SPDR S&P 500 ETF (Ondo Tokenized ETF) — Project Update

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Biggest Stories of 2025

• SEC Ends Investigation of Ondo Finance: Ondo received formal notice that a confidential, multi-year SEC investigation — examining whether its tokenization of certain real-world assets complied with federal securities laws and whether the ONDO token was a security — was closed without any charges 6. This removed a significant regulatory overhang for the platform. (December 8, 2025)
• EU Regulatory Approval for Tokenized Stocks and ETFs: Ondo Global Markets received approval from the Liechtenstein Financial Market Authority to offer tokenized stocks and ETFs to retail investors across the EU and EEA 7. This expanded the addressable market for Ondo's tokenized securities into Europe. (November 18, 2025)
• Ondo x Chainlink Announced: Ondo selected Chainlink as the official oracle provider for its tokenized securities and set out to position Chainlink's CCIP as the preferred cross-chain solution for traditional financial institutions 4. This strengthened the infrastructure underpinning Ondo's tokenized products. (October 30, 2025)
• Ondo Deployment on BNB Chain: Ondo Global Markets went live on BNB Chain via PancakeSwap, giving BNB Chain users access to over 100 tokenized U.S. stocks and ETFs 3. This marked the platform's multi-chain expansion beyond Ethereum. (October 29, 2025)
• Open Letter to the SEC: Ondo published an open letter urging the SEC not to approve or deny Nasdaq's proposed rule changes for trading tokenized securities, citing insufficient information, competitive burdens tied to DTC functions, and a deficient competition analysis 5. This reflected Ondo's active engagement in shaping tokenized-securities regulation. (October 17, 2025)
• Open Letter to World Federation of Exchanges: Ondo founder and CEO Nathan Allman sent a letter to WFE CEO Nandini Sukumar disputing the WFE's paper criticizing products "mimicking tokenized equities," and recommended the WFE promote standards recognizing well-designed tokenized products 8. This highlighted ongoing industry debate over the legitimacy of tokenized equities. (September 29, 2025)
• Ondo Global Markets Launch: Ondo Global Markets went live on Ethereum, enabling non-U.S. investors to trade tokenized versions of over 100 U.S. stocks and ETFs, with plans to scale to over 1,000 by year-end and expand to BNB Chain, Solana, and Ondo Chain 2. This is the platform on which SPYon is offered, making it the foundational event for the product. (September 3, 2025)
• 1inch RWA Swaps Integration: 1inch upgraded its Swap API to support tokenized real-world assets in partnership with Ondo Finance, allowing users to access RWAs through the 1inch dApp, Wallet, and partner platforms 9. This improved liquidity and accessibility for Ondo's tokenized assets. (September 3, 2025)
• Ondo Global Markets Launch Date Announced: Ondo indicated that Global Markets would launch on September 3, 2025 10. This set the timeline for the platform's debut. (August 22, 2025)
• Ondo Catalyst Launch: Ondo announced Ondo Catalyst, a $250 million strategic investing initiative supported by Pantera Capital, aimed at accelerating RWA tokenization across protocols, platforms, and infrastructure 11. This signaled Ondo's commitment to growing the broader tokenized-asset ecosystem. (July 3, 2025)
• Ondo Monthly Spotlight — February 2025: Ondo held its inaugural Ondo Summit in New York City, announcing Ondo Chain (a Layer 1 proof-of-stake blockchain for institutional-grade onchain financial markets) and Ondo Nexus (a liquidity initiative for tokenized Treasuries), alongside a new visual identity, a collaboration with World Liberty Financial, a partnership with Mastercard's Multi-Token Network, the appointment of Patrick McHenry as Vice Chairman, and OUSG going live on Assetera 12. These developments established the strategic and organizational foundation for Ondo's tokenized-securities push. (March 1, 2025)
• Ondo Global Markets Introduced: Ondo introduced Ondo Global Markets, an RWA tokenization framework designed to enable onchain access to stocks, bonds, and ETFs, with tokens backed 1:1 by underlying assets and permissioning built into the distribution layer 13. This was the conceptual blueprint for the platform that would later host SPYon. (February 4, 2025)
• Ondo Nexus Introduced: Ondo introduced Ondo Nexus, an initiative providing liquidity for third-party issuers of tokenized Treasuries, incorporating OUSG's minting and redemption capabilities and expanding collateral backing to include tokenized Treasuries from Franklin Templeton, WisdomTree, Wellington Management, and Fundbridge Capital 14. This deepened Ondo's liquidity infrastructure for tokenized assets. (February 3, 2025)