Ondo’s top pick: DTC rights-backed tokenized stocks, and the ONDO coin surges 17% in 24 hours

RWA leader Ondo Finance launched on Wednesday (7/15) tokenized stocks backed by DTC tokenized rights—something not seen in the market before. CRCLon and SPYon correspond to Circle stocks and SPDR S&P 500 ETFs, respectively, connecting to the participant network of DTC, the U.S. central securities depository, via Alpaca Markets. Right after the news broke, the ONDO token surged by around 17% at one point within 24 hours, hitting $0.37. On the same day, clearing giant DTCC also announced that it has completed tokenized trades involving more than 30 participating institutions, with full services expected to go live in October 2026.
(Background: Ondo’s tokenized Treasuries hit the account in 5 seconds! First time running through JPMorgan, Mastercard, and the RWA redemption pipeline.)
(Additional context: The UK formed an “RWA tokenization working group”! 54 major banks including Barclays and JPMorgan joined, targeting an $88 trillion blue-ocean market.)

Table of contents

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• These tokenized stocks are different
• Ondo gets the entry ticket via Alpaca
• The Wall Street custody giant steps in personally

Key takeaways

• Ondo launches its first stock tokens backed by DTC tokenized rights: CRCLon and SPYon, corresponding to Circle stocks and the S&P 500 ETFs.
• The news drove the ONDO token to rise by about 17% at one point within 24 hours, reaching $0.37.
• DTCC completed tokenized trades involving more than 30 institutions on the same day, with full services expected to launch in October 2026.

RWA (real-world assets) tokenization leader Ondo Finance has moved one step closer to Wall Street. On Wednesday (7/15), Ondo launched tokenized stocks backed by DTC tokenized rights that are unique to the market. The first batch includes CRCLon corresponding to Circle stocks (CRCL) and SPYon corresponding to the SPDR S&P 500 ETF (SPY). Right after the news broke, the ONDO token surged by about 17% at one point within 24 hours, hitting $0.37.

DTC, short for Depository Trust Company, is the U.S. central securities depository—nearly all U.S. stock registrations and custody behind the scenes go through it. This time, Ondo’s tokens are not synthetic assets created out of thin air by a third party. Instead, the tokenized stock rights backed by actual DTC custody are generated through DTCC’s tokenization services. This is the biggest difference from those on-chain stock projects in the past.

These tokenized stocks are different

Over the past year, tokenized stocks on-chain haven’t been new. Coinbase and various Solana issuers have pushed them, but most involve brokers or third parties holding shares off-chain, then issuing a corresponding token on-chain—essentially adding another layer of wrapping.

Ondo is taking a different path this time. CRCLon and SPYon are backed by DTC tokenized rights—real securities within Wall Street’s regulated custody system. Ondo calls them a “digital twin” of stocks, and every token is fully backed by the corresponding securities. The difference may sound subtle, but for institutions it’s the key to whether they can buy with confidence.

Ondo gets the entry ticket via Alpaca

Ondo can connect to this DTC closed system thanks to broker Alpaca Markets as a bridge, bringing Ondo into the DTC participant network.

Getting this entry ticket is not easy. Alongside Ondo on the DTCC tokenization plan are names such as BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and the New York Stock Exchange. Ondo is one of the few crypto-native players that squeezed into this list. The market’s 17% surge in the ONDO token price is essentially buying into this position.

The Wall Street custody giant steps in personally

Ondo’s move is, in fact, built on DTCC’s bigger game plan. Also on July 15, DTCC announced that it successfully ran real trading of U.S. securities using DTC tokenized assets end-to-end. More than 30 institutions participated, covering Russell 1000 index constituents, U.S. Treasuries, and ETFs tracking the S&P 500 and Nasdaq 100.

These trades run on both DTCC’s private chain and public chain, as part of its multi-chain strategy. DTCC positioned this as the final dry run before a formal service launch, with full tokenization services expected to roll out in October 2026. Once the institution that clears all U.S. stocks is ready to move assets on-chain, tokenization stops being just a self-affirmation in the crypto circle.

Frequently asked questions

What are CRCLon and SPYon?

They are tokenized stocks issued by Ondo Finance. CRCLon corresponds to Circle stock (CRCL), and SPYon corresponds to the SPDR S&P 500 ETF (SPY). Behind both are real securities rights fully backed by DTC custody, which can be traded on-chain.

How are these tokenized stocks different from the past ones?

Most prior on-chain stocks involved third parties holding shares off-chain and then issuing token-wrapped packages. This time, behind the tokens are real stock rights registered with DTC, the U.S. central securities depository—meaning the core settlement infrastructure of Wall Street is personally backing on-chain stocks.