge. The initial supported list covers 35 stock and ETF tokens, including SPYon, QQQon, NVDAon, TSLAon and GOOGLon, giving eligible non-US users a way to pair tokenised spot exposure with perpetual futures strategies on the same trading environment.
The move places Ondo deeper into a market where tokenised securities are shifting from buy-and-hold products into instruments that can be used for hedging, basis trades and funding-rate strategies. Hyperliquid’s appeal lies in its 24-hour on-chain order book and liquid perpetual futures market, while HyperEVM provides an Ethereum-compatible execution layer for assets moving from other networks.
Ondo Global Markets has become a leading platform for tokenised stocks and ETFs since its launch in September 2025. The platform has crossed $1 billion in total value locked, accumulated about $18 billion in cumulative trading volume and expanded its catalogue to more than 260 tokenised equities and ETFs. Its products are designed to give economic exposure to publicly traded assets, including dividends after fees, without turning the tokens into direct ownership of the underlying shares.
The bridge is built on LayerZero’s Omnichain Fungible Token standard, using a burn-and-mint process rather than the conventional lock-and-wrap model. When an asset such as NVDAon is moved from Ethereum to HyperEVM, the original token is burned on the source chain and a corresponding native token is minted on the destination chain. That structure is intended to reduce the additional counterparty risks often associated with wrapped assets.
Risk controls are central to the design. The bridge uses multiple decentralised verification networks, including LayerZero Labs’ verification layer, a Canary verifier and a custom Ondo verifier. Transfers require independent attestations before assets are minted on the destination chain. Per-asset and per-route daily limits of about $450,000 have also been introduced, with replenishment over time and emergency pause functions available if abnormal activity is detected.
For traders, the practical significance is the ability to hold tokenised versions of major stocks or ETFs while using Hyperliquid’s perpetual futures market to hedge or structure market-neutral positions. A user holding SPYon, for example, may seek to offset price exposure through a related perpetual contract, while another may attempt to capture the gap between spot exposure and perpetual funding rates. Such strategies are common in traditional markets, but their execution through tokenised equities on public blockchains remains at an early stage.
The development comes as competition in real-world asset tokenisation intensifies. Tokenised treasuries, money-market products and private credit have drawn institutional attention, while tokenised equities are gaining visibility as platforms seek to extend access to US-listed assets outside conventional brokerage channels. Ondo’s expansion across Ethereum, BNB Chain, Solana and now Hyperliquid reflects a broader push to make tokenised securities available across multiple high-liquidity networks.
Regulation remains a defining constraint. Ondo Global Markets tokens are not registered under the US Securities Act and are not offered to US persons. The products are structured for eligible non-US investors, with jurisdictional restrictions and platform-level compliance checks still applying. They also carry risks that differ from ordinary stock ownership, including issuer structure, custody arrangements, smart contract exposure and the legal treatment of token holders.
Ondo has tried to narrow part of that gap through institutional partnerships, including work to enable proxy voting and corporate communication access for holders of tokenised securities. Such features are important because tokenised stocks have often been criticised for offering price exposure without the shareholder rights attached to direct equity ownership.
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