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.
Mind Map
คลิกเพื่อขยาย
คลิกเพื่อสำรวจ Mind Map แบบอินเตอร์แอคทีฟฉบับเต็ม
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.
