Gate launches Ondo tokenization stock market, where is the ceiling for the RWA track?

After the New York Stock Exchange and NASDAQ close, global investors often have to wait for the next trading day. But now, this situation is changing — through tokenization of securities, investors can trade tokenized Apple stocks or SPDR S&P 500 ETF at any time and from anywhere, just as easily as trading Crypto Assets.

As a leader in the tokenization of RWA (Real World Asset), Ondo Finance holds nearly 40% of the global market share in tokenized securities. The recent launch of the Ondo section on Gate exchange is a significant reflection of this trend.

01 Break the Boundaries, Gate and Ondo's 24/7 New Financial Ecosystem

On September 3, Ondo Finance officially launched Ondo Global Markets, offering over 100 tokenized U.S. stocks and ETFs. These tokenized securities cover some of the most sought-after U.S. stock assets by investors, from Apple and Tesla to the S&P 500 index.

At the same time, Gate exchange has launched the Ondo section, providing borderless tokenization of stock financial transactions. This collaboration marks the transition of the RWA track from the experimental stage to large-scale application, which may fundamentally change the operation of traditional financial markets.

The first batch of 26 tokenized asset trading pairs has been opened in Gate's Ondo zone, including SPYON/USDT (tracking the S&P 500 ETF), QQQON/USDT (tracking the NASDAQ ETF), TSLAON/USDT (tracking Tesla stock), etc.

02 Mechanism Innovation, Ondo's Instant Atomic Minting and Burning Model

The core innovation of Ondo Global Markets lies in its "instant atomic minting and burning" mechanism. Unlike the existing platforms that require pre-purchasing stocks and minting tokens in a "supermarket model", Ondo adopts a more advanced "takeout model".

When users place an order to purchase Amazon stock, the platform goes to NASDAQ to "procure" real stocks and mint Tokens; when users sell, the Tokens are immediately destroyed and the stocks are sold on NASDAQ. This method has no inventory limitations and directly inherits the daily trading depth of hundreds of billions of dollars on NASDAQ.

This model addresses the liquidity issues that have long plagued the tokenization asset space. Data shows that $50,000 USDC can buy 218.67 AMZNon on Ondo, whereas only 38.97 tokens can be purchased on other platforms, resulting in a significant slippage of -82.33%.

03 Price Performance, ONDO's Short-Term Volatility and Long-Term Potential

As of September 17, the price of ONDO has increased by 16% over the past week, demonstrating strong upward momentum. Analysts note that ONDO has formed a bullish cup and handle pattern and is expected to rise to $2.12.

The 50-day moving average of ONDO has crossed above the 200-day moving average, forming what is known as a "golden cross," which often signifies the beginning of a strong upward trend. Traders are focusing on a short-term target near $1.35, and if the momentum holds, ONDO could potentially rise further to around $2.12.

Derivatives data provided cautious signals. Open interest decreased by 2.80%, while trading volume increased significantly by 8.96%. OI weighted funding rate is 0.0261%, reflecting relatively stable leveraged position financing.

04 Scale Growth, Explosive Expansion of the RWA Track

The RWA sector is experiencing explosive growth, with tokenized assets connecting traditional finance and the crypto world in unprecedented ways. As of September 2025, the total locked value (TVL) of RWA protocols has surged to $12.7 billion.

The market capitalization of top RWA Crypto Assets has reached 38.5 billion USD, growing by 8.64% over the past month, while the overall RWA market has soared by 260% this year, reaching 23 billion USD. Experts predict it will surpass 50 billion USD by the end of the year, and is more likely to reach 10 trillion USD by 2030.

BlackRock's BUIDL Fund (launched in 2024) continues to dominate, with assets under management (AUM) reaching $2.38 billion by August 2025, accounting for 32% of tokenized treasury bills. Fidelity and VanEck also announced tokenization funds in 2025.

05 Institutional Entry, Strategic Layout of Traditional Financial Giants

The development of RWA cannot be separated from the participation of traditional financial institutions and the gradual improvement of regulatory frameworks. Institutions such as BlackRock and Goldman Sachs have established strategic partnerships with Ondo Finance.

The Hong Kong "Stablecoin Ordinance" will come into effect on August 1, 2025, establishing the world's first regulated stablecoin system. The U.S. Senate passed the "GENIUS Act," providing a legal framework for the tokenization of major assets such as government bonds and securities.

In September 2025, Nasdaq submitted an application to the U.S. Securities and Exchange Commission (SEC) to trade tokenized stocks on its main market. If approved (possibly in Q3 2026), it will allow "equivalent rights" tokens to coexist with traditional stocks.

06 Challenges Remain: Obstacles and Bottlenecks in RWA Development

Despite the broad prospects, the tokenization of US stocks still faces multiple challenges. Uncertainty in cross-border regulation: even with custody from a US brokerage, the cross-border sale of securitized tokens may still trigger compliance requirements from different jurisdictions.

Market education: How to get more traditional investors to accept on-chain US stock products and maintain stable liquidity depth is a long-term operational challenge. Grey areas of tax rules: The recognition of capital gains and dividend taxes for on-chain US stocks is not yet unified across different countries.

In addition, 85% of the ONDO Token supply is still locked, and future unlocks may cause short-term fluctuations. Investors need to pay attention to this factor of token economics.

Future Outlook

The tokenization of US stocks is growing rapidly. xStocks has reached a total trading volume of 3.782 billion USD in three months, while Ondo Global Markets achieved a trading volume of 65 million USD just two days after its launch.

With the entry of traditional financial giants like BlackRock and Goldman Sachs, RWA is no longer just a concept but a reality that is happening—it is breaking down the walls of traditional financial markets, allowing global investors to access the US capital markets equally, no longer constrained by excessively high transaction costs and geographical limitations.

The prosperity of RWA may further amplify the global liquidity of the US stock market, even giving rise to an all-weather "Wall Street 2.0".