Ondo Hits 1-Month High: Here Is What’s Driving The 17% Surge

Ondo (ONDO) climbed to a one-month high after a sharp rally driven by the debut of the first tokenized stocks backed by DTC Tokenized Entitlements.

The altcoin surged as much as 17% over the past 24 hours to an intraday high of $0.37. This marked its strongest level since June 18.

The rally also propelled ONDO to the top of CoinGecko’s list of the day’s biggest cryptocurrency gainers. The surge stood out against a flat market, with Bitcoin (BTC) little changed over the same period.

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Ondo Debuts First DTC-Backed Tokenized Stocks

Ondo’s tokenized stocks are backed by DTC Tokenized Entitlements to securities held at The Depository Trust Company (DTC). The design ties on-chain tokens directly to shares inside Wall Street’s core custody system.

The company called it a first for tokenized equities. The tokens represent Circle (CRCL) stock and the SPDR S&P 500 ETF (SPY) on-chain. Ondo issues them as CRCLon and SPYon, each fully backed by the underlying security.

“Under this model, DTC tokenized entitlements to DTC-held securities are generated through the DTCC Tokenization Service, and the DTC Tokenized Entitlements associated with CRCL and SPY serve as digital twins of the securities underlying existing CRCLon and SPYon tokens (Ondo’s tokenized versions of the stocks),” the team explained.

Ondo is connected to the DTC participant network through Alpaca Markets. The underlying shares stay within DTC custody throughout the process, according to the firm.

“Ondo joins more than a dozen leading TradFi and DeFi firms — including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE — participating in DTCC’s largest tokenization initiative to date, representing an important step toward the broader adoption of tokenized securities,” the blog read.

DTCC’s Tokenization Push Gains Traction

The launch comes as the Depository Trust & Clearing Corporation (DTCC) completed the tokenization of assets held at The Depository Trust Company.  More than 30 firms participated in the initiative. 

The transactions covered collateral pledges, securities lending, and equity settlements. DTCC ran them across its private HyperLedger Besu network and the public Canton network.

The platform plans to launch its full tokenization service in October 2026. That milestone arrived seven months after the SEC granted DTC a No-Action Letter to tokenize custodied assets.

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