Markets Outlook: Ondo Finance Brings Tokenized US Stocks to 280 Million Binance Users

Podcast: Markets Outlook
Host: CoinDesk
Guest: Ian Debode, President of Ondo Finance
Date: December 8, 2025

Episode Overview

In this episode, the Markets Outlook team speaks with Ian Debode, President of Ondo Finance, during Binance Blockchain Week in Dubai. The conversation centers on Ondo's milestone integration: enabling all 280 million Binance Wallet users to access tokenized US stocks and ETFs 24/7. The discussion explores regulatory challenges, benefits of tokenized assets, implications for global investors, and the expanding frontier of digital asset markets.

Key Discussion Points and Insights

Ondo Finance’s Landmark Binance Launch

• Introduction of Tokenized Stocks & ETFs (00:30)

  • Ondo Finance launched tokenized US stocks and ETFs to be accessible within Binance Wallet.

  • Opens up 24/7 global access—about 280 million Binance Wallet users can now invest in these assets anytime.

    “So now all of Binance Wallet’s users, about 280 million people I think, have access to US stocks and ETFs 24/7 whenever they want.”
    — Ian Debode (00:33)

Regulatory Landscape & Compliance

• Navigating Legal Frameworks Beyond the US (01:08)

  • Ondo issues assets outside the US, mainly under Swiss law and EU regulations.

  • Full asset-backing assures legitimacy, countering issues seen with competitors.

    “Our assets are issued under Swiss law. There’s a prospectus in the EU... So when you buy a Tesla token, you can rest assured that there is a Tesla stock sitting in a brokerage account.”
    — Ian Debode (01:19)

• Welcoming Regulatory Clarity

  • Ondo welcomes more clear regulations and asserts its full compliance in its jurisdictions.
  • The primary addressable market is non-US residents who have historically had trouble accessing US equities.

Tokenized Stocks vs. Traditional Stocks: User Benefits

• Why Tokenized? (02:13)

  • Real stocks in brokerage accounts are “locked in” — little interoperability.

  • Tokenized stocks can move freely between platforms, used in DeFi, held in Binance Wallets, and traded around the clock.

    “When you tokenize these things, all of a sudden you can transfer it very freely between the various platforms. You can even take it into your Binance Wallet whenever you want to.”
    — Ian Debode (02:21)

• Stablecoin Analogy

  • The experience mirrors the appeal of stablecoins vs. bank deposits—one-to-one backing and global liquidity.

Global Focus: The Middle East & Beyond

• Why Dubai and Non-US Markets? (03:23)

  • Ondo targets burgeoning markets with historical barriers to the US capital markets—mirroring stablecoin adoption.

  • Dubai and the Middle East are strategic due to increasing capital flow and crypto adoption, plus concentration of major exchanges.

    “We believe fundamentally there is a very large user group that wants access to US capital markets, but historically has struggled.”
    — Ian Debode (03:26)

• Betting on Crypto Exchanges

  • Ondo anticipates a convergence of crypto and traditional finance, with exchanges likely to offer stocks and ETFs more broadly by 2026.

The TradFi Response & Distribution Revolution

• TradFi's New Perspective (05:26)

  • TradFi institutions, unlike with stablecoins, are eager to embrace tokenization to avoid missing out on the next wave.

    “They don’t want to make the same mistake as they did with stablecoins. ...They kind of get it, quite frankly, and they’re not opposed to it at all.”
    — Ian Debode (05:41)

• On Distribution Channels

  • Asset managers now see public blockchains as simply another global distribution channel.

Cost, Fees, and Global Access

• Lower Fees, Greater Inclusion (06:45)
  • Tokenized stock trades are often far cheaper—in some countries, brokerage fees are prohibitively high.
  • Ondo brings “zero commission or free trading” to a broader audience, potentially undercutting some traditional fee models.

Growth Trajectory and Market Share

• Explosive TVL Growth (07:32)

  • Ondo jumped from $200 million to nearly $2 billion TVL (10x) in two years.

  • The wider market for tokenized treasuries soared from $1B to $10B.

  • Ondo claims leadership in tokenized stocks with about 60% market share.

    “The asset classes of tokenized Treasuries went from a billion or so to now almost 10 billion. ...Tokenized stocks are really by far the leader. I think we have 60% market share or something.”
    — Ian Debode (07:49)

• 2026: The Year of Tokenized Stocks

  • Major moves from Robinhood, Kraken, and others signal the mainstreaming of on-chain equities.

The Future: What Gets Tokenized Next?

• Scaling Ambitions (08:57)

  • Ondo currently offers 100 stocks, aiming for 1,000 in the coming year.

  • The next phase will drive changes in asset management and investment strategies as on-chain rails become the default.

    “Tokenizing stocks, I think, was really just the first step... how you think about asset management, how you think about investment strategies, all of that is really about to change, quite frankly, in a very big way.”
    — Ian Debode (08:47)

Notable Quotes & Memorable Moments

• On user empowerment:

  “It just becomes a much more seamless experience... same thing applies to tokenized stocks and ETFs.”
  — Ian Debode (02:36)

• On TradFi’s attitude:

  “They kind of get it, quite frankly, and they’re not opposed to it at all.”
  — Ian Debode (05:58)

Key Timestamps

• 00:30 — Launch of tokenized stocks/ETFs on Binance Wallet
• 01:08 — Regulatory frameworks and compliance
• 02:13 — Advantages over traditional brokerage accounts
• 03:23 — Focus on the Middle East and non-US markets
• 05:26 — TradFi embracing blockchain as a distribution channel
• 06:45 — Fees comparison and access
• 07:32 — Growth metrics and future predictions
• 08:57 — What assets are next for tokenization?

Summary

Ian Debode outlines Ondo’s vision and the significance of their Binance partnership, offering seamless, compliant access to US equities for a global, previously underserved demographic. The episode provides a candid forecast for the mainstreaming of tokenized financial assets, highlighting institutional buy-in, lower costs, rapid growth, and ongoing ambitions to broaden the spectrum of tokenized securities. Ondo positions itself as a leader, driving the evolution of how the world invests.