Ondo Finance has taken another step toward bringing tokenized financial products into the traditional U.S. investment system.
The company’s U.S. subsidiary, Oasis Pro Markets, has joined the Depository Trust & Clearing Corporation’s (DTCC) Fund/SERV network, making Ondo the first tokenization company to become a member of the platform.
The move connects Oasis Pro with an established financial network that, according to Ondo, handles more than 85% of domestic U.S. mutual fund transaction volume.
One connection to a large fund distribution network
For Ondo, the Fund/SERV membership is primarily about improving access to the existing financial infrastructure.
Oasis Pro can now use the standardized network to connect with fund companies, wealth platforms, financial distributors and other firms that already operate through Fund/SERV.
Without this type of connection, a company may need to build separate technical integrations for individual distributors. Fund/SERV can reduce that complexity by providing a common connection point.
The network supports several important parts of fund operations, including transaction processing, confirmations, reconciliation and distributions. It can also support the movement of account records, tax information and regulatory reporting.
This means the new membership could make it easier for Oasis Pro to distribute Ondo’s tokenized investment products through financial firms already connected to DTCC infrastructure.
What does Fund/SERV mean for Ondo’s tokenized products?
Ondo’s participation in Fund/SERV is mainly an operational and distribution development. It does not, by itself, change the legal or regulatory status of the investment products offered through Oasis Pro.
Ondo President Ian De Bode described the membership as an important step for the company, highlighting the benefit of being able to connect with multiple firms through one standardized system rather than creating a separate integration for each company.
DTCC Managing Director Talia Klein also said that Ondo’s participation demonstrates how established financial infrastructure can work alongside products that use blockchain technology.
However, the underlying securities rules, custody arrangements and investor protections continue to apply to each product.
Oasis Pro provides Ondo with a regulated U.S. channel
Oasis Pro Markets is an SEC-registered broker-dealer and alternative trading system. It is also a member of FINRA and the Securities Investor Protection Corporation (SIPC). Its affiliated company, Oasis Pro TA, is registered with the SEC as a transfer agent.
These registrations are important because Ondo operates across multiple markets and jurisdictions, and the regulatory structure of its U.S. operations differs from some of its overseas businesses.
In July, Oasis Pro received FINRA authorizations related to tokenized corporate equities and fund products for U.S. institutional and retail investors. The permissions cover activities such as over-the-counter retail transactions, primary offerings, private placements and secondary trading.
The authorized products include certain National Market System equities as well as interests in ETFs, mutual funds and index funds. Oasis Pro has also said that eligible transactions can settle using fiat currencies or supported stablecoins, including transfers between blockchain wallets.
For U.S. investors, however, it is important to distinguish between products offered through Ondo’s regulated U.S. structure and products issued through offshore entities.
Some products issued outside the United States are not available to U.S. persons unless they are registered under U.S. securities laws or qualify for an applicable exemption.
Regulatory registration does not mean product approval
Ondo’s growing presence in regulated financial infrastructure does not mean that U.S. regulators have approved or recommended a particular tokenized investment product.
SEC registration, FINRA membership or SIPC membership should not be interpreted as an endorsement of a specific security.
Ondo’s own regulatory disclosures also warn that investors could lose some or all of the money they invest.
The distinction matters as tokenized securities become more closely connected with traditional financial infrastructure. The blockchain technology used to represent an asset does not, on its own, determine the legal rights or protections associated with that investment.
Ondo’s relationship with DTCC is expanding
The Fund/SERV membership follows Ondo’s earlier involvement with DTCC’s broader tokenization work.
In June, Ondo joined a DTCC tokenization working group alongside more than 50 financial companies. The group included major names from across the financial industry, including BlackRock, Goldman Sachs, JPMorgan, Nasdaq, NYSE, Robinhood and Circle.
The working group is focused on testing technical and operational processes for tokenizing assets held through the Depository Trust Company.
DTCC has been developing a separate tokenization service designed to represent eligible DTC-custodied securities using blockchain technology while maintaining the ownership rights, investor protections and other entitlements associated with traditional securities.
The SEC issued a no-action letter in December 2025 allowing DTC to operate the defined tokenization service for three years.
According to DTCC, eligible assets include certain Russell 1000 stocks, major index-tracking ETFs and U.S. Treasury securities.
DTCC announced plans for limited production transactions in July 2026, with a broader launch planned for October. At the time of its announcement, DTCC said DTC held more than $114 trillion in assets.
Fund/SERV, however, serves a different purpose.
While DTCC’s tokenization initiative focuses on creating blockchain-based representations of eligible securities held at DTC, Fund/SERV is designed primarily to support communication and transaction processing between fund managers and distributors.
Ondo continues expanding its tokenized securities business
The Fund/SERV development is part of Ondo’s broader effort to expand tokenized financial products and create connections between blockchain-based assets and traditional financial markets.
Through Oasis Pro, Ondo can issue Ethereum-based tokens representing securities held with regulated custodians. This structure allows blockchain-based records to be connected with assets that remain within conventional custody arrangements.
In July, Ondo completed an onchain securities deployment involving BlackRock’s iShares Core S&P 500 ETF and shares of Micron Technology. The underlying securities remained with regulated U.S. custodians, while Ethereum-based tokens were used to represent exposure to those assets.
The legal rights of investors, however, depend on the structure and terms of each individual product rather than simply on the blockchain representation.
Ondo has also launched Ondo Network, an infrastructure layer designed for tokenized financial markets. The network includes separate functions for trade execution, validation and settlement and supports tokenized assets as well as stablecoin-based payments.
Ondo is also expanding internationally
Ondo’s tokenization strategy extends beyond the United States.
In July, Japan’s SBI Group agreed to work with Ondo on the proposed tokenization of Japanese stocks. Under the planned structure, Ondo Global Markets would issue the products, while SBI would distribute them through its financial platforms.
The proposed arrangement also includes the JPYSC stablecoin for settlement and collateral.
These Japan-linked products are not registered under the U.S. Securities Act and cannot be offered to U.S. persons unless they are registered or qualify for an exemption.
What the Fund/SERV move means
Ondo’s entry into DTCC Fund/SERV represents a connection between a blockchain-focused financial company and one of the established systems used by the traditional investment industry.
For Oasis Pro, the practical benefit is access to a standardized network that can connect it with multiple fund companies and distributors.
At the same time, the membership should be viewed primarily as an infrastructure and distribution development. It does not eliminate the regulatory requirements, custody arrangements or investor protections that apply to individual tokenized securities.
As Ondo continues building products around tokenized stocks, funds and other financial assets, its growing integration with established financial infrastructure could make the relationship between traditional markets and blockchain-based investment products increasingly important to watch.
