Ondo Finance Launches DTCC-Backed Tokenized Securities for CRCL, SPY

According to Ondo Finance, the platform has launched tokenized securities backed by DTCC-tokenized entitlements, with underlying assets including Circle (CRCL) stock and SPDR S&P 500 ETF (SPY), trading as CRCLon and SPYon on-chain. The underlying securities remain fully held within DTC custodial infrastructure while enabling flexible conversion between traditional and tokenized forms.

Ondo integrates with the DTC network through broker Alpaca Markets, with DTCC's tokenization service set to launch later this year. The initiative includes participation from BlackRock, JPMorgan Chase, Goldman Sachs, Nasdaq, and NYSE.