Ondo Lists 173 New Stocks and ETFs as Solana Records All-Time High in Tokenized Equity Trading Volume

Ondo Finance, a multichain RWA powerhouse, has announced the listing of 173 new tokenized stocks and ETFs, bringing its total range to over 430 traditional assets.

The launch comes off the back of the biggest week in Solana’s RWA history, which saw a new all-time high in trading volume following SpaceX’s historic NASDAQ debut, the largest IPO financial markets have ever seen.

While tokenized equities and flourishing RWA markets are encouraging for Solana’s internet capital markets, the surplus of issuers is starting to fragment liquidity across various derivative products.

Ondo Global Markets Now Offers Over 430 RWAs

Ondo Finance has just introduced 173 new stocks and ETFs to onchain markets, pushing its total catalog past 430. Spanning nine diverse categories, Ondo’s new asset coverage includes everything from AI photonics and data center energy infrastructure to BlackRock ETFs, covered call income strategies, quantum, defense tech, and tanker shipping.

The headline asset, $SPCXon, is already live. Ondo deployed tokenized SpaceX shares the moment SPCX began trading on Nasdaq on June 12, giving non-US investors on-chain exposure to one of the most anticipated IPOs in market history from day one.

As with other Ondo Global Market assets, all tokens will tap into RFQ liquidity, enabling large swaps with minimal slippage, but limiting trading activity to traditional market hours. Today's listings inclulde:

According to Ondo, the issuer expects to list an additional 95 assets in a supplementary batch within the coming weeks.

Solana Hits $212M in Daily Tokenized Stock Trading Volume

Ondo's expansion comes at a critical moment for Solana’s tokenized equity sector. With appetite for onchain $SPCX accelerating following its historic NASDAQ debut, Solana recorded $212M in daily tokenized equities trading volume, a new all-time high.

Unsurprisingly, $SPCX volumes dominated onchain markets, with the Backpack Securities variant recording over $105M in volume, commanding over the vast majority of market share.

Backpack’s dominance of onchain $SPCX volume is attributed largely to the asset’s TradFi integrations. Unlike its competitors, such as Ondo and xStocks, Backpack’s $SPCX can be redeemed 1:1 with its underlying stock via traditional brokerages. 

Where rival issuers simply track asset prices, Backpack Securities are currently the only tokenized equities that support dividend payments and corporate actions.

Meanwhile, other network participants highlight Backpack $SPCX’s market depth as a defining factor. With thicker onchain liquidity, Backpack’s $SPCX enables DeFi users to trade larger ticket sizes with minimal slippage, making it a more attractive asset for larger operators.

Backpack Leads Sector as Liquidity Fragments

As with any proverbial gold rush, the tokenized stock and RWA issuer race arguably suffers from a surplus of “picks-and-shovels” salesmen. Onchain data indicates that there are now 5 issuers all offering different variants of SpaceX equity onchain, fragmenting liquidity across 5 assets that all represent the same thing.

In practice, this fragmentation weakens trader execution. Liquidity that would ideally concentrate into one asset is instead split across 5 separate pools, resulting in unnecessary slippage. Currently, onchain markets have dictated that Backpack and Sunrise have provided the best experience for $SPCX traders.

Arguably, Ondo’s RFQ system enables best-in-class liquidity, but its reliance on traditional market opening hours is fundamentally at odds with two of DeFi’s core tenets: weekend price discovery and 24/7 market access.

With the listing of 173 new assets, Ondo is doubling down on asset range and breadth, rather than 24/7 accessibility. However, despite Ondo’s perceived headstart, Backpack Securities is still in its infancy, and is expected to bring more high-profile, deeply-liquid assets onchain via Sunrise in the coming months.

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