Ondo gets ADGM approval to list tokenized U.S. stocks and ETFs on Binance MTF
Ondo Finance’s Ondo Global Markets has received approval from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority to admit tokenized U.S. stocks and ETFs for trading on Binance’s ADGM-regulated Multilateral Trading Facility (MTF). Ten Ondo-backed tokenized securities — equity-linked note representations of major U.S. names and ETFs (Amazon, Alphabet, Apple, Meta, Microsoft, NVIDIA, Tesla, Circle, SPDR S&P 500 ETF Trust, Invesco QQQ) — are now available to eligible non-U.S. users. The products are structured as equity-linked notes to fit securities frameworks. This listing restores a regulated venue for Binance to offer tokenized equities after earlier suspensions, and follows Ondo’s prior regulatory approvals in Europe (Liechtenstein passporting across the EU/EEA). Ondo reports over $11 billion cumulative trading volume and roughly $600 million in TVL since launch, and has announced plans for “Ondo Perps” — perpetual futures on U.S. stocks, ETFs and commodities with up to 20x leverage outside the U.S. ADGM’s approval expands the compliant infrastructure for on-chain tokenized equities and could accelerate institutional and retail access to tradable real-world assets (RWA).
Bullish
The ADGM approval and Binance MTF listing create a regulated on-ramp for tokenized U.S. equities, which is likely to increase demand and trading activity for these tokenized products. For assets and platforms directly involved — specifically Ondo-backed tokenized equities and Binance’s regulated MTF — the news is bullish: it expands market access, reduces regulatory uncertainty for eligible jurisdictions, and signals growing institutional acceptance of tokenized real-world assets. Short-term effects may include spikes in trading volume and volatility as traders arbitrage pricing between tokenized shares and underlying securities and position for the anticipated Ondo Perps launch. Medium- to long-term effects could be increased liquidity and deeper market structure for tokenized equities, greater inflows into platforms offering compliant RWA products, and a potential path for product expansion (derivatives, perpetuals) that supports sustained growth. Risks that temper the bullish case include jurisdictional restrictions (U.S. investors excluded), regulatory changes in other regions, and execution risks around product custody, redemption mechanics and counterparty credit — any of which could slow adoption or create episodic volatility. Overall, for the listed tokenized securities and related trading venues, the net impact is positive.