Ondo Finance rolled out what the source described as the first tokenized stocks backed by DTC tokenized entitlements on July 15, launching CRCLon and SPYon, products tied to Circle stock and the SPDR S&P 500 ETF. After the announcement, ONDO climbed about 17% over 24 hours and reached $0.37.
First products track Circle shares and the SPDR S&P 500 ETF
The initial offerings are CRCLon, linked to Circle stock under the ticker CRCL, and SPYon, linked to the SPDR S&P 500 ETF under the ticker SPY. The report said both tokens are fully backed by real security entitlements held in DTC custody and are issued through DTCC’s tokenization service.
DTC, short for Depository Trust Company, is the central securities depository in the United States. The source report said registration and custody for nearly all U.S. stocks pass through DTC. In this case, Ondo’s tokens are not described as synthetic assets created by a third party. Instead, they are tied to actual stock entitlements held within the DTC system, which the report identified as the key distinction from earlier on-chain stock products.
Ondo calls them digital twins
Tokenized equities are not new. Over the past year, Coinbase and several issuers on Solana have launched similar products, according to the report. In most of those structures, a broker or third party holds the shares off-chain and then mints a corresponding token on-chain.
Ondo took a different route. The report said CRCLon and SPYon are linked to DTC tokenized entitlements, meaning real securities inside Wall Street’s established custody framework. Ondo referred to the products as “digital twins,” with each token fully backed by the related security. The report framed that difference as a critical point for institutional buyers.
Alpaca Markets provided the bridge into DTC’s network
Ondo gained access to DTC’s closed participant system through broker Alpaca Markets. The source said Alpaca served as the bridge that connected Ondo to DTC’s participant network.
The same report said other participants in DTCC’s tokenization initiative include BlackRock, JPMorgan, Goldman Sachs, Nasdaq and the New York Stock Exchange. It described Ondo as one of the few crypto-native firms on that list.
DTCC also reported tokenized transaction tests on the same day
DTCC said on July 15 that it had completed live U.S. securities transactions using DTC tokenized assets, with more than 30 institutions involved. The transactions covered Russell 1000 constituents, U.S. Treasuries, and ETFs tracking the S&P 500 and Nasdaq 100.
According to the report, those trades ran across DTCC’s private chain and public chains as part of a multi-chain strategy. DTCC described the exercise as the final rehearsal before a production rollout, with the full tokenization service expected to go live in October 2026.
How this differs from earlier on-chain stock offerings
The report drew a line between Ondo’s new products and previous tokenized stock structures. Earlier versions generally involved a third party holding shares off-chain and issuing wrapped representations on-chain. In Ondo’s case, the tokens are tied to stock entitlements registered and custodied through DTC.
Based on the source account, the main difference is not simply that the assets can trade on-chain. It is that the underlying security entitlements sit inside the core U.S. securities custody and settlement framework.
Common questions
What are CRCLon and SPYon?
They are tokenized stocks launched by Ondo Finance. CRCLon is tied to Circle stock, while SPYon tracks the SPDR S&P 500 ETF. The report said both are fully backed by real security entitlements held in DTC custody and can be traded on-chain.
What makes these products different from earlier tokenized stocks?
The source said most earlier on-chain stock products relied on third parties to hold shares off-chain and then issue tokens. Ondo’s new products, by contrast, are linked to real stock entitlements registered within DTC, the central U.S. securities depository.