Tokenized Stocks

The tokenized stocks shown in Fluidkey are issued by Ondo Global Markets. Fluidkey is a non-custodial interface: it does not issue, custody, or back these assets, and is not a broker. Ondo is the issuer, and your tokens stay in your own account at all times.

Each token tracks the total return of a publicly traded stock or ETF, including price movements, dividends, and corporate actions. There are 200+ assets available, with more added over time.

Under the hood, an Ondo tokenized stock is a structured note issued by Ondo Global Markets (BVI) Limited, a bankruptcy-remote special purpose vehicle. Each token is backed 1:1 (plus a buffer) by the corresponding security held at a regulated custodial broker-dealer. Onchain, it is a standard token (ERC-20 on Ethereum, BEP-20 on BNB Smart Chain), named with the ticker plus an "on" suffix, e.g. AAPLon. Because you hold a note rather than the share itself, you do not receive shareholder voting or information rights. For the full structure, see Ondo's documentation.

Eligibility

Ondo tokenized stocks are not available to everyone. US persons, and persons in certain restricted jurisdictions, are prohibited from buying, holding, or redeeming them. In some regions, including the EEA, UK, and Switzerland, they are offered only to qualified or professional investors.

Before trading, check whether you are eligible on Ondo's eligibility page.

How it works

Tokenized stocks are traded on BNB Smart Chain through CoWSwap, a decentralized exchange. When you place an order, it is submitted to CoWSwap, where solvers compete to fill it at the best price, and you do not need to hold BNB to cover gas. Paying directly in USDT or USDC on BNB Smart Chain avoids any extra bridging step and any spread it may incur.

During market hours, orders are filled using Ondo's just-in-time minting and redemption: tokens are created or redeemed on demand against the underlying security rather than drawn from a fixed liquidity pool. This gives your trade liquidity and slippage comparable to a traditional exchange, with the price tracking the underlying closely.

Dividends and corporate actions

Ondo tokenized stocks are total-return trackers, so you participate in the same economics as a direct holder. When the underlying company pays a dividend, it is automatically reinvested net of applicable withholding taxes. Other corporate actions, such as stock splits, are handled in the same way.

For details, see Ondo's corporate actions documentation.

Market hours

Tokenized stocks can be bought and sold 24 hours a day, 5 days a week, because the tokens track US-listed securities and follow US market hours. You can still transfer your tokens onchain 24/7. Trading is closed on weekends and US market holidays. Trading may be paused briefly between trading sessions, around corporate actions such as ex-dividend dates, or if certain platform risk limits are reached.

You can check the current status of any asset at status.ondo.finance. More on trading hours is available in Ondo's documentation.

Fees

Ondo charges no minting or redemption fees. Fluidkey does not apply any fees either. There may however be a market spread and slippage on the decentralized exchange, which can sometimes lead to a slight difference in prices between the confirmation screen and the actual trade.

Important notes

Tokenized stocks carry risks that differ from holding shares through a traditional broker, including issuer and custodian risk, smart contract risk, and regulatory risk. They are not equivalent to direct share ownership and confer no shareholder rights.

Nothing in Fluidkey or this page is investment or tax advice. The tax treatment of tokenized stocks depends on your jurisdiction and personal situation — consult your own advisor. For the issuer's full disclosures, see Ondo's important notes and secondary market restrictions.