Ondo Global Markets issues tokenized stocks across three chains. As of 12 Sep 2026 the registry holds 450 of its stocks and 1,350 of its listings, with the same 450 stocks on each of Ethereum, BNB Chain and Solana. Of those listings, 988 had a reading on that date.
We are not connected to Ondo. This is a report on what Ondo publishes and what its contracts show.
The structure
Ondo issues through Ondo Global Markets (BVI) Limited, using a bankruptcy-remote special purpose vehicle. Ondo states its tokens are total return trackers that give economic exposure similar to holding the share and reinvesting dividends, not direct title to the share or shareholder rights.
Two phrases there carry the meaning. "Bankruptcy-remote" describes the intent to separate the vehicle's assets from the operating company's insolvency. "Not direct title" is Ondo's own phrase. Its Ondo Stocks overview, read on 13 Sep 2026, says the tokens give economic exposure to the underlying asset, "not direct title to them". An issuer's characterisation of its own product is the issuer's to make.
The part that catches people out
Ondo handles dividends by publishing a synthetic share value, often shortened to sValue. It says how many shares one token now counts as, and it rises as dividends are reinvested. This is the same family of mechanic Robinhood uses, with one structural difference that has a real practical effect.
On Ethereum and BNB Chain, Ondo's figure lives in a separate contract rather than on the token.
On those two chains, when a dividend is reinvested, your token balance stays where it was, and so does the number your wallet displays. Nothing visible happens in your wallet at all. What changed is how many shares each of your tokens represents, and that number is in Ondo's contract rather than in your wallet's view of the token.
On Solana, Ondo's mints carry the same figure in the Scaled UI Amount extension, so a wallet that reads the extension shows the change.
Reading a static wallet balance on Ethereum or BNB Chain as evidence that no distribution occurred is the mistake this design invites, and it is the most useful thing to know about holding one there.
One instrument, several chains
Ondo registers the same claim on the same vehicle across three chains. AAPLon on Ethereum and AAPLon on Solana are the same instrument with the same sValue, rather than two products that happen to share a name.
This is why this site has an instrument layer between a stock and a listing. One stock, one page. Under it, one instrument per issuer, carrying one wrapper and one eligibility rule. Under that, one listing per chain, each with its own contract address. Ondo is the reason that distinction had to exist: without it, three contract addresses would look like three products.
On Ethereum and BNB Chain, one oracle can answer for listings on both chains, so every sValue we publish is stamped with the chain we actually read it from. We report where a number came from rather than implying each chain published it separately.
Who can hold them
Ondo publishes its own rule on who may hold its tokens, and names the legal definition it relies on. This entry used to quote that rule. It no longer does: a quoted rule is a snapshot of a legal position, and when an issuer changes who it deals with, a stale copy looks exactly like a current one. Ondo's eligibility page is linked at the top of this entry, and /who-can-buy links every issuer's rule with the date that link was last checked. Read it there, in Ondo's current words.
Where to look
The issuer page is at /issuers/ondo, with every stock Ondo issues and a link to its rule on who may hold its tokens. Each stock page carries the contract addresses. The chain pages for Ethereum, BNB Chain and Solana show what else shares those chains. The glossary defines synthetic share value, total return tracker and instrument.
Every description of Ondo's product above is Ondo's own, linked at the top. The counts come from this site's registry, and the mechanics from Ondo's contracts.