Ondo Finance directly puts existing stocks on-chain. Eligible institutions can convert their stocks and ETFs into tokenized assets, transferring them between internal ledgers from their Alpaca accounts. Ondo then issues corresponding tokenized shares on-chain, and the process also supports the reverse operation—eliminating the previous step of injecting a separate amount of cash.

At present, this service is only available on Ethereum and BNB Chain for approved institutions. The reason stock onboarding gets stuck is never technical—it’s compliance and custody.