ONDO Flat on MetaMask Tokenized Securities Integration Following 37% Monthly Drop
Ondo Finance announced a major integration with MetaMask to bring tokenized US stocks and ETFs directly into the popular self-custodial wallet.
Yet the ONDO token barely moved on the news, continuing a month-long decline that has seen it lose over a third of its value.
MetaMask Opens Door to Tokenized Securities
MetaMask and Ondo Finance unveiled their integration at the Ondo Global Summit on February 3. The partnership brings more than 200 tokenized US securities to the MetaMask mobile wallet through Ondo Global Markets.
Users in supported jurisdictions can now buy, hold, and trade tokenized versions of major stocks, including Tesla, NVIDIA, Apple, Microsoft, and Amazon. The offering also includes ETFs such as SLV for silver exposure, IAU for gold, and QQQ for tech stocks.
The integration works through MetaMask Swaps on the Ethereum mainnet. Users acquire Ondo Global Markets tokens using USDC, with trading available 24 hours a day, five days a week. Token transfers remain possible around the clock.
“Access to US markets still runs through legacy rails. Brokerage accounts, fragmented apps, and rigid trading windows haven’t meaningfully evolved,” said Joe Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum. “Bringing Ondo’s tokenized US stocks and ETFs directly into MetaMask shows what a better model looks like.”
Ian De Bode, President at Ondo Finance, emphasized the strategic value of reaching MetaMask’s user base. He noted that the integration brings pricing comparable to traditional brokerages like Robinhood into a self-custodial, on-chain environment.
Geographic Restrictions Limit Impact
Despite the headline-grabbing announcement, a closer look reveals significant limitations. The list of excluded jurisdictions reads like a directory of the world’s major financial markets.
Users in the United States, the European Economic Area, the United Kingdom, Switzerland, Canada, China (including Hong Kong), Singapore, Japan, Korea, and Brazil cannot access the service. The exclusions effectively limit availability to less-regulated emerging markets.
This geographic constraint likely explains the muted market reaction. The integration represents a technical milestone, but the addressable market remains small.
ONDO Token Shrugs Off the News
The ONDO token traded at $0.2811 at the time of publication, down 37.3% over the past month. The 24-hour price change showed a modest 0.2% decline, suggesting the market viewed the integration as a non-event for token value.
Looking at the monthly chart, ONDO has been in a steady decline from around $0.45 in early January to its current level near $0.28. The MetaMask news failed to reverse or even pause this downtrend.
Market data shows ONDO with a market cap of $1.37 billion and total value locked exceeding $2 billion. The disconnect between protocol metrics and token performance reflects a broader pattern in the real-world asset sector.
RWA Tokens Struggle Despite Sector Growth
Ondo’s price action fits a well-documented trend across RWA governance tokens. According to CoinGecko’s 2025 RWA Report, most tokens in the sector posted negative returns between January 2024 and April 2025, ranging from -26% to -79%.
| Token | Protocol | Return |
|---|---|---|
| ONDO | Ondo Finance | +314.1% |
| OM | MANTRA | +733.9% → then crashed 90% |
| SYRUP | Maple Finance | +24.0% |
| CFG | Centrifuge | -26% to -79% range |
| GFI | Goldfinch | -26% to -79% range |
| ENA | Ethena | -26% to -79% range |
The report attributes this disconnect to structural factors. During bull markets, DeFi lending protocols offer alternative yield opportunities without requiring RWA exposure. Meanwhile, capital flows primarily into institutional products like BlackRock’s BUIDL fund and stablecoin infrastructure rather than governance tokens.
Tokenized treasuries grew 544% to $5.6 billion in market cap, with BlackRock’s BUIDL capturing 44% market share. Private credit protocols like Maple Finance dominate, accounting for 67% of active loans. Yet these successes rarely translate into token-holder returns.
The pattern suggests RWA governance tokens function more as speculative instruments than as direct claims on protocol growth.
What Comes Next
The MetaMask integration positions Ondo for growth if regulatory environments evolve. The infrastructure now exists for seamless trading of tokenized securities within a major self-custodial wallet.
Until key markets open up, the practical impact remains constrained. For ONDO holders, the announcement serves as another reminder that protocol milestones and token performance often diverge in the RWA sector.
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