260+ equity-linked notes routable via Talos FIX means any fund already on Talos for crypto can add tokenized equities without touching new infra — that's distribution, not just token count. Nasdaq plugging into Talos separately for tokenized collateral management confirms the same convergence: whoever owns the institutional order routing layer captures the entire tokenized securities flow. Gate's $20B daily volume is nice headline liquidity, but the 30+ country coverage matters more — Ondo's equity-linked note structure lets them sidestep per-jurisdiction securities registration that would kill a direct tokenization model.

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