Ondo Finance has taken a significant step in bridging traditional finance and decentralized derivatives by introducing tokenized U.S. stocks and ETFs to Hyperliquid’s HyperEVM layer. Through a cross-chain bridge leveraging LayerZero’s technology, Ondo moves a curated set of 35 prominent equities including the SPY, QQQ, NVDA, TSLA, GOOGL, NFLX, and BABA from BNB Chain onto HyperEVM. This integration empowers traders to engage in sophisticated strategies like basis trades, funding rate arbitrage, and delta-neutral positioning using on-chain equity exposure.
The bridge builds upon Ondo’s existing LayerZero framework, previously hailed as the largest live bridge for tokenized securities by asset count. It extends beyond Ethereum and BNB Chain into the Hyperliquid ecosystem, where users can now combine perps and funding markets with real-world equity collateral. Ondo’s approach relies on offshore special purpose vehicles that purchase and custody underlying securities with registered broker-dealers, issuing on-chain notes that transfer economic risk. This indirect tokenization model means holders have claims against the issuer rather than direct legal ownership of shares.
Since launching Ondo Global Markets in September 2025, the platform has grown rapidly, surpassing $970 million in total value locked across tokenized stocks and ETFs, with cumulative trading volume approaching $18 billion. This cements Ondo as the largest tokenized securities platform globally. Tokenized stocks alone account for over $700 million of that TVL and more than 60% of the entire tokenized equity market. Ondo has also become the leading issuer for both tokenized treasuries and stocks, with combined TVL exceeding $2.5 billion across all products.
For Hyperliquid and its user base, the Ondo bridge expands the range of available collateral and trading strategies on HyperEVM. The Felix Protocol, a lending platform on Hyperliquid, already offers over 260 Ondo-powered tokenized stocks and ETFs and ranks among the top DeFi applications on Hyperliquid’s L1 with roughly $167 million in TVL. The broader trend sees tokenized stocks across platforms exceeding $1.5 billion in aggregate TVL as non-U.S. traders seek on-chain access to U.S. equity markets.
This move fits into a larger race among issuers and venues to dominate real-world asset liquidity. Ondo already powers tokenized stock access on Binance’s relaunched tokenized stock service and MetaMask’s integration of tokenized U.S. equities. By channeling tokenized blue-chip stocks into HyperEVM’s derivatives infrastructure, Ondo and Hyperliquid are transforming on-chain equities into foundational elements for complex, leveraged basis and volatility trades traditionally handled by prime brokerages—now executed via public smart contracts.