Inside the June 2026 Tokenized Stock Wave: Ondo, Exodus, and the Race for On-Chain Equities

Ondo Finance builds institutional infrastructure around tokenized equities

At the same time, Ondo Finance made three separate announcements that collectively push tokenized stocks closer to the structure of traditional capital markets.

A veteran ETF builder takes the reins

On June 11, Ondo appointed John Hoffman, the former head of ETFs at Invesco and a subsequent Grayscale executive, as Managing Director, Head of Product Portfolios . Hoffman spent nearly two decades building and distributing ETFs before entering the crypto space, and his hire marks a deliberate shift. Ondo is moving beyond tokenizing individual stocks toward constructing full on-chain investment portfolios that could resemble managed funds or ETF-like baskets .

This appointment comes as Ondo’s tokenized-stock platform surpassed $1 billion in total value and now includes more than 260 listed U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain .

Tokenized equity holders get a vote

Also in June, Ondo enabled proxy voting for holders of its tokenized equities, which total over $700 million in value . This is a subtle but important technical upgrade: one of the longstanding criticisms of tokenized stocks is that they provide economic exposure but none of the governance rights that come with traditional share ownership. By integrating proxy voting, Ondo’s tokenized stocks start to function more like regulated brokerage assets .

Ondo Perps introduces 24/7 trading with tokenized securities as margin

On June 9, Ondo launched Ondo Perps, a perpetual futures platform built specifically for tokenized U.S. equities, ETFs, and commodities . Non-U.S. traders can trade names like Nvidia, Apple, and Tesla around the clock with up to 20x leverage, while U.S. users are barred .

What sets Ondo Perps apart from existing crypto derivatives venues is the margin structure: positions can be collateralized with tokenized securities or Ondo’s treasury products, not just stablecoins . This design ties the futures market directly to the underlying tokenized assets rather than floating on top of a separate stablecoin liquidity pool.

The bigger picture: a $3 billion market by year-end

These June moves from Exodus and Ondo are not happening in isolation. They arrive on the back of a busy first half of 2026. In May, Ondo completed the first-ever cross-border redemption of tokenized U.S. Treasuries with J.P. Morgan, Mastercard, and Ripple, with settlement reportedly taking under five seconds . Franklin Templeton has tokenized five of its ETFs through Ondo’s infrastructure , and the Depository Trust & Clearing Corporation (DTCC) added Ondo to its tokenized securities consortium alongside BlackRock and Goldman Sachs, with production trades expected to begin in July 2026 .

Ondo executives now project the market for tokenized stocks could reach $3 billion by the end of 2026, driven by the combination of new distribution channels—such as the Exodus wallet integration—and the deepening of institutional plumbing like proxy voting, futures, and cross-border settlement .

With Exodus Markets opening a direct consumer on-ramp and Ondo building the fund-management and derivatives layers on top, the tokenized equity stack is beginning to look less like an experiment and more like an alternative financial rail running parallel to traditional exchanges.