How Ondo Is Bringing Stocks and Perps Onchain | Ian De Bode
The stock market is starting to move onchain, and Ondo is one of the teams building the rails. Ian De Bode joins David to explain how Ondo brought tokenized SpaceX stock to Ethereum minutes after trading began, why tokenized equities need real market liquidity instead of shallow DEX pools, and how Ondo Perps could unlock a new generation of RWA trading by using tokenized stocks as collateral.
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TIMESTAMPS
0:00 Ondo’s RWA Moment
1:17 How SpaceX Stock Hit Ethereum in Minutes
2:57 What Actually Backs a Tokenized Stock?
4:49 The Onchain and Offchain Market Machine
10:29 Where the Demand Comes From
12:46 The Most Popular Tokenized Stocks
14:54 Why Perps Need Better Collateral
20:46 New Strategies for Onchain Asset Management
25:02 The Next 12 to 18 Months
26:14 How Big Can Perps Get?
28:46 Offshore Versus Onshore Perp Markets
32:05 Inside Ondo Perps
36:24 Why Not Build on Hyperliquid?
37:49 Launch Timeline and Early Demand
39:48 Will Wall Street Incumbents Compete or Help?
43:52 Ondo’s 2026 Roadmap
45:22 Remembering Nathan Allman
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RESOURCES
Ian De Bode
https://x.com/iandebode
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Tokenized Stocks: The $100 Trillion Onchain Shift | Ondo Finance Ian De Bode & Nathan Allman
Ryan & David sit down with Ondo Finance’s Nathan Allman and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks.
We break down why Ondo’s wrapper model is set out to win, how blockchain brings 24/5 primary markets with 24/7 secondary markets, Defi composability and liquidity at fair prices.
Ethereum and Ondo are leading a $100T onchain migration you can’t miss.
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TIMESTAMPS
0:00 Intro
5:55 Is Business Booming?
7:59 Are RWAs Inevitable?
12:50 Tokenized Treasuries
19:13 Tokenization Roadmap
24:17 Types of Tokenized Treasuries
31:40 What’s Holding the US Back?
37:08 Tokenized Stocks
41:04 Tokenized Stocks Liquidity
50:56 Property Rights
56:25 Is Permissionless Tokenization Possible?
1:04:32 24/7 Markets?
1:07:52 Ondo Global Markets
1:10:54 Why Ethereum?
1:12:08 Stocks Meet DeFi
1:19:26 What Chains will RWAs Settle On?
1:32:41 Is Wall Street Ready?
1:34:29 What’s Next?
1:36:00 Closing & Disclaimers
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RESOURCES
Ian
https://x.com/iandebode
Nathan
https://x.com/nathanlallman
Ondo Finance
https://ondo.finance/
Ondo Global Markets
https://app.ondo.finance/
RWAs Overview
https://app.rwa.xyz/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
The Future of Finance is Tokenized: Ondo’s Vision for RWAs
Ondo Finance is at the forefront of the real-world asset (RWA) revolution, bringing traditional financial products like U.S. treasuries, stocks, and ETFs onto blockchain rails. In this episode of the Defiant Podcast, Ian De Bode, Chief Strategy Officer at Ondo Finance, dives into democratizing access to financial markets for a global audience. By tokenizing assets, Ondo enables 24/7 mobility, seamless DeFi integration, and enhanced investor protections, all while addressing the inefficiencies of traditional finance.
Ian also shares insights into Ondo's upcoming tokenized equities launch, their innovative approach to liquidity and pricing, and the broader implications of regulatory clarity for the RWA space. With a mission to create open, global financial rails, Ondo is not just building products but laying the foundation for the future of finance.
Chapters
00:00 - Introduction to the DefiantPodcast01:30 - Welcoming Ian, Chief Strategy Officer at Ondo Finance01:55 - What is Ondo Finance?02:22 - Tokenizing Treasuries, Stocks, and ETFs03:12 - Solving Accessibility and Mobility in Finance04:50 - The Evolution of Ondo’s Tokenized Assets: OUSD and USDY07:04 - Comparing Ondo’s Products to Competitors Like BlackRock12:26 - Growth of Tokenized Treasuries and Regulatory Milestones20:26 - Ondo’s Plans for Tokenized Equities28:24 - Challenges and Opportunities in Tokenized Stocks33:02 - Ondo’s Layer 1 Blockchain and DeFi Integration38:52 - The Future of Real-World Assets on Chain44:13 - Ondo’s Long-Term Vision for Global Finance