Ondo Global Markets (tokenized stocks and ETFs, ”on” tickers)
BSC SPYon: can pause transfers, claw back, gate who may hold, mint, change the code (freeze unverified). Compliance owner key: a 4-of-7 multisig. Code changes wait behind 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.
Research and shelf status are on the memo: Ondo Global Markets (Ondo Stocks) Adverse research finding
Other programs tokenize the same securities. Every version side by side: CRCL, IVV, SPY, MU, NVDA, QQQ, MSTR, HIMS.
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A structured note: a debt of Ondo Global Markets (BVI) Limited, a BVI special purpose company. Not the share itself.
“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
One dollar 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
Redeem instantly to USDon; 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 | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| SPYon | Ethereum | No | Yes | Yes | Yes | Yes | Compliance owner key: a 4-of-7 multisig. Code changes wait behind a timelock with a 2-hour delay. |
| SPYon | BSC | Unverified | Yes | Yes | Yes | Yes | Compliance owner key: a 4-of-7 multisig. Code changes wait behind 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. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| 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 | 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 |
Role holders on BSC could not be read from the public event indexes on the last reading; the table shows only what was confirmed.
Ethereum SPYon: 1 contract read at block 26037569, 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: 1 contract read at block 123495019, 4 functions in verified source, 2026-09-23
- compliance()=0x76be569c94c39a2e2492de2f4d1c253f348250d0
- 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 at block 449584634, 0 functions in verified source, 2026-09-23
- mintAuthority=9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD
- freezeAuthority=51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK
- defaultAccountState=initialized
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 |
How it exits
| Path | Settlement | Minimum | Fee | Settles in |
|---|---|---|---|---|
| Redeem with the issuer in its window | Instant atomic mint or redeem against an Ondo-signed quote through GMTokenManager during 24/5 sessions; select assets also 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
- A holder wallet is frozen, a token is paused outside a corporate action, or Ondo 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 is late past 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
- USDC redemption is refused or delayed because the swapper is empty for more than one business day
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
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