Wu Shuo learned that Ondo Finance announced that Ondo Stocks has launched a dual in-kind conversion feature between underlying stocks and tokenized stocks and ETFs. By integrating with Alpaca’s Instant Tokenization Network (ITN), approved institutions can directly transfer existing shares into Ondo’s account with Alpaca, mint the corresponding Ondo Stocks tokens, and also redeem the tokens to retrieve the underlying shares—without needing to sell the shares first to raise cash. The feature is now supported on Ethereum and BNB Chain, and is only available to institutions that have completed the relevant account setup and approvals. Ondo said this move is expected to reduce market makers’ capital costs and improve liquidity in the secondary market for tokenized securities.