Overview
- Ondo and Alpaca activated an in-kind minting and redemption route that lets approved firms move shares from their Alpaca brokerage accounts into Ondo’s Alpaca account by internal book transfer and receive matching Ondo Stocks tokens on Ethereum or BNB Chain.
- The feature went live as a primary-market route on Sept. 21 and removes the prior need for separate cash when minting tokens, which Ondo says should cut financing needs for market makers.
- Access is limited and case by case: institutions must hold active Ondo and Alpaca accounts and be approved by Alpaca, and ordinary token holders generally cannot claim the underlying shares.
- Ondo has linked this operational model to traditional custody and clearing steps including Oasis Pro Markets’ recent Fund/SERV membership with the DTCC, but Ondo has not published independent post-launch data showing narrower spreads or deeper liquidity.
- Onchain tracker RWA.xyz reported $3.63 billion in distributed Ondo platform assets on Sept. 22 and the launch sits alongside the SEC’s recent temporary tokenized-securities exemptions, though Ondo has not said the new in-kind route relies on that order and its main product remains unavailable to U.S. retail investors without registration or an exemption.