Ando is building "Wall Street 2.0" by tokenizing traditional financial assets like stocks, ETFs, and treasuries, making them more accessible, usable in DeFi, and ultimately creating a fully functioning on-chain financial system.
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Thank you and welcome to the second
annual Ando Summit. We have over 400
industry leaders with us here today from
the financial services industry and
blockchain industry with thousands more
uh tuning in virtually online. Now, I
know you really wanted to see Nate up
here first, but unfortunately he has an
absolutely terrible, terrible case of
the flu. He thought it better not to
infect the entire Troutfire world with
it. So, he shall be missed today. And
here I am. Thank you all, however, for
joining us today and for battling the
cold and snow to do it. We know that for
many of you that was no easy task. Now,
last year at the summit, I stood here
and told you that we atondo believed a
change was coming. A change where
blockchain technology would
fundamentally upgrade our financial
markets. We called it Wall Street 2.0.
[snorts] And that change is needed.
Despite the incredible innovation that
is modern financial markets, it still
suffers from many limitations. Limited
transparency, slow settlement,
restricted market hours, walled gardens,
platform lockin, [snorts] manual
processes, and most importantly, a lack
of access.
For billions of people globally, the
financial system has failed to provide
them with the ability to provide
highquality financial assets and
We've always maintained that public
blockchain technology and DeFi could
solve this because at its core, the
benefit they provide is exactly access.
This means the access to own, to create,
and to use the financial products and
services wherever you are, whenever you want.
want.
Over the past year, we've made real
progress in enabling that mission. We
grew OSG and USDY by expanding their TVL
and distribution footprint dramatically.
And most importantly, we launched onto
global markets, our tokenized stocks and
ETF platform that can do for US capital
markets what stable coins did for the US
dollar. But it's worth noting that we
didn't just ship products and platforms.
We defined the category. We are the
number one in both tokenized treasuries
and tokenized stocks and ETFs. In this
last category, we have over 60% market share.
share.
We have built an ecosystem of hundreds
of partners spanning traditional
financial services and crypto players
and we've established Ono as a thought
leader in bringing financial markets onchain.
onchain.
These efforts combined with our product
innovations have led and finance to
become one of the most recognized RWA
brands in the world. Even used to
illustrate tokenization in official
White House reports.
2025 was a fantastic year of delivering
both products and partnerships to make
Wall Street 2.0 a reality. And to
illustrate that further, I'd love to
welcome Brendan Flores, MD, on stage to
give an overview of what we actually
thanks Ian. Good morning, everyone.
As Ian just mentioned, over the past few
years, we've been working hard to
improve the accessibility of financial
markets by bringing traditional assets
on chain.
Inspired by the success that stable
coins had in providing onchain exposure
to the dollar, we wanted to do the same
for other traditional assets. As many of
you know, this started with US
treasuries to bring the risk-free rate
onchain. And now, as we'll discuss,
we've since moved on to stocks and ETFs.
Now, a question we get frequently is why
we focused on tokenizing liquid assets.
For many years, the thinking was that
because tokens can be fractionalized
easily and settled quickly and cheaply,
tokenizing private assets could improve
their liquidity.
In reality, however, it's not so simple.
While technology certainly can help,
private assets often suffer from other
issues that technology is less equipped
to address. These include things like
information asymmetry, lack of fungeibility,
fungeibility,
pricing difficulty, and resistance from issuers.
issuers.
Instead, we've long believed that, as
we've seen with stable coins, the assets
that would benefit the most from
tokenization are those that already have
deep liquidity. These are large, in-
demand, easily priced assets like the US
dollar and like publicly traded
securities that can benefit from
tokenization to make them both more
globally accessible and salailable as
collateral in DeFi. In other words,
we're not tokenizing illquid assets to
make them more liquid. We're tokenizing
liquid assets to make them more accessible.
accessible.
By the way, this opportunity is also
enormous with globally publicly traded
stocks and bonds representing almost
$225 trillion in value. Now, these are
some of the largest, most liquid markets
in the world. But access to them is
still constrained by things like
geography, market hours, platform
fragmentation, and legacy rails. But by
tokenizing these assets, we can begin to
address these issues and take another
step closer to our mission of bringing
financial markets onchain.
So with that, let me turn to what we've
actually delivered this year. Starting
with our tokenized treasuries.
First is OSG, our globally available
institutional-grade treasury product.
The goal of OSG has always been simple.
enable institutional investors the
ability to instantly convert between
tokenized cash and treasury exposure at
any scale by providing the deepest
instant subscription and redemption
liquidity of any tokenized treasury product.
product.
Usg does this by diversifying its
backing across other tokenized treasury
funds and integrating support for
multiple stable coins. This approach
both aggregates the liquidity across
these assets and via our Nexus
technology creates fungeability between
them allowing eligible holders of any
supported assets to easily and instantly
swap to any other.
This also means that with our Nexus
offering we can enable other asset
managers to offer their clients the same
instant 247 subscription and redemption capabilities.
capabilities.
Now, this past year, we've expanded the
backing of OSG to include tokenized
treasury products from Fidelity and
Figure and brought it to Ripple's XRPL blockchain.
blockchain.
We also took steps to integrate OSG with
traditional banking and payment rails
via tokenized deposit networks,
including partnering with Mastercard as
the first RWA provider to join their
multi-token network and with JP Morgan
and Chainlink to demonstrate a delivery
versus payment transaction versus JP
Morgan's Kexus.
So, what does this really mean?
Well, imagine a world where consumers
and businesses can instantly and
automatically sweep the cash in their
bank account to treasury exposure to
earn the risk-free rate, yet instantly
convert back to cash when needed for a
debit card purchase. It's pretty cool.
Together, these instant transaction
capabilities and Treadfi integrations
mean that OSG isn't just a tokenized
treasury product. It's becoming an
institutional liquidity layer that
connects tokenized funds, onchain
execution, and real world sentiment
networks into one interoperable platform.
We've also continued to improve USDY,
our freely transferable tokenized
treasury product. This past year, we
expanded USDY to the Stellar, SE, and
Plume blockchains, making accessible to
millions more users.
We continued to integrate USDY into many
parts of the ecosystem and improve
cross-chain usability with better
bridging infrastructure.
And in December, we enabled instant
minting and redeeming of USDY for select
institutional partners, making USDY
truly behave like a yield bearing stable coin.
coin.
Today, USDY is live across nine chains,
integrates with 70 plus partners, trades
across multiple dexes, and is accessible
to users in over 80 countries through
dozens of interfaces. In our mind, these
things make USDY the leading US Treasury
asset for DeFi.
Thanks to these efforts across OSG and
USDY, I'm pleased to say that Ando's
tokenized treasury products collectively
now hold over $2 billion in TVL, making
us the number one provider of tokenized
But despite all this progress on
tokenized treasuries, the biggest thing
that we did this year has to be the
launch of our platform for tokenized
stocks and ETFs. Onto Global Markets.
Onto Global Markets is a tokenization
platform that allows us to quickly
tokenize all US publicly traded
securities, providing investors outside
the US, many for the first time, access
to exposure to these highquality
financial assets.
Since it launched just 5 months ago,
Global Markets assets have been
purchased by over 30,000 investors
across 90 countries with over 9 billion
in total trade volume and over $550
million in TVL. That's more TVL than all
other tokenized stock platforms combined.
combined.
Now, here are just some of the key
features of Go Markets assets.
First, broad asset selection. Today,
investors can gain onchain exposure to
hundreds and soon thousands of NIC and
NASDAQ listed securities.
To be clear, this isn't just a handful
of popular stocks. Investors have the
chance to build a diversified financial
portfolio across asset classes, sectors,
strategies, factors, regions, and more.
We're talking about things like AI,
robotics, commodities, or real estate,
leverage strategies, income strategies
like CLOS, and high yield bonds. All
Next, instant global availability.
Investors can mint and redeem global
markets tokens instantly, 24 hours a
day, 5 days a week. This means a trader
in Tokyo, London, or Salo can access US
equities whenever they need to,
eliminating the friction and delays that
come with legacy market infrastructure.
Next, and as we'll discuss more in a few
minutes, global markets tokens are
designed to be able to offer the same
liquidity as the underlying security on
traditional exchanges. As you can see
from the chart behind me, the liquidity
of publicly traded securities often
vastly exceeds that of even the most
heavily traded cryptocurrencies.
By inheriting this liquidity for its
assets, Glo Markets provides investors
access to the often incredibly deep
Now, unlike other tokenization
approaches which require explicit
company opt-in, the global markets
approach effectively wraps existing
securities into a tokenization layer.
This combined with the inherited
liquidity model I just described allows
global markets to rapidly scale up the
number of assets and to quickly launch
new ones.
For example, just last month, we listed
a tokenized version of Bitco stock the
day of its IPO, making it globally
available across Salana, Ethereum, and
BNB chain. This marked the first time
the stock of a nicely listed company was
mirrored on chain across multiple
blockchains on the day of its IPO.
And we can continue to do this. That's
why today we're announcing for the first
time a new service called Ando Global
Listings, enabling us to offer tokenized
versions of select US IPOs the day they
Global markets tokens can also be freely
transferred to eligible investors and
can be used in DeFi. Unlike traditional
securities trapped in your brokerage
account, once you hold a global markets
token, you control it. You can transfer
it peer-to-peer, bridge it across
supported chains, or as we'll talk about
later, integrate it into any compatible
D5 protocol.
And as always, Global Markets tokens
feature institutional-grade investor
protections, including overcolateralized
backing secured by an independent third
party collateral agent, a bankruptcy
remote structure, and daily proof of reserves.
reserves.
Global markets assets are also designed
to be accessible wherever investors
already are. For example, global markets
tokens are already available on
Ethereum, BNBchain and Salana, on
centralized exchanges like Bitket
Global, Gate and Blockchain.com.
They are also supported in DeFi via
aggregators like 1 in and cow swap and
in major wallets like Binance wallet,
Trust Wallet, and Topnod the Anfinancial Wallet.
Wallet.
I'm also thrilled to announce for the
first time that starting today, global
markets tokens are now fully supported
in MetaMask, the most widely used
non-custodial wallet, further improving
accessibility to global markets assets
Okay, I obviously just said a lot of
things, so let's take a step back. What
are we actually doing here?
Well, just like stable coins, Ando
Global Markets is taking a highly liquid
traditional financial asset and using
blockchain technology to make it both
more accessible and usable in DeFi.
That's why we like to say that what
stable coins did for dollars, and global
markets is doing for securities.
Okay, so that's what global markets has
achieved. To talk more about how we've
achieved it, I'd like to introduce
Cameron Clifton, Ando's head of
engineering, to explain the innovative
design behind [snorts] the success and
the foundations it lays for the future. Cameron.
Thanks, Brandon.
So, you've heard about what Global
Markets has achieved this year. Now, I
want to explain how it works and more
importantly, why we built it this way.
As Brendan mentioned earlier, a lot of
projects attempt to tokenize assets to
make them more liquid. But we focused on
tokenizing already liquid assets to make
them more accessible. And because the
assets we already tokenize trade deep in
US stock markets, we realized we didn't
need to recreate liquidity. We needed to
unify it unify it with onchain markets.
Once we framed the problem that way, the
the design constraints became clear. We
knew blockchains today aren't ready for
the throughput and complexity of US
equity markets. So, rebuilding full
order books on chain to simulate
traditional markets was not the right
approach. Instead, we looked to trading
models that already work at
institutional scale and landed on one
that fits our needs. Request for quote. [snorts]
Here's how it works within global
markets. An eligible trader requests a
quote from the gold market system.
We compute that quote using real-time
market conditions from traditional
markets and return a binding signed
quote in the response.
At that moment, we're taking an enormous
amount of information from traditional
markets and compressing it into a single
verifiable object that smart contracts
can understand.
That signed quote object is the bridge
between two very different financial
systems. It lets us pass through
virtually the same liquidity and market
depth you'd expect from the underlying
stock markets without trying to recreate
that liquidity onchain asset by asset.
Once the trader accepts the quote, they
submit the signature on chain and the
smart contract instantly mints or
redeems the token against stable coins
at the agreed price. From the user's
perspective, it's a single atomic transaction.
But liquidity and instant minting aren't
the whole story. One of the real
advantages of tokenization is programmability.
programmability.
And when you combine that with the fact
that outside the US, global markets
tokens are freely transferable like
stable coins, they can compose naturally
with the rest of the DeFi ecosystem.
Let me show you a concrete example.
In this clip, we're showing a real mint
that occurred in January. A user spends
1 million USDT to mint 163 QQQ on our
global markets token that tracks the
Invescue Invesco QQQ ETF.
This transaction takes place between two
qualified investors, Binance Wallet, an
approved partner, plus DeFi
infrastructure. The user is based
outside of the US and has completed
Binance's KYC process which enforces all
jurisdictional prohibitions for ongo
markets products.
Behind the scenes, Binance wallet
submits the user's buy intent via an
intentbased decentralized exchange
aggregator. A separate qualified
investor onboarded to global markets
sees that intent, requests a signed
quote, and fills the trade. As a result,
the Binance wallet user receives
brokerage-like execution quality, but
This model allows for fast price
convergence across venues without any
need for preunded inventory.
This is what composability looks like in
practice. Different systems coordinating
through simple verifiable primitives
across small and large orders. We
consistently see executions that closely
track underlying market prices with
slippage comparable to what users would
expect from a traditional brokerage.
This chart shows the difference between
our mint and redeem execution prices and
underlying stock market quotes. Across a
wide range of stocks, we remain within a
few basis points of the market, often
well under five, showing that users are
getting execution very close to
traditional market pricing.
There's another important consequence of
this model, scalability. Because we're
not forced to preund inventory or
recreate market depth for every asset we
list, we can scale far beyond what
pool-based and inventory-based models allow.
allow.
We've already expanded to hundreds of
assets since launch this past September
with many more coming this year.
That same mindset also extends to
distribution. From day one, multi-chain
support has been a firstass design
concern. We've partnered with layer zero
to build a bridge that supports all
global markets tokens through a single
unified smart contract system. When new
tokens are deployed, they're bridgible
across new chains by default. Extending
global markets to new ecosystems is
straightforward, allowing assets to move
When you get liquidity, transferability,
and scale right from the start,
tokenized stocks stop being isolated
products and they become financial
infrastructure building blocks for
entirely new financial strategies and
applications. You'll hear more about
So, I've talked a lot about the
technology today, but that's only one
dimension of what we built. Mark, our
general counsel, is going to walk you
through how we've approached the legal
and regatory foundations that make this
Well, thanks Cameron and good morning
everybody. Um as Brendan mentioned on
the global markets has already achieved
tremendous commercial success with
investors and partners alike.
In parallel global markets has made
major strides in a developing global
regulatory environment.
In November and global markets received
regulatory approval for its European
securities perspectus unlocking its
ability to offer its tokens to the
public throughout the EU and European
economic area.
And today I'm excited to announce for
the first time that with regulator
consent we have activated that approval
into a live offering. Starting yesterday
over 500 million investors in 30 markets
throughout Europe now have the
opportunity to purchase many of the most
popular ando tokenized stocks and ETFs
anytime on demand.
Now, as many of you know, achieving
European regulatory approval is no
laughing matter. And in this case, it's
proof that on global markets, the on
global markets model can operate under
serious regulatory regimes.
But it's also indicative of the fact
that the United States is still playing
catch-up. And as regulatory environments
for tokenized securities continue to
evolve outside the US, in Europe, and in
major global economic centers in the
Middle East, Southeast Asia, and beyond,
the United States risks losing its
opportunity to both fortify and enhance
its capital markets and technological
leadership. As a nation, we simply
cannot afford to lose this opportunity.
And at we're on a mission to make sure
that we don't.
But how?
As we've previously written about, the
US securities tokenization debate has
been too focused on the relative merits
of three different models for tokenization.
tokenization.
Direct ownership, tokenized beneficial
ownership, and digitally native
tokenized exposure to securities. As if
US tokenization regulation is somehow a
race that only one of these models can
win. But this is a false dilemma. In
traditional markets, investors have long
demonstrated their interest in different
forms of exposure. Some investors prefer
to hold their securities through their
brokers in the DTC. Others might want to
hold them directly and custody them with
say BNY Melon. And still others prefer
exposure via say funds, swaps or even
equity link notes. It will be no
different on chain. We cannot let
ourselves be fooled into believing that
one model is inherently superior to the others.
others.
All three of these models have their
merits and all three of them are
perfectly viable in the US and many
jurisdictions globally,
but only one firm is currently
positioned to pursue all of these
models. You guessed it, and
we plan to do just that. [snorts]
It starts, of course, with global
markets. I'm extremely excited to
announce that just this morning, a
little after 9:00 a.m. under Global
Markets BVI Limited, the issuer of
Global Markets tokens confidentially
filed a registration statement in the
United States with the Securities and
Exchange Commission.
Once effective, this filing would make
Global Markets the first issuer of
transferable tokenized stocks to be to
be subject to the SEC's reporting requirements.
requirements.
And more broadly, this filing would
provide transparent disclosure about the
issuer that lays the groundwork for
global markets to enter more
jurisdictions globally when both
regulation and commercial conditions are
right, including the US.
But we're not stopping there with our
regulated entity stack, which includes
our our SEC registered transfer agent,
our SEC registered investment
[clears throat] advisor, and our SEC
registered broker dealer and ATS. We can
leverage each tokenization model to
unlock a vast array of onchain offerings
for US investors and global investors as
well as asset managers, corporate
securities issuers and other market
participants including, for example,
digitally native registered investment
companies and private funds, onchain
corporate IPOs, peer-to-peer and
brokered onchain markets for tokenized
public securities, funds, bonds, and
other assets. fully onchain dividend
distributions and shareholder voting,
prime brokerage, and much much more. [clears throat]
The point here is that we're not waiting
for clarity in the US markets. We're
actively creating it. We believe this is
important because if we do this right,
the US doesn't just allow tokenization,
it benefits from it. It means US
investors get better access, better
optionality, better portability, and
better market plumbing over time. And it
means the US capital markets remain the
global center of gravity, even as they
become more accessible in an onchain 247 world.
world.
So that's where we are. Now, I'd like to
welcome Ian to tell us where we're
Mark. All right.
Thank you, Mark.
So, you've heard what we shipped. You
heard how it works, and you've heard all
about our expansive regulatory and
licensing stack and the expansion in the
US. I [snorts] think by now most of you
are probably ready for the main event to
begin. Yet, here I am again.
But bear with me because now it's about
to get a little bit more fun. I get to
talk about what's next.
And to set the stage, it's worth
emphasizing that what we've built so far
really is not is not a collection of
products. It really is a foundation. A
foundation that will allow us to finally
make institutional onchain markets possible.
possible.
We have assets like stocks, ETFs,
treasuries that investors can move
freely and use whenever they want. We
have infrastructure like the OnoBridge
that makes these assets portable across ecosystems.
ecosystems.
We have platforms like global markets
which connects the liquidity and pricing
of traditional markets to onchain environments
environments
and distribution with integrations into
DeFi venues, wallets, and centralized
exchanges. All of this backed with the
most comprehensive regulatory stack that
enables us to tokenize and distribute
assets in major geographies in a fully
compliant way.
But what's next is what is going to
matter the most to really turn these
components into a full financial system.
Now what do we mean by that? Well, in
traditional markets, sophisticated
investors don't just buy and hold
assets. They use them. They borrow
against them. They hedge them. They
trade derivatives on them. And they will
do all of this through prime brokers
ultimately with a goal to generate a
superior return on their capital. This
is prime brokerage.
Onchain. Today, prime brokerage doesn't
really exist. Leverage is fragmented.
Collateral is siloed. Funding is
expensive. Liquidity is insufficient.
Hedging is extraordinarily difficult.
and users can't easily move between
venues to get the best rate or the best execution.
execution.
To really see this come to life, it's
instructive to look at the most popular
platforms for equity per right now.
While they clearly have product market
fit for crypto assets, the current
onchain equity per platforms have real limitations.
limitations.
This graph shows the impact of a simple
$1 million buy or long position in
Google. This scale is very trivial in
tradi as you can see via the on the
global markets number but existing per
platform really struggle with this size.
Now this doesn't mean that we should
just give up on pers. Pers have been all
the rage in 2025 and rightfully so. They
are a very elegant way to express a
synthetic lever position on an asset
whether crypto, equity or commodity. A
user can simply deposit stable coins as
collateral on the platform, pick any
asset, go up to 100x long or short, and
do all of this 247 even when the
underlying markets are closed.
PERBs also have no expiry unlike
traditional futures or options, making
them a very user-friendly trading instrument.
instrument.
The numbers also speak for themselves.
Per's volumes on Dix venues reached
almost $10 trillion last year. The vast
majority of these volumes were expressed
on crypto. Only recently have some
platforms started to list equities and commodities.
commodities.
But the issue with these equity perks is
that they don't allow for effective
hedging with bad liquidity as a result.
To really understand this, allow me to
walk you through the trade. If a market
maker wants to short an equity per to
collect funding and provide liquidity,
they have to put up additional capital
to buy the spot asset. Typically in a
traditional brokerage account, this
causes capital fragmentation and opens
the market maker to unnecessary risk.
The market maker is hedged but not in
the eyes of the per platform. This
fragmentation leads to low liquidity
which is exactly what is observed on all
platforms today for equity per including
the market leader. To solve this you
need to connect these two worlds and
enable the spot asset as the collateral
asset. You need multi-asset collateral.
This way, a market maker can buy spot,
use it as collateral, short the perp,
collect the funding, and provide
liquidity. All while being completely
hedged in the eyes of the per platform.
This more or less doubles the capital
efficiency. A market maker does not need
to put up stable coin capital to open
the perp and more capital to buy spot
and hedge. This will lead to tighter
spreads and better liquidity on the
platform, ultimately benefiting all
platform traders. Now, why don't all
platforms do this? Why don't all
platforms enable multiasset collateral?
Well, historically, the problem with
enabling different collateral in stable
coins is that you need very deep
liquidity on chain to enable instant
liquidation of the collateral asset. No
platform has this. So, they only enable
stable coins as collateral. This is
obviously where Ono has a unique edge
via its Ono global markets platform that
can connect the trady liquidity to
onchain markets.
You could almost argue that Onondo is
very uniquely positioned to build a
better per platform for equities and commodities
commodities
and we agree.
I am extraordinarily excited to announce
per a unique [snorts] platform that will
provide the best possible execution,
liquidity and capital efficiency to
provide synthetic leverage on public
equities and commodities. Onoper is the
first of its kind and specifically
designed to have the best liquidity and
capital efficiency for leverage on
equities and commodities onchain.
Ono perps will have the best execution
and capital efficiency of any per
platform in the market right now. It
will enable market makers and traders to
use spot as collateral to seamlessly
hedge their positions and collect
funding and be rewarded for improving
liquidity. Traders will also be able to
buy spot assets to be long yet use these
assets as collateral to go short a
different asset.
Buy gold, use it to short silver.
Onoper will also build on our experience
with global markets to have more
tailored oracle design to deal with
corporate actions. To start, on purpose
will enable up to 20x leverage on these
tickers that are shown on the page
behind me. For those of you outside the
US and interested in joining the weight
list, go to onoper.xyz
right now.
By integrating the onoper platform into
global markets, we can bridge the
liquidity gap that exists for
liquidations of tokenized equity
collateral and seamlessly offer
multiolateral on the per venue.
This integration is truly a first of its
kind and illustrates the power of
composability between theo platforms. It
is also why is uniquely able to offer this.
this.
This last point is worth emphasizing.
The Ono ecosystem is designed to be
modular with each other. Each platform
can serve as a building block to the
next one. All with the aim to increase
liquidity, capital efficiency, and
investor choice onchain. This is a key
part of how our ecosystem builds towards
onchain capital markets and onchain
prime brokerage. Each platform and
product will build on the next.
This [snorts] brings me to the ono chain
where over time the performance of each
component and the system as a whole will
be optimized. Our prime brokerage
offering over time will run the most
efficiently on the ono chain with the
best execution liquidity and capital
efficiency across any network.
Right now however our platforms are
deployed across other blockchains. OnoGM
is live on Ethereum, Binance chain and
so on. O USG and USDY are live on even
more chains and on purps at launch will
be chain agnostic. Some people have
questioned this choice. Why not launch
the cho chain and deploy everything there?
there?
The reality is that has optimized for
the distribution of our assets and
platforms, not yet the performance of
our platforms as an integrated hole.
Quite frankly, there was simply no need
to. The emphasis was on creating access
to Trafy assets for a global user base.
And what we found is that the demand for
these onchain assets was real.
But as we increasingly fulfill the
mission of access to assets and we shift
towards access to services starting with
perks, we've already seen that we're
hitting the limits of what is possible
on existing blockchains and DeFi ecosystems.
ecosystems.
We are hardly alone in this regard.
Other projects have experienced similar
issues. As a result, some chains have
optimized for architecture for privacy
like Canton, for order books and
matching engines like Hyperlquid, for
payments and stable coins like ARC and Tempo.
Tempo.
It's very easy to see how the Onondo
chain could be similar. We will need
liquidity and capital efficiency to
build the most effective prime brokerage
system over time. We will need enshrined
high performance oracles to ensure that
traders do not get picked off due to
onchain and off-chain latency mismatch.
And we will need chain logic to ensure
that trafi market makers can supplement
trafi liquidity on chain particularly
during those sessions where existing
trafi liquidity is not sufficient to
meet the onchain demand. As we currently
already see over the weekend,
this last point is worth emphasizing.
The current state of Trafi is
insufficient for 247 onchain capital
markets at scale.
This is why we welcome developments by
the DTCC, the New York Stock Exchange,
NASDAQ, and many others in this room to
move towards 247 systems to offer Prime
Brokerage with the liquidity that
investors demand. We want Tradfi systems
and liquidity providers that have 247 systems.
systems.
This is also why the first integration
that we did with the autochain test net
was with JP Morgan and their Kexus
platform. We need access to these 247
systems to make our services work
better. It's clear too that each Stratfi
player will have their own 24/7 system
and these systems will not be the same.
You will still need a network, the Ono
chain, that can plug into each system
and make markets operate as a whole.
Perhaps paradoxically, the Onondo chain
will only increase in relevance as
traditional markets move towards 247 as
it will be the network that can
aggregate, execute, and settle
transactions across all venues and
platforms seamlessly.
Each of these integrations take time,
but with each integration, the
possibility of 247 prime brokerage and
true onchain capital markets is coming
closer and closer.
We realize that this takes more time
than what many people want.
At the same time, we know the world is
not waiting for yet another general
purpose L1 or L2. It needs something
much more bespoke that is use caseoriented.
caseoriented.
And that use case is prime brokerage.
Onochain will be the network that brings
capital markets and prime brokerage
onchain in a public and permissionless fashion.
fashion.
To close this out, it's worth taking a
step back and really articulate the full
vision of what is building with our
partners. We now have assets like
stocks, ETFs, and treasury funds. We
have infrastructure with the Ono chain,
the Ono Bridge, and traditional
settlement integrations into Trafi. We
have platforms like Nexus, global
centralized exchanges and wallets. All
of this grounded in the most
comprehensive regulatory stack with
already a global footprint both in the
US and beyond.
Each layer makes the others more
valuable. And together, they move us
from just tokenized assets to a fully
functioning onchain financial system. >> [snorts]
>> [snorts]
>> This is the vision. This is what we are
building. This is Wall Street 2.0. And
we're really just getting started. Of
course, as we've said before, we're not
doing this alone. And this is why you
are all here. So today, we are joined
here by our partners and thought
leaders. You're going to hear from
industry leaders on their expectations
for 2026 and the future of onchain
markets. You'll hear from policy makers,
exchanges, wallets, and so much more.
So, finally, at this point, sit back and
relax. Enjoy the rest of your day.
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