On Oct 7, 2025, Ondo Finance announced it had completed its acquisition of Oasis Pro. At the time it read like a regulatory footnote. A year later, with tokenized stocks one of the most competitive corners of crypto, it looks like a key piece of Ondo's strategy. $ONDO trades around $0.478 as I write (CoinGecko, Oct 9, 2026).
What Oasis Pro is
According to Ondo's announcement, Oasis Pro was founded in 2019. Through its subsidiaries it runs:
an SEC-registered, FINRA-member broker-dealer (Oasis Pro Markets; FINRA member since 2020 per Ondo),
an Alternative Trading System (ATS), OATSPRO, for primary issuance and trading of public and private digital securities,
an SEC-registered transfer agent (TA).
Ondo said Oasis Pro was one of the first US-regulated ATSs authorized to support settlement of digital securities in both fiat and stablecoins such as USDC and DAI. It also took part in FINRA's Crypto Working Group.
Why those three licences matter
Broker-dealer: in the US, selling or arranging securities generally runs through a registered broker-dealer. Owning one lets Ondo operate in the regulated channel itself instead of relying only on partners.
ATS: a regulated venue where buyers and sellers are matched. Ondo said this covers secondary trading of public and private tokenized securities.
Transfer agent: the party that keeps the official record of who owns what. For tokenized securities, an on-chain-capable TA is core plumbing for cap tables and issuance.
Ondo described the package as "the most comprehensive set of SEC registrations to provide digital asset services in the United States." That is Ondo's own characterization, so read it as a company claim, not an independent ranking.
What happened next
Sept 2025 onward: Ondo launched Ondo Global Markets (now branded Ondo Stocks), tokenized US stocks and ETFs. Its 2025 recap says it went live on Ethereum, reached BNB Chain, and planned Solana for early 2026. In May 2026 it was live on Solana, Ethereum and BNB Chain.
May 11, 2026: Ondo said the platform passed $1B TVL (company-reported), with 260+ assets then, EU/EEA approval across 30 countries, and a confidential SEC registration statement filed.
July 23, 2026: Ondo announced that Oasis Pro Markets received FINRA authorizations to offer tokenized equities and funds to US institutions and retail investors via OTC retailing, underwritten primary offerings and private placements. It also allows omnibus account integrations via existing brokers and advisers. Product specifics and a US retail launch date were not given in the release I read.
July 27, 2026: Ondo introduced the Ondo Network, which it calls the evolution of Ondo Chain. The first app is Ondo Perps (not available to US persons).
Aug 14, 2026: Ondo said Ondo Stocks held $1.01B TVL, 440+ assets, $27B cumulative volume since launch, and that tokenized Ondo Stocks assets held on centralized exchanges included $139M on Binance. All figures are company-reported.
Ondo also announced 24/7 instant mint/redeem for six tokens (SPYon, QQQon, CRCLon, NVDAon, TSLAon, GOOGLon).
The tokenized-stock race now
Ondo: the company reports $1.01B TVL (Aug 14, 2026).
Binance bStocks: launched June 10, 2026 on BNB Chain as BEP-20 tokens, issued by BTech Holdings Limited (a Binance group affiliate) under an ADGM-approved prospectus. They are backed 1:1 by shares held with a regulated custodian. They give price exposure and dividends, not direct share ownership.
Independent snapshot: RWA.xyz's tokenized-stocks league table, which I checked on Oct 9, 2026, lists Ondo at about $912M, bStocks at about $881M and xStocks at about $588M. Securitize and others follow. Distributed value was about $3.24B in total.
The independent number for Ondo ($912M) is lower than the company's own TVL claims, and bStocks sits close behind. Methodologies differ, and the leaderboard can move quickly. In short, Ondo's early lead is real, but the field is crowded.
My take
The Oasis Pro deal gave Ondo something rivals can't copy quickly: registered US entities. But authorization isn't the same as traction. The product Ondo has scaled so far (Ondo Stocks) is issued from a BVI entity and is not offered to US persons. The US-regulated rails are still early. The licence bet is a long game.
What to watch
US launch details: what Oasis Pro Markets actually offers, to whom, and when.
Ondo's SEC filing: Ondo says it confidentially filed a registration statement. Any outcome is worth tracking.
TVL vs. volume: RWA.xyz data vs. company data, and whether inflows persist.
BNB Chain competition: bStocks and Ondo tokens now share the same chain.
Ondo Network: how Ondo Perps and tokenized collateral develop.
Risks
Tokenized stocks are not the same as owning shares: terms, rights and eligibility vary by issuer and region. TVL and volume are snapshots, and token prices can be volatile. This is not advice, so do your own research.
Question: Which matters more in the tokenized-stock race: regulated US rails, or distribution? Drop your take below.