Kelly Four-Coin Radar · Episode 1
If on-chain U.S. stocks enter the next phase, $ONDO $LINK $UNI $HYPE
Which part does each one eat?
1/
The biggest news this week isn’t which coin is up 30% again—it’s that regulators for the first time pulled the whole “on-chain U.S. stocks” story out of the grey area and into a compliance framework.
Around September 17, the SEC issued a five-year Innovation Exemption, allowing regulated platforms to tokenize stocks through a permissioned automated market maker trading model. This exemption lets qualifying platforms trade tokenized U.S. stocks via permissioned market makers for up to five years.
After the news broke, Uniswap’s UNI surged about 30% in a single day, Hyperliquid’s HYPE rose about 11%, and ONDO also jumped 13% on the optimistic regulatory sentiment.
A new segment—“Kelly Four-Coin Radar”—is now open. Today we’ll break down one chain:
Where exactly does each of these four coins get stuck in which stage of the industry chain? Many people group them all as “RWA beneficiary coins.”
What’s truly worth studying isn’t whose story is the biggest, but who holds an irreplaceable position in the expansion of on-chain U.S. stocks.

2/
First, let’s set a framework. “On-chain U.S. stocks” isn’t a single narrative—it’s a four-layer industry chain:
① Issuance / Custody layer — Who turns stocks into tokens, and who provides 1:1 custody
② Pricing / Oracle layer — Who credibly brings Nasdaq prices onto-chain
③ Spot trading / Liquidity layer — Who takes in swap executions
④ Derivatives / Leverage layer — Who takes in perpetual contracts and leverage demand
Conveniently, ONDO / LINK / UNI / HYPE are almost non-overlapping across all four layers.
3/
$ONDO
— Absolute leader of the issuance layer
Ondo Global Markets (now renamed Ondo Stocks) has expanded its asset directory to over 430 assets, spanning three chains: Ethereum, Solana, and BNB Chain
In the tokenized stocks niche, Ondo has captured roughly 58% to 70% share
The company-managed real-world asset portfolio is about $3.43 billion, with USDY as the main driver
The concerns are also clear: the ONDO token is responsible for governance, but currently it doesn’t directly receive cash flows from protocol revenue—this is the core controversy behind its long-term valuation.
If on-chain U.S. stocks enter the next phase, $ONDO $LINK $UNI $HYPE
Which part does each one eat?
1/
The biggest news this week isn’t which coin is up 30% again—it’s that regulators for the first time pulled the whole “on-chain U.S. stocks” story out of the grey area and into a compliance framework.
Around September 17, the SEC issued a five-year Innovation Exemption, allowing regulated platforms to tokenize stocks through a permissioned automated market maker trading model. This exemption lets qualifying platforms trade tokenized U.S. stocks via permissioned market makers for up to five years.
After the news broke, Uniswap’s UNI surged about 30% in a single day, Hyperliquid’s HYPE rose about 11%, and ONDO also jumped 13% on the optimistic regulatory sentiment.
A new segment—“Kelly Four-Coin Radar”—is now open. Today we’ll break down one chain:
Where exactly does each of these four coins get stuck in which stage of the industry chain? Many people group them all as “RWA beneficiary coins.”
What’s truly worth studying isn’t whose story is the biggest, but who holds an irreplaceable position in the expansion of on-chain U.S. stocks.

2/
First, let’s set a framework. “On-chain U.S. stocks” isn’t a single narrative—it’s a four-layer industry chain:
① Issuance / Custody layer — Who turns stocks into tokens, and who provides 1:1 custody
② Pricing / Oracle layer — Who credibly brings Nasdaq prices onto-chain
③ Spot trading / Liquidity layer — Who takes in swap executions
④ Derivatives / Leverage layer — Who takes in perpetual contracts and leverage demand
Conveniently, ONDO / LINK / UNI / HYPE are almost non-overlapping across all four layers.
3/
$ONDO
— Absolute leader of the issuance layer
Ondo Global Markets (now renamed Ondo Stocks) has expanded its asset directory to over 430 assets, spanning three chains: Ethereum, Solana, and BNB Chain
In the tokenized stocks niche, Ondo has captured roughly 58% to 70% share
The company-managed real-world asset portfolio is about $3.43 billion, with USDY as the main driver
The concerns are also clear: the ONDO token is responsible for governance, but currently it doesn’t directly receive cash flows from protocol revenue—this is the core controversy behind its long-term valuation.