Chainlink has successfully integrated its data oracle services with Ondo Global Markets, enabling price feeds for Ondo's tokenized US stocks such as SPYon, QQQon, and TSLAon to be active on the Ethereum blockchain. This development allows these tokenized equities to serve as collateral in decentralized finance (DeFi) lending markets.
The official announcement from Ondo revealed that these price feeds are now operational on the Euler platform. Here, users can utilize the tokenized stocks as collateral to secure stablecoin loans. This integration facilitates accurate onchain pricing data for the tokenized assets, which is crucial for DeFi protocols to establish collateral parameters and manage liquidations based on real-time equity prices. The feeds are designed to reflect corporate actions like dividends, ensuring updated equity valuations.
Currently, the oracle support covers SPYon (linked to the SPDR S&P 500 ETF), QQQon (associated with the Invesco QQQ ETF), and TSLAon (representing Tesla stock). Ondo plans to expand oracle coverage and protocol integrations to include more tokenized stocks and exchange-traded funds (ETFs).
Sentora, a partner in this venture, is tasked with setting and overseeing risk parameters for these new lending markets, focusing on factors such as collateral values and liquidation points. This initiative addresses previous challenges faced by tokenized equities, which were primarily used for price exposure rather than as collateral in DeFi. By combining exchange-related liquidity with onchain price data, Ondo and Chainlink aim to broaden the application of tokenized stocks in lending and structured financial products.
This collaboration follows a strategic partnership formed in October 2025, designating Chainlink as the primary data provider for Ondo's suite of tokenized stocks and ETFs.
The push to tokenize US equities is gaining momentum as regulatory frameworks evolve. Traditional financial institutions and crypto platforms alike are exploring blockchain for equity infrastructure. For instance, Nasdaq sought approval from the US Securities and Exchange Commission (SEC) to list tokenized stock versions, potentially integrating blockchain-based shares into its regulatory framework.
On December 11, the SEC provided a no-action letter to a subsidiary of the Depository Trust & Clearing Corporation, enabling a service to tokenize securities held in its custody. Moreover, the New York Stock Exchange and Intercontinental Exchange are developing a blockchain platform to trade tokenized stocks and ETFs around the clock, pending regulatory consent.
In the crypto domain, over 60 tokenized US stocks were introduced in June across major exchanges like Kraken and Bybit, through a product by Backed Finance. However, these are not yet accessible to US customers. Robinhood is also advancing in this space, having launched a public testnet for its Ethereum layer-2 network, Robinhood Chain, which supports tokenized assets and offers features like 24/7 trading and onchain lending.
This progressive landscape hints at a future where tokenized stocks and blockchain technology become integral to financial markets, offering greater flexibility and accessibility.