> ## Documentation Index
> Fetch the complete documentation index at: https://docs.passage.coinlist.co/llms.txt
> Use this file to discover all available pages before exploring further.

# Ondo

> A broad catalog of 400+ tokenized assets across equities, fixed income, and commodities. Ondo assets are only available to non-US investors.

Ondo adds assets regularly, so treat the [Ondo token list](https://github.com/ondoprotocol/ondo-global-markets-token-list) as the source of truth rather than a fixed roster.

## What it is

A broad catalog of 400+ assets, spanning [equities](/assets/equities), [fixed income](/assets/fixed-income), and [commodities](/assets/commodities). That covers single-company shares, index and sector funds, Treasuries and corporate credit, and physical metals and energy.

Assets are issued as wrapped economic exposure. The asset holder has economic exposure to the underlying asset, but does not own the asset outright. The issuing entity owns the underlying asset and issues a claim against it to the investor.

## Ownership model

Wrapped exposure. The token tracks the value of the underlying asset but confers fewer rights than direct share ownership.

Practically, that means your users get the price exposure without the shareholder rights that come with a directly owned share. Where those rights matter to your users, [Superstate](/assets/partners/superstate) is a better partner.

## How users buy

Tokens are minted directly from the issuer through an RFQ purchase flow. The user places an order and confirms the price before the purchase processes. Tokens and stablecoins settle in a single transaction.

Unlike Superstate assets, Ondo assets are not allowlist-gated, so there is no wallet registration step before the purchase.

## What users can do with it

Buy, sell, and hold it for exposure, and earn yield where the product accrues it.

Ondo powers [tokenized stocks](/use-cases/tokenized-stocks), yield, and commodities.

## FAQ

<AccordionGroup>
  <Accordion title="What does my user actually own?">
    Economic exposure, not title in the underlying asset. Ondo tokenized equities are backed 1:1 by securities at licensed US broker-dealers, issued by Ondo Global Markets (BVI) Limited through a bankruptcy-remote SPV with an independent director, overcollateralization, a third-party security agent, and daily attestations.
  </Accordion>

  <Accordion title="Does one token equal one share?">
    Not always. Ondo stocks are total-return trackers, which means dividends are reinvested net of withholding taxes. The price typically matches the price of the stock exactly on the day Ondo issues it, but over time, as dividends are reinvested, the price drifts to represent more than one share and stops tracking the stock.

    This matters for how you communicate price to users. Do not use traditional market data for the stock. Use the official pricing from Ondo, or a provider such as CoinGecko. Scaled UI makes this look share-like on Solana and BNB Chain, but not on Ethereum.
  </Accordion>

  <Accordion title="Do my users need to conduct KYC with Ondo directly?">
    No. Individual users do not need to complete KYC with Ondo.

    Compliance obligations differ based on your business model and structure. DEXs and self-custodial swaps may not require direct KYC on their users to transact in Ondo tokens. Other businesses may be obligated to perform KYC, which Passage supports.

    In all cases you are obligated to perform certain compliance functions and apply geographic restrictions, which Passage will help you support. Contact your Passage representative about the compliance model appropriate for your business.
  </Accordion>

  <Accordion title="Which jurisdictions?">
    Ondo tokens are not available in the following jurisdictions: Afghanistan, Belarus, Crimea, Cuba, Donetsk People's Republic (DNR) Ukraine, Luhansk People's Republic (LNR) Ukraine, Kherson region Ukraine, Zaporizhzhia region Ukraine, Eritrea, Iran, Libya, Myanmar, North Korea (DPRK), Russia, Sevastopol Ukraine, Somalia, South Sudan, Sudan, Syria, Venezuela, United States (including states, territories, possessions, and federal districts), Canada, China, Algeria, Morocco, and Nepal.

    There may be additional restrictions for specific tokens. Each offering outlines its full restricted list.
  </Accordion>

  <Accordion title="How does a user buy?">
    Tokens are available through an RFQ purchase flow. Users place an order and then confirm the price before the purchase processes. Purchases can only be made in USDC.

    Tokens are generally minted directly via Ondo, available instantly and atomically. Tokens and stablecoins settle in a single transaction. Fractional tokens are supported.

    Because it is an RFQ system connected directly to Ondo Global Markets, it generally provides good pricing up to the individual token limits offered via the RFQ.
  </Accordion>

  <Accordion title="What are the market hours?">
    Most Ondo tokens trade 24/5, meaning 24 hours a day, 5 days a week, following US market conventions. There is no trading on weekends, holidays, between market sessions, during corporate actions, or if risk limits trip.

    A select and growing set of assets trade in an off-hours session over weekends and US market holidays. Live status is at [status.ondo.finance](https://status.ondo.finance).

    Even where assets are supported outside US market hours, liquidity is likely to be reduced. Users should be aware of the price quoted by the RFQ when buying or selling.
  </Accordion>

  <Accordion title="Are there order maximums or minimums?">
    Each asset has different order sizing limits, visible in the offer details. The minimum is \$1.
  </Accordion>

  <Accordion title="Can a user sell?">
    Yes. The selling flow is identical to the purchase flow: an atomic burn redeeming to USDC.
  </Accordion>

  <Accordion title="Dividends?">
    Dividends are auto-reinvested net of withholding taxes, reflected as an increasing token balance on Solana (support coming soon) and as tracker value on Ethereum. There is no cash distribution.
  </Accordion>

  <Accordion title="Voting rights?">
    Ondo token holders do not own the underlying stock, so they are not entitled to voting rights. Proxy voting may be available where Ondo enables it.
  </Accordion>

  <Accordion title="Are the tokens transferable?">
    Yes, peer-to-peer and into DeFi protocols across Ethereum, BNB Chain, and Solana, and bridgeable to HyperEVM. There is no allowlisting on Ondo tokens.
  </Accordion>

  <Accordion title="Can these assets be used in DeFi?">
    Yes, widely. Certain Ondo tokens may be used as collateral in lending, or for perps on Ondo's perp platform. AMM pools also exist, but liquidity is often very thin. Passage's Ondo swaps tend to have much better pricing at larger sizes.
  </Accordion>

  <Accordion title="Do my users get tax documents?">
    No. Your users will not get tax documents from Passage or Ondo related to purchases and sales of Ondo tokens, dividends, or any other corporate actions.
  </Accordion>

  <Accordion title="Why would a transaction fail?">
    The usual cause is timing. The platform runs 24/5 with pauses between sessions, during corporate actions on a given ticker, and if risk limits trip. Live status is published at [status.ondo.finance](https://status.ondo.finance). Transfers are unaffected by any of this and keep working when mint and redeem are paused.

    Mint and redeem also require completed onboarding. Holding tokens does not make someone eligible to redeem, so a user who picked up tokens on a secondary market and never onboarded has no redemption path. Their only options are to keep holding or to sell on a secondary market where permitted.
  </Accordion>

  <Accordion title="What if I end the integration?">
    Users keep and control their tokens.
  </Accordion>
</AccordionGroup>

## Build it

<CardGroup cols={2}>
  <Card title="Ondo Swap Buy" icon="arrows-rotate" href="/sdk/ondo-swap-buy">
    The purchase path used by Ondo assets.
  </Card>

  <Card title="Asset catalog" icon="list" href="/assets/catalog">
    Every asset Ondo issues, by asset class, with ticker and type.
  </Card>
</CardGroup>