Near Adds Ondo's Tokenized U.S. Stocks With Confidential Execution

What Happened

near.com, an app built on the NEAR blockchain, began offering Ondo Finance's tokenized U.S. stocks and exchange-traded funds (ETFs) on Tuesday, September 22, 2026. Users can buy tokenized shares of companies like NVIDIA and Tesla, or ETFs such as QQQ, using crypto like USDC or Bitcoin held across more than 30 networks. The companies said the trades are kept confidential and are not broadcast publicly.

The tokenized assets are not available to U.S. persons or anyone in Canada.

Key Points

• Users can hold tokenized stocks and ETFs alongside crypto in one account, without a separate brokerage account or wallet.
• Each token is backed by the corresponding share or fund, with daily attestations.
• Trades are confidential and not publicly visible.
• NEAR's token rose 7.1% over 24 hours after the announcement.

How the Tokens Work

Ondo issues its stock tokens on Ethereum, BNB Chain, and Solana, and they can be bridged to HyperEVM. Each token carries an "on" suffix — for example, TSLAon for Tesla and NVDAon for NVIDIA. The tokens track total return, with dividends reflected net of withholding taxes. Trading pauses during corporate actions such as dividends and stock splits.

According to Ondo, each token is fully backed by the corresponding share or fund and cash in transit, held with U.S.-registered broker-dealers or U.S.-chartered national trust companies.

The tokens provide economic exposure to the underlying securities but do not give ownership or rights to receive those securities.

Minting and redeeming the tokens is currently open only to institutional participants who complete onboarding. Ondo's documentation says retail onboarding is "coming soon."

Confidential Execution

Funding an account, buying a token, holding it, and exchanging it back are all confidential — meaning they are not broadcast to the public. near.com credits this to NEAR Confidential, which keeps balances and activity private while allowing users to control what they disclose.

near.com's terms list a protocol fee of 0.0001% per transaction and a 0.2% swap fee on near-intents.org, with no separate charge for Confidential Mode.

Orders on near.com are filled by independent third-party solvers that compete to execute trades. The platform's terms state that Intents Technology "does not act as a broker, dealer, agent, or counterparty in any transaction."

Eligibility and Jurisdictional Limits

Ondo's release states that its tokenized stocks and ETFs are "not available in the United States, to U.S. persons, in Canada, or in other prohibited jurisdictions." The product page says the tokens are offered "only outside the United States and only to eligible non-U.S. persons."

near.com allows account creation without email or know-your-customer (KYC) checks. Its terms require users to represent they are not in prohibited jurisdictions but do not name the United States or Canada specifically. The terms also say Intents Technology may restrict or block access to products by jurisdiction or eligibility, though neither the release nor the terms explains how eligibility is determined.

Ondo's Scale and Distribution

Ondo's tokenized stock platform holds approximately $972 million in total value locked (TVL) across Ethereum, BNB Chain, and Solana, according to DefiLlama. Ondo itself claims the platform holds more than $1 billion in TVL and has processed over $26 billion in cumulative trading volume, with more than 450 tokenized stocks and ETFs available.

Ondo has distributed its tokens through MetaMask, Felix on Hyperliquid, and the Exodus wallet, and added 173 stocks and ETFs to its catalog in June.

Regulatory Context

The integration follows the Securities and Exchange Commission's (SEC) five-year conditional exemption issued on September 17, 2026, which allows tokenized National Market System (NMS) stock to trade onchain through permissioned liquidity pools in the United States. That route is separate from Ondo's non-U.S. offering.

Market Reaction

NEAR was up 7.1% over 24 hours and 83% over seven days at 11:07 a.m. ET on September 22, according to CoinGecko. ONDO fell 4.2% over the day but was up 23% over the week.

Sources

• The Defiant — Near Adds Ondo's Tokenized Stocks With Confidential Execution

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