Ondo Finance has launched access to more than 200 tokenized U.S. stocks and ETFs on Solana through the self-custodial wallet Exodus. According to the announcement, the offering is available to eligible non-U.S. users globally, with instant minting and redemption built into the product and trading powered by Jupiter, Solana’s DEX aggregator.
Exodus gives Ondo a ready-made distribution channel
The launch was announced on Ondo Finance’s official X account and amplified by Solana’s own social account. The tokenized assets are designed to give users price exposure, not direct shareholder rights. That product structure matters, but the distribution angle stands out just as much. By placing the offering inside the Exodus app, Ondo is attaching tokenized equities to a wallet already used by millions of crypto holders instead of relying only on a standalone investing venue.
Backpack keeps moving as competition builds on Solana
Ondo’s arrival lands at a time when Backpack is also expanding its tokenized equity push. On June 17, Backpack’s official account said SpaceX was only the beginning. Backpack CEO Armani Ferrante has also publicly pointed to additional blockchain-based equities beyond SpaceX. The source article says the infrastructure is already live, the regulatory structure is in place, and the brokerage layer is scaling.
The same source says Solana’s tokenized stock market crossed $100 million in daily volume only days after launch. xStocks, operated by Backed Finance, still leads the segment with more than $3 billion in cumulative transactions and about 93% historical market share. Even so, both Ondo and Backpack Securities are moving to chip away at that lead.
Three models are now competing on the same chain
The comparison in the source highlights clear differences across the main products. xStocks offers 100+ assets and keeps its historical share advantage. Ondo Global Markets is entering with 200+ tokenized stocks and ETFs, backed by instant redemption and Exodus distribution. SPCX focuses on SpaceX exposure, with 1:1 redemption and 24/7 trading. The products are not identical, but they are competing for the same market: bringing traditional equities onchain and making access easier for crypto-native users.
Solana’s RWA footprint gives the launch broader context
The source also ties Ondo’s move to Solana’s wider real-world asset activity. Before SPCX launched, Solana’s RWA ecosystem had already reached $2.8 billion in total value and more than 230,000 onchain holders. It also accounted for 97% of cumulative onchain equity trading volume across all blockchains, according to the article. Ondo itself was cited with more than $2.17 billion in cross-chain TVL. Put together, the expansion shows why Solana is becoming a key venue for tokenized equities and ETFs.