Ondo (ONDO) rose to a one-month high after a sharp rally led by the launch of the first stock backed by DTC Tokenized Entitlements.
The altcoin rallied as much as 17% in the past 24 hours to a high of $0.37. This became the strongest since June 18.
The rally also propelled ONDO to the top of CoinGecko’s list of the biggest cryptocurrency gainers of the day. The breakout appeared against a flat market, with Bitcoin (BTC) little changed at the same time.
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Ondo Begins Trading of First DTC-Backed Tokenized Units
Ondo’s tokenized stocks are backed by DTC Tokenized Entitlements to securities held by The Depository Trust Company (DTC). This structure ties the tokens on the chain directly to the shares within Wall Street’s core curd system.
The company called it the first in tokenized sales. Signs representing Circle (CRCL) stock and the SPDR S&P 500 ETF (SPY) on the chain. Ondo releases them as CRClon and SPYon, each supported by security.
“Under this model, DTC tokenized entitlements to DTC-held securities are created through the DTCC Tokenization Service, and DTC Tokenized Entitlements associated with CRCL and SPY act as digital twins of the existing security CRCLon and SPYon tokens (Ondo versions of the group explained).
Ondo is connected to DTC participants Network through Alpaca Markets. The original shares remain in DTC’s hands throughout the process, according to the company.
“Ondo joins more than a dozen leading TradFi and DeFi companies – including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE – to participate in the largest DTCC exhibition to date, which represents an important step in the establishment of a larger bond market,” the blog read.
DTCC’s Tokenization Push Gains Traction
The launch comes as the Depository Trust & Clearing Corporation (DTCC) completed the divestiture of The Depository Trust Company. More than 30 companies participated starting point.
The transactions included pledges of collateral, securities lending, and debt repayment. DTCC ran them on its private HyperLedger Besu network and the Canton network.
The platform is planning to launch its own brand service in October 2026. The incident came seven months after the SEC issued DTC a No-Action Letter to disclose the stock holdings.
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A note Ondo Hits 1 Month Up: Here’s What’s Driving 17% Surgery. appeared for the first time BeInCrypto.
