Ondo Pipes tokenized US shares of $BNB to HyperEVM, converting blue chip shares into on-chain collateral for basic, arb and delta neutral strategies.
Ondo Finance has deepened its tokenization push by diverting exposure away from US stocks and ETFs $BNB Link to Hyperliquid’s HyperEVM, using a cross-chain bridge built on LayerZero’s messaging framework. The new connection brings 35 tokenized assets – including SPY, QQQ, NVDA, TSLA, GOOGL, NFLX and BABA – to HyperEVM, where they can be combined with perps and on-chain funding markets for basic transactions, funding rate arbitrage and delta-neutral positioning.
Tokenized shares meet HyperEVM liquidity
The bridge builds on Ondo’s existing LayerZero integration, which it previously described as “the largest live bridge dedicated to tokenized security” across supported assets, and extends that architecture beyond Ethereum and $BNB Chain in the Hyperliquid ecosystem. Ondo’s model is based on offshore special purpose vehicles that purchase and hold underlying US securities with registered broker-dealers, then issue on-chain notes that transfer economic risk, a structure that one recent market explainer has categorized as “indirect tokenization” because token holders have claims against the issuing institution rather than legal ownership of the shares themselves.
Since Ondo Global Markets went live in September 2025, the platform has rapidly scaled, with total value in tokenized stocks and ETFs exceeding $970 million and cumulative trading volume approaching $18 billion, cementing the platform’s status as the largest tokenized securities platform in the world. A March update showed that tokenized stocks alone accounted for more than $700 million of that TVL and more than 60% of the entire tokenized equity market, while a separate investor update in January said Ondo had become “the largest issuer for both tokenized treasuries and equities,” with more than $2.5 billion in combined TVL across the products.
For Hyperliquid and its users, the Ondo bridge broadens the collateral and strategy available on HyperEVM, which already hosts Felix Protocol’s offering of more than 260 Ondo-powered tokenized stocks and ETFs. Originally a lending platform, Felix is now among the top DeFi applications on Hyperliquid’s L1 with approximately $167 million in TVL, and a recent market overview noted that tokenized stocks across platforms have exploded past $1.5 billion in total TVL as non-US traders look for on-chain routes into the US stock markets.
The move also fits into a broader race between issuers and platforms to dominate real-world asset liquidity, with Ondo already enabling access to tokenized equities on platforms such as Binance’s relaunched tokenized equities business and MetaMask’s integration of tokenized US stocks and ETFs. By wiring tokenized blue chips into HyperEVM’s derivatives rails, Ondo and Hyperliquid essentially turn on-chain stocks into building blocks for the same kind of complex, leverage- and volatility-based trading that has long defined traditional prime brokerage desks — only this time they live in public smart contracts instead of proprietary bank stacks.