Ondo Global Markets (tokenized stocks and ETFs, ”on” tickers)
BSC SPYon: can pause transfers, claw back, gate who may hold, mint, change the code. A 4-of-7 multisig holds the compliance owner key. Code changes must pass through a timelock with a 2-hour delay.
Solana SPYon: can freeze a holder, pause transfers, mint. An account only a program can sign for can freeze a holder and pause transfers. An account only a program can sign for can change the code with no delay.
Hyperliquid L1 CRCLon: can pause transfers, claw back, gate who may hold, mint, change the code (freeze unverified). A 4-of-7 multisig holds the compliance owner key. Code changes must pass through a timelock with a 2-hour delay.
In plain words on RIADeFi: Ondo Global Markets, explained.
This file replaced an earlier version on 2026-09-27. Superseded to add the Hyperliquid L1 (HyperEVM) control reading: the file listed the tokens there with no reading of who can freeze, pause, or claw them back, so a wallet holding one on that chain matched nothing. The terms and the claim model did not change. Earlier versions.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Ondo Global Markets (Ondo Stocks) Not approved
Other programs tokenize the same securities. Every version side by side: CRCL, IVV, SPY, MU, NVDA, QQQ, MSTR, HIMS.
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
The token is a structured note issued as debt by Ondo Global Markets (BVI) Limited, a BVI special purpose company. The holder does not own the share.
“An Ondo tokenized stock is a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited (known as the ”Issuer”), a bankruptcy-remote special purpose vehicle (SPV) organized in the British Virgin Islands (BVI).”
Ondo Stocks docs: Legal & Regulatory · How are Ondo tokenized stocks structured legally? · words found 2026-09-23
- Who may hold it
US persons, and anyone placing an order from the US, may not subscribe, acquire, or redeem.
“Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are ”U.S. persons” or acting for the account or benefit of any ”U.S. persons” within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming Ondo Stocks.”
Ondo Stocks docs: Eligibility · Jurisdiction-Based Prohibitions, footnote · words found 2026-09-23
- First purchase minimum
$1.00 to invest or redeem directly.
“The minimum is just $1.00 USD.”
Ondo Stocks docs: Investing & Redeeming · What is the minimum I can invest or redeem? · words found 2026-09-23
- Who it may be transferred to
Tokens move freely on chain outside the US, including to wallets that never passed Ondo KYC.
“All Ondo stocks are transferable outside the US across supported blockchains”
Ondo Stocks docs: Transferability · Are Ondo stock tokens transferable? · words found 2026-09-23
- How a holder redeems
Holders can always redeem instantly to USDon, and to USDC only while the swap contract holds enough USDC.
“The redemption to USDon will always be instant; redemptions to USDC will be instant provided there is enough liquidity in the stablecoin swapper.”
Ondo Stocks docs: Investing & Redeeming · Redeeming: What about redemptions? · words found 2026-09-23
- Who keeps the official record
The token contract is the securities ledger for each note, under Swiss law.
“The address of the smart contract serving as the Securities Ledger of the Token is: 0x0e397938c1aa0680954093495b70a9f5e2249aba.”
Ondo Global Markets (BVI) Limited, Final Terms for Product Nr. 1 QQQon (ISIN VGG7001AAJ30), dated 11.11.2025, as filed with the MFSA · Part A, Address of smart contract serving as Securities Ledger (QQQon) · words found 2026-09-23
- What the issuer says it can freeze or take back
Ondo’s Solana code notes list a global transfer pause. No Ondo document states a freeze or forced-burn power over holders.
“Pausable - Global transfer pause capability”
Ondo Global Markets Solana program README (ondoprotocol GitHub) · README, Token Extensions · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| SPYon | Ethereum | No | Yes | Yes | Yes | Yes | A 4-of-7 multisig holds the compliance owner key. Code changes must pass through a timelock with a 2-hour delay. |
| SPYon | BSC | No | Yes | Yes | Yes | Yes | A 4-of-7 multisig holds the compliance owner key. Code changes must pass through a timelock with a 2-hour delay. |
| SPYon | Solana | Yes | Yes | No | No | No | An account only a program can sign for can freeze a holder and pause transfers. An account only a program can sign for can change the code with no delay. |
| CRCLon | Hyperliquid L1 | Unverified | Yes | Yes | Yes | Yes | A 4-of-7 multisig holds the compliance owner key. Code changes must pass through a timelock with a 2-hour delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-27. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| SPYon | Ethereum | Beacon owner | change the code | a timelock with a 2-hour delay | 0x3715…34f1 |
| SPYon | Ethereum | Compliance owner | decide who may hold, grant and revoke these powers | a 4-of-7 multisig | 0x71a4…1646 |
| SPYon | Ethereum | Minter role | mint new tokens | a contract | 0x2c15…5c8c |
| SPYon | Ethereum | Admin role | grant and revoke these powers | a timelock with a 2-hour delay | 0x3715…34f1 |
| SPYon | Ethereum | Minter role | mint new tokens | a contract run by a contract | 0x61a6…bbf3 |
| SPYon | Ethereum | Minter role | mint new tokens | a contract | 0xec8b…1f4e |
| SPYon | BSC | Beacon owner | change the code | a timelock with a 2-hour delay | 0x8860…3b26 |
| SPYon | BSC | Compliance owner | decide who may hold, grant and revoke these powers | a 4-of-7 multisig | 0xa307…a913 |
| SPYon | Solana | Mint authority | mint new tokens | an account only a program can sign for | 9foMHs…cUxD |
| SPYon | Solana | Freeze authority | freeze a holder | an account only a program can sign for | 51QVCu…hiuK |
| SPYon | Solana | Pause authority | pause transfers | an account only a program can sign for | 9foMHs…cUxD |
| SPYon | Solana | Transfer-hook authority | decide who may hold, change the code | an account only a program can sign for | 9foMHs…cUxD |
| CRCLon | Hyperliquid L1 | Beacon owner | change the code | a timelock with a 2-hour delay | 0x6253…0e83 |
| CRCLon | Hyperliquid L1 | Compliance owner | grant and revoke these powers | a 4-of-7 multisig | 0xa307…a913 |
Ketju could not read the role holders on BSC, Hyperliquid L1 from the public event indexes on its last check. The table shows only what Ketju confirmed.
Ethereum SPYon: 1 contract read, 4 functions in verified source, 2026-09-23
- compliance()=0x54a8757c2fef8649830b158a8c19d3a670e80318
- compliance in verified source 0xebbc…2250
- setTokenPauseManager in verified source 0xebbc…2250
- burn in verified source 0xebbc…2250
- mint in verified source 0xebbc…2250
BSC SPYon: 4 contract reads, 4 functions in verified source, 2026-09-24
- eip1967.beacon=0xc046b05a920e4b412815934dd8e58904dda73315
- 0xc046b05a920e4b412815934dd8e58904dda73315.implementation()=0x578f397ca4661d1db4d9a65065d6b284a1a850fd
- compliance()=0x76be569c94c39a2e2492de2f4d1c253f348250d0
- codehash(0x76be569c94c39a2e2492de2f4d1c253f348250d0)=0xd1a9f20a2777be18afb57eb9310f8481432c34a95ae187430bfb679863423977=codehash(1:0x54a8757c2fef8649830b158a8c19d3a670e80318)
- compliance in verified source 0x578f…50fd
- setTokenPauseManager in verified source 0x578f…50fd
- burn in verified source 0x578f…50fd
- mint in verified source 0x578f…50fd
Solana SPYon: 3 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD
- freezeAuthority=51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK
- defaultAccountState=initialized
Hyperliquid L1 CRCLon: 7 contract reads, 7 functions in verified source, 2026-09-27
- totalSupply()=0x0000000000000000000000000f1bffcf1ffb9000
- decimals()=0x0000000000000000000000000000000000000012
- compliance()=0xae79085ad94ac040f712a63aaeae707ec5ede4f6
- eip1967.implementation=0x0000000000000000000000000000000000000000
- eip1967.admin=0x0000000000000000000000000000000000000000
- eip1967.beacon=0x258269e782ab73aca6c0574990ff29b79aafffb6
- beacon.implementation()=0x0d25c65d0cc97af724ffd7a54eb287660e8dfad4
- compliance in verified source 0x0d25…fad4
- setCompliance in verified source 0x0d25…fad4
- setTokenPauseManager in verified source 0x0d25…fad4
- tokenPauseManager in verified source 0x0d25…fad4
- burn in verified source 0x0d25…fad4
- MINTER_ROLE in verified source 0x0d25…fad4
- mint in verified source 0x0d25…fad4
Where it trades
| Venue | Kind |
|---|---|
| Ondo Stocks platform (app.ondo.finance and GMTokenManager contracts) | issuer primary |
| Nest Exchange (Binance MTF, ADGM), for eligible Binance account holders | exchange |
| Bitget (named launch partner) | exchange |
| OKX (named launch partner) | exchange |
| HTX Global (named launch partner) | exchange |
| CoW Protocol (named launch partner) | dex |
| 1inch (named launch partner) | dex |
Redemption
| Route | Settlement | Minimum | Fee | Settles in |
|---|---|---|---|---|
| Redeem with the issuer in its window | Onboarded holders mint or redeem instantly against an Ondo-signed quote through GMTokenManager in 24/5 sessions, and for some assets in an Off-Hours session | $1 | 0 bps | USDon, USDC, USDT |
| Redeem in kind | Share-for-token mint or redeem through Alpaca Instant Tokenization Network, for institutions Alpaca approves case by case (since 2026-09-21) | underlying shares | ||
| Secondary market only; no issuer redemption | Holders without Ondo onboarding sell on exchanges or DEXs; the issuer redeems only after KYC | USDC, USDT |
- Ondo opens direct onboarding to individuals, or opens any offer to US persons, or its confidential SEC registration statement becomes effective
- Ondo freezes a holder wallet, pauses a token outside a corporate action, or adds a permanent delegate or forced-burn power on any chain
- Ondo publishes an issuer-side freeze or burn power in its docs or Sales Terms, or the Solana transfer hook is set to a program
- A daily Ankura attestation shows backing below token supply, or a monthly reconciliation arrives after the 20th
- The custodian, broker, security agent, or tokenizer named in the Final Terms changes
- The FMA base prospectus (valid to 11.11.2026) lapses without a successor, or the EEA retail offer is withdrawn
- Ondo refuses or delays USDC redemptions for more than one business day because the swap contract is empty
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has revised this file 2 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
| 2026-09-24 | Revised. Superseded to settle the BSC freeze power the file had marked unverified. The BSC compliance view contract has no verified source of its own, but its code is the same as Ondo’s verified Ethereum contract apart from per-deployment constants; read through it, the BSC token has no freeze. |
| 2026-09-27 | Revised. Superseded to add the Hyperliquid L1 (HyperEVM) control reading: the file listed the tokens there with no reading of who can freeze, pause, or claw them back, so a wallet holding one on that chain matched nothing. The terms and the claim model did not change. |
Sources
- Ondo Stocks docs: Legal & Regulatory · primary · accessed 2026-09-23
Supports: structured note, BVI SPV issuer, Swiss-law Sales Terms, Regulation S only, no shareholder rights, issuer ownership 90.01% Flux Finance / 9.99% Ondo Finance - Ondo Stocks docs: Eligibility · primary · accessed 2026-09-23
Supports: US-person bar, prohibited jurisdictions, professional-investor jurisdictions, sole-discretion bar - Ondo Stocks docs: Onboarding & KYC · primary · accessed 2026-09-23
Supports: institutions only today, Persona KYC, wallet allowlist - Ondo Stocks docs: Investing & Redeeming · primary · accessed 2026-09-23
Supports: $1 minimum, USDon and USDC settlement, swapper liquidity limit, any wallet may hold - Ondo Stocks docs: Transferability · primary · accessed 2026-09-23
Supports: transferable outside the US, Ethereum, BNB Chain, Solana, HyperEVM - Ondo Stocks docs: Trust & Transparency · primary · accessed 2026-09-23
Supports: US broker-dealer custody, Ankura Trust security agent, daily attestations, overcollateralization - Ondo Stocks docs: Secondary Market Restrictions · primary · accessed 2026-09-23
Supports: KYC before redemption, deemed representations, limited recourse, Zurich arbitration - Ondo Stocks docs: Important Notes · primary · accessed 2026-09-23
Supports: no right to underlying, FMA base prospectus, EEA retail, Binance Nest Exchange (ADGM) admission - Ondo Stocks docs: Overview · primary · accessed 2026-09-23
Supports: total return tracker, 24/5 trading, no mint or burn fees, launch partners - Ondo Stocks docs: Market Hours & Trading Availability · primary · accessed 2026-09-23
Supports: session times, halts, Off-Hours session - Ondo Stocks docs: Fees & Taxes · primary · accessed 2026-09-23
Supports: spread retained, 30% dividend withholding - Ondo Global Markets (BVI) Limited, Final Terms for Product Nr. 1 QQQon (ISIN VGG7001AAJ30), dated 11.11.2025, as filed with the MFSA · primary · accessed 2026-09-23
Supports: debt instrument, securities ledger contract, retail and professional in EU/EEA, fees up to 0.1%, Alpaca Securities and BitGo Trust custodians, Ondo Finance Inc. as tokenizer, Ankura security agent - Ondo docs: Smart Contract Addresses and linked token CSV · primary · accessed 2026-09-23
Supports: GMTokenManager, USDon, SyntheticSharesOracle, token address list - Ondo GM token list (CSV, linked from the addresses page) · primary · accessed 2026-09-23
Supports: Ethereum, BSC, Solana, HyperEVM token addresses, underlying ISIN - Ondo Global Markets Solana program README (ondoprotocol GitHub) · primary · accessed 2026-09-23
Supports: Token-2022 extensions, global transfer pause, whitelist, role-based mint and burn - Ondo Finance press release: in-kind conversion via Alpaca ITN (2026-09-21) · primary · accessed 2026-09-23
Supports: in-kind mint and redeem, approved institutions only, Alpaca accounts required - Solana mainnet getAccountInfo (jsonParsed) for the eight Ondo mints · primary · accessed 2026-09-23
Supports: Token-2022, freeze authority set, pausable, transfer hook (no program), metadata URI on app.ondo.finance