top of page

Yesterday, Ondo Finance Hit $1 Billion in Tokenised Stock TVL and Opens a Bridge to Hyperliquid via LayerZero

  • Writer: Shawn Jhanji
    Shawn Jhanji
  • 5 days ago
  • 3 min read
The tokenised equity market passed a significant milestone on 12 May 2026 as Ondo Finance announced that its Ondo Global Markets platform had surpassed $1 billion in total value locked, the first tokenised stock and ETF platform in history to reach that threshold.

The tokenised equity market passed a significant milestone on 12 May 2026 as Ondo Finance announced that its Ondo Global Markets platform had surpassed $1 billion in total value locked, the first tokenised stock and ETF platform in history to reach that threshold.


The announcement came alongside a second development: a LayerZero-powered bridge connecting Ondo's tokenised equities to Hyperliquid's HyperEVM, bringing 35 tokenised stocks and funds to one of the most actively used decentralised perpetuals trading environments in the world.


The two pieces of news are related. The bridge to Hyperliquid expands the universe of traders who can access Ondo's assets, and that expanded reach is part of what has driven the platform's rapid growth. Ondo Global Markets reached $1 billion in TVL in under eight months, one of the fastest growth curves in the history of onchain finance.


What Is Ondo Global Markets?

Ondo Global Markets is the division of Ondo Finance that offers tokenised US stocks and ETFs to eligible investors globally. As of today the platform holds more than 260 live assets across sectors including technology, biotechnology, defence and energy. The underlying positions are held by Ondo's regulated entity, and investors hold onchain tokens that represent beneficial ownership. The platform is deployed across Ethereum, BNB Chain and Solana, and has now expanded to Hyperliquid's HyperEVM.


Cumulative trading volume stands at more than $18 billion, and the platform has tens of thousands of holders. Ondo has filed a registration statement with the SEC on a confidential basis, which if approved would make Ondo Global Markets the first issuer of transferable tokenised stocks subject to SEC reporting requirements. The platform already has regulatory approval to offer tokenised stocks and ETFs across 30 European countries in the EU and EEA, and its assets were the first tokenised securities admitted for trading in Abu Dhabi Global Market.


The Hyperliquid Bridge

The new Ondo Bridge uses LayerZero's cross-chain messaging protocol and the Omnichain Fungible Token standard to move assets between chains. When a user moves a tokenised stock from Ethereum or BNB Chain to HyperEVM, the bridge burns the asset on the source chain and mints an equivalent on the destination chain after verifiers confirm the transaction. The process is reversible.


The 35 assets currently bridged include SPY, QQQ, NVDA, TSLA and GOOGL. Hyperliquid's trading environment supports both spot and perpetuals, which means users holding tokenised stock positions on HyperEVM can pair those spot positions with perpetual futures contracts in a single interface. This unlocks basis trades and delta-neutral hedging strategies that were not previously possible with tokenised equities.


Hyperliquid has accumulated one of the largest perpetuals order books in decentralised finance. Bringing tokenised stocks onto its infrastructure gives Ondo's assets access to an existing, active trader base and creates direct competition with traditional equity derivatives.


What the $1 Billion Means

TVL is an imperfect metric in tokenised finance because it counts the value of assets held on a platform rather than the volume of activity. That said, $1 billion in TVL in under eight months is a meaningful signal. It shows that there is genuine demand from eligible investors for onchain exposure to US equities, particularly in markets where direct access to US securities is restricted or expensive.


Ondo Global Markets now controls more than 70% of the tokenised stock market by TVL. The next closest competitor is significantly smaller. That concentration reflects first-mover advantage and regulatory approvals that competitors have not yet matched.


For the UK market, the significance is structural. As cross-chain infrastructure like LayerZero matures and platforms like Hyperliquid become more accessible to institutional and semi-institutional investors, the barriers between onchain and traditional financial markets continue to fall. The question for UK investors watching this space is not whether tokenised equities will matter but how quickly the regulatory perimeter shifts to allow broader access.


Key Takeaways

  • Ondo Global Markets has crossed $1 billion in TVL, the first tokenised stock and ETF platform to reach this milestone, in under eight months.

  • The platform has launched a LayerZero-powered bridge allowing 35 tokenised equities and ETFs to move to Hyperliquid's HyperEVM.

  • Hyperliquid traders can now pair tokenised spot equity positions with perpetuals in a single environment.

  • The platform has 260+ live assets, $18 billion in cumulative trading volume, and holds more than 70% of the tokenised stock market by TVL.

  • Ondo has filed confidentially with the SEC and holds regulatory approval across 30 European countries, suggesting further global expansion ahead.


Sources

Comments

bottom of page