Exodus Launches Tokenized Asset Marketplace with Ondo Finance Partnership

Exodus has launched a marketplace for tokenized assets through a partnership with Ondo Finance, allowing eligible users to trade more than 200 tokenized stocks, ETFs and other real-world assets on Solana directly from the crypto wallet.

The company said Exodus Markets is available in select markets and that users can access the service by updating to the latest version of the app. Tokenized assets do not represent ownership of the underlying securities and do not provide shareholder rights, according to the announcement.

Cointelegraph contacted Exodus to determine which jurisdictions are eligible for Exodus Markets but had not received a response by the time of publication.

Founded in 2015, Exodus is a self-custody crypto wallet provider. RWA.xyz data shows tokenized Exodus shares account for more than $55 million in onchain value, placing them among the largest tokenized equities by market size.

Top tokenized equities. Source: RWA.xyz

Ondo Finance is one of the largest issuers of tokenized real-world assets. According to RWA.xyz data, the company's tokenized products hold about $2.7 billion in assets, led by its USDY and OUSG Treasury funds.

Related: TradFi advisers want stablecoins, tokenization over Bitcoin: Bitwise

xStocks leads growth in tokenized equities

The launch comes amid rapid growth in tokenized equities. According to RWA.xyz, the value of tokenized stocks has climbed to $3.5 billion, up more than 139% over the past 30 days, while the number of holders has increased 37% to roughly 357,000.

Much of that growth has been driven by xStocks, a tokenization platform backed by Kraken and issued by Backed Finance. Data shows the company accounts for approximately $2.5 billion in tokenized stock value, representing more than 69% of the sector after growing more than 500% over the past month.

Source: RWA.xyz

Recently, the trend has expanded into pre-IPO markets, with crypto exchanges racing to offer tokenized exposure to SpaceX ahead of the company's stock market debut on Friday.

Last week, Kraken announced that SpaceX would become the first company available through its xStocks IPO Access platform, allowing eligible users to trade tokenized shares backed 1:1 by the underlying stock. Days later, Bybit said it would also offer SpaceX through xStocks as the inaugural listing on its new tokenized equity platform.

Binance entered the market in May with a perpetual futures contract tied to SpaceX's expected pre-IPO valuation, while Coinbase launched pre-IPO markets in June with a SpaceX-linked perpetual futures product for eligible users outside the United States.

Blockchain.com also rolled out a SpaceX-linked perpetual contract this month through its OTC desk as part of a new 24/7 institutional trading platform.

SpaceX shares gained around 22% shortly after trading began on Friday, rising from an opening price of $135 to about $164 by midday, according to Yahoo Finance data.

Source: Yahoo Finance

However, Bybit announced on Friday that subscribers to its SpaceX IPO offering would receive refunds after xStocks failed to secure the underlying shares needed to fulfill allocations.

Source: Bybit