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Ondo Global Markets review
What you hold with Ondo Global Markets, where to buy it, what it costs and its limits.
Method: observed. Routes opened and quotes observed by us, with dated screenshots. No transaction made.
Our verdict
A good fit if you buy with a wallet on Solana or Ethereum: Jupiter quotes were observed for AAPLon, NVDAon, TSLAon and SPYon (each with a JupShield warning), and a Uniswap quote for AAPLon. Dividends are reinvested, so one token can be worth more than one share over time; the collateral is attested daily.
Suits
- Readers with USDC on Ethereum or Solana who want the tokens in their own wallet.
Does not suit
- Residents of the United States and 13 other excluded countries.
- Retail readers in the EEA until access is clear: sources disagree (qualified investors only, or retail in some Final Terms).
Observed on Sep 28, 2026, from Mauritius, without a wallet: Jupiter for the Apple, NVIDIA, Tesla and S&P 500 ETF tokens; Ethereum routes for Apple only. Not a verdict on this program’s other tokens or networks, and a quote does not confirm access from your country.
AAPLon on JupiterNVDAon on JupiterTSLAon on JupiterSPYon on JupiterAAPLon on Uniswap
What you hold
Issued by Ondo Global Markets (BVI) Limited.
Backing
Structured note backed by shares
You are
Secured creditor of the issuer
Youtoken holderholds a claim onIssuerOndo Global Markets (BVI) Limitedholds as collateralUnderlying sharesthe real stock
- Rights
- Secured creditor (noteholder), not a shareholder: no voting, information or shareholder rights.
- Dividends
- Reinvested automatically net of withholding tax; each token can represent more than one share over time (total return tracker).
- Redemption
- Mint/redeem reserved for onboarded, eligible users (KYC); redemption at the value of the underlying, in USDon (instant) or USDC. No delivery of shares. Minimum redemption $1. Holders who bought on the secondary market cannot redeem without onboarding.
Mechanism, custody, reserves, legal framework, risks
- Mechanism
- Structured note / tracker certificate issued by a bankruptcy-remote BVI SPV, offered under Reg S. Backing: AAPL shares held through Alpaca Securities LLC (DTC), collateral ≥100.5% of the value of outstanding tokens, with a first-rank security interest held by Ankura Trust Company as security agent.
- Custody
- Alpaca Securities LLC (custodian of the underlying securities); BitGo Bank & Trust (stablecoins).
- Reserves
- Daily attestations by Ankura Trust Company (independent verification agent), viewable from 1 October 2025 in the 'Token Holder Protections' section of the asset page (app.ondo.finance/assets/aaplon); monthly reconciliations and annual audits.
- Legal framework
- British Virgin Islands (issuer); Sales Terms governed by Swiss law; Reg S offer (non-US). Base prospectus dated 11 November 2025 hosted on the MFSA (Malta) site, approval not confirmed.
- Trading hours
- Generally 24/5 with exceptions (pauses between sessions and around corporate actions); off-hours session for a 'select set of assets' (AAPLon not confirmed).
- Risks
- Credit/structure risk on the BVI SPV, mitigated by the security interest and ≥100.5% collateral.
- Redemption only for onboarded holders; pauses around corporate actions.
- The token does not equal exactly 1 AAPL share (reinvested dividends), so do not compare it directly with the share price.
- Excluded for US persons; UK, Switzerland and Singapore limited to qualified/professional investors.
Documented from the terms of Apple (Ondo Tokenized Stock) (AAPLon). Other tokens of this program can have different final terms: check the documents of the token you buy.
14 sources, accessed Sep 28, 2026
- issuer, legal form, rights, eligibility (opens in a new tab) Confidence: high
- identifiers (AAPLon example response: ethereum-1, bsc-56) (opens in a new tab) Confidence: high
- custodian Alpaca, BitGo, Ankura security agent, collateral ≥100.5% (opens in a new tab) Confidence: high
- proof of reserves (Ankura, daily) (opens in a new tab) Confidence: high
- redemption, USDon/USDC, minimum $1 (opens in a new tab) Confidence: high
- dividends reinvested, onboarding, exclusions (opens in a new tab) Confidence: high
- networks, 24/5 hours (opens in a new tab) Confidence: high
- base prospectus 11 November 2025 (opens in a new tab) Confidence: medium
- launch date (contradiction) (opens in a new tab) Confidence: low
- excludedCountries, excludedPersons, restrictedRegions (opens in a new tab) Confidence: high
- secondary-market representation (opens in a new tab) Confidence: high
- EEA retail for certain tokens (opens in a new tab) Confidence: medium
- networksClean (Ethereum, BNB, Solana, HyperEVM addresses) (opens in a new tab) Confidence: high
- networks (transferable across Ethereum, BNB Chain, Solana, HyperEVM) (opens in a new tab) Confidence: high
Access: networks, payment, KYC
Every documented buying route for this program, in data order. The issuer excludes residents of Afghanistan, Belarus, Canada, Cuba, North Korea, Iran, Libya, Myanmar (Burma), Russia, Somalia, South Sudan, Sudan, Syria, United States on every route.
| Token | Venue | Network | Pay with | KYC | Tokens go to | Our check |
|---|---|---|---|---|---|---|
| Apple (Ondo Tokenized Stock) (AAPLon) |  Ondo (direct mint/redeem)Platform | Ethereum | USDon, USDC | Required | Your wallet | Documentation only |
| Apple (Ondo Tokenized Stock) (AAPLon) |  Binance Alpha / Binance WalletPlatform | BNB Chain | USDT, USDC | Not documented | Your wallet | Documentation only |
| Apple (Ondo Tokenized Stock) (AAPLon) |  UniswapWallet | Ethereum | USDC | Not required | Your wallet | Quote obtained for AAPLon on Ethereum (IP Mauritius) |
| Apple (Ondo Tokenized Stock) (AAPLon) |  PancakeSwapWallet | BNB Chain | USDT | Not required | Your wallet | Link format only |
| Apple (Ondo Tokenized Stock) (AAPLon) |  1inchWallet | Ethereum | USDC | Not required | Your wallet | Documentation only |
| Apple (Ondo Tokenized Stock) (AAPLon) |  JupiterWallet | Solana | USDC | Not required | Your wallet | Quote obtained for AAPLon on Solana (IP Mauritius) |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | Ondo (direct mint/redeem)Platform | Ethereum | USDon, USDC | Required | Your wallet | Documentation only |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | Binance Alpha / Binance WalletPlatform | BNB Chain | USDT, USDC | Not documented | Your wallet | Documentation only |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | UniswapWallet | Ethereum | USDC | Not required | Your wallet | Link format only |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | PancakeSwapWallet | BNB Chain | USDT | Not required | Your wallet | Link format only |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | 1inchWallet | Ethereum | Not documented | Not required | Your wallet | Documentation only |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | JupiterWallet | Solana | USDC | Not required | Your wallet | Quote obtained for NVDAon on Solana (IP Mauritius) |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | Ondo (direct mint/redeem)Platform | Ethereum | USDon, USDC | Required | Your wallet | Documentation only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | Binance Alpha / Binance WalletPlatform | BNB Chain | USDT, USDC | Not documented | Your wallet | Documentation only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) |  Bitget (spot SPYon/USDT)Platform | Not documented | USDT | Not documented | Not documented | Documentation only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | UniswapWallet | Ethereum | USDC | Not required | Your wallet | Link format only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | PancakeSwapWallet | BNB Chain | USDT | Not required | Your wallet | Link format only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | 1inchWallet | Ethereum | USDC | Not required | Your wallet | Documentation only |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | JupiterWallet | Solana | USDC | Not required | Your wallet | Quote obtained for SPYon on Solana (IP Mauritius) |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) |  MetaMask (Swaps, mobile)Wallet | Ethereum | USDC | Not documented | Your wallet | Documentation only |
| Tesla (Ondo Tokenized) (TSLAon) | Ondo (direct mint/redeem)Platform | Ethereum | USDon, USDC | Required | Your wallet | Documentation only |
| Tesla (Ondo Tokenized) (TSLAon) | Binance Alpha / Binance WalletPlatform | BNB Chain | USDT, USDC | Not documented | Your wallet | Documentation only |
| Tesla (Ondo Tokenized) (TSLAon) | UniswapWallet | Ethereum | USDC | Not required | Your wallet | Link format only |
| Tesla (Ondo Tokenized) (TSLAon) | PancakeSwapWallet | BNB Chain | Not documented | Not required | Your wallet | Link format only |
| Tesla (Ondo Tokenized) (TSLAon) | 1inchWallet | Ethereum | Not documented | Not required | Your wallet | Documentation only |
| Tesla (Ondo Tokenized) (TSLAon) | JupiterWallet | Solana | USDC | Not required | Your wallet | Quote obtained for TSLAon on Solana (IP Mauritius) |
Known and variable costs
- Ondo (direct mint/redeem):
- Mint or burn fee: 0%
Documented fee only. Spreads, network and deposit costs can still apply.
- Ondo (direct mint/redeem):
- Mint or burn fee: 0%
Documented fee only. Spreads, network and deposit costs can still apply.
- Ondo (direct mint/redeem):
- Purchaser fee on issuance and on redemption: up to 0.1% (at the issuer's discretion)
- Ondo (direct mint/redeem):
- Mint or burn fee: 0%
Documented fee only. Spreads, network and deposit costs can still apply.
Variable costs not listed here: the spread, price impact, network fees and, for wallet routes, the swap route chosen by the venue. Only a live quote shows them.
Alternatives
Where to buy each token
Only the tokens documented in our data.
| Token | Underlying | Addresses | Next step |
|---|---|---|---|
| Apple (Ondo Tokenized Stock) (AAPLon) | Apple Inc. | Ethereum: 0x14c3abf95cb9c93a8b82c1cdcb76d72cb87b2d4c source (opens in a new tab)BNB Chain: 0x390a684ef9cade28a7ad0dfa61ab1eb3842618c4 source (opens in a new tab)Solana: Not documented | Where to buy |
| NVIDIA (Ondo Tokenized Stock) (NVDAon) | NVIDIA Corporation | Ethereum: 0x2D1F7226Bd1F780AF6B9A49DCC0aE00E8Df4bDEE source (opens in a new tab)BNB Chain: 0xa9ee28c80f960b889dfbd1902055218cba016f75 source (opens in a new tab)Solana: gEGtLTPNQ7jcg25zTetkbmF7teoDLcrfTnQfmn2ondo source (opens in a new tab)HyperEVM: 0xB989ad9b91886b1Aaed8DaADb26F028b29b40945 source (opens in a new tab) | Where to buy |
| SPDR S&P 500 ETF (Ondo Tokenized) (SPYon) | SPDR S&P 500 ETF Trust | Ethereum: 0xFeDC5f4a6c38211c1338aa411018DFAf26612c08 source (opens in a new tab)BNB Chain: 0x6a708ead771238919d85930b5a0f10454e1c331a source (opens in a new tab)Solana: k18WJUULWheRkSpSquYGdNNmtuE2Vbw1hpuUi92ondo source (opens in a new tab)HyperEVM: 0x32eC2792aeC02122eDD9f28866B720db1e1c1B54 source (opens in a new tab) | Where to buy |
| Tesla (Ondo Tokenized) (TSLAon) | Tesla, Inc. | Ethereum: 0xf6b1117ec07684D3958caD8BEb1b302bfD21103f source (opens in a new tab)BNB Chain: 0x2494b603319d4d9f9715c9f4496d9e0364b59d93 source (opens in a new tab)Solana: KeGv7bsfR4MheC1CkmnAVceoApjrkvBhHYjWb67ondo source (opens in a new tab)HyperEVM: 0x417883b1709545f1211A25b00ad13455fC7F1bc5 source (opens in a new tab) | Where to buy |