Ondo Finance Lets Tokenized U.S. Stocks Collateralize DeFi Loans with Chainlink Data

Ondo Finance has integrated Chainlink to provide live pricing data for tokenized U.S. equities on its Ondo Global Markets platform. This includes SPYon, QQQon, and TSLAon, representing the SPDR S&P 500 ETF, Invesco QQQ ETF, and Tesla stock in tokenized form. With verified on-chain prices, these assets can now serve as collateral on DeFi platforms built on Ethereum, marking the first direct acceptance of tokenized equities in such lending systems.

Digital Equities as Collateral in DeFi

The price feeds are now live on DeFi applications like Euler, allowing users to borrow stablecoins using tokenized stocks and ETFs as collateral. Ondo Finance plans to extend support to its full range of tokenized equities and ETFs soon.

By delivering on-chain reference prices, the integration enables DeFi protocols to define collateral rules and manage liquidations based on the value of the underlying shares. It also accounts for corporate actions, such as dividends, helping to keep tokenized stock prices accurate and up-to-date. Ondo adds that Sentora oversees risk for these assets, setting collateral requirements and specifying the conditions under which positions may be liquidated.

Expanding Tokenized Equities in Crypto Finance

Previously, tokenized stocks mainly served to track the value of their underlying equities and were rarely accepted as collateral in DeFi. With Chainlink integration, Ondo Finance now delivers live on-chain pricing, making them fully usable for lending and other decentralized finance activities. This follows Chainlink’s selection in October 2025 to provide verified pricing for Ondo’s digital equities.

On the regulatory front, U.S. authorities are actively defining rules for tokenized securities, reflected in several key developments:

• In September, Nasdaq requested SEC approval to list and trade tokenized shares on its regulated exchange, aiming to bring digital versions of public equities under its oversight.
• Shortly after, in December, the SEC issued guidance on how broker-dealers can hold tokenized securities under existing rules, providing clarity for market participants.
• Following this, the SEC granted a no-action letter to a DTCC subsidiary, allowing it to provide tokenization services for securities already held in custody, further supporting digital asset operations.

Meanwhile, in June, more than 60 tokenized U.S. stocks were listed on exchanges such as Kraken and Bybit, reflecting their growing adoption in the crypto market. According to Token Terminal, these assets now have a combined market capitalization of $543 million, showing their expanding role in decentralized finance.