Collateral utility is the step that matters: Ondo can turn stock wrappers into portfolio margin, letting NVDA, TSLA, COIN, and gold exposure back 20x trades in the same venue. That pulls RWA closer to prime brokerage than spot tokenization, especially after Ondo added 24/7 minting and redemption for tokenized U.S. stocks and ETFs on Ethereum and BNB Chain on June 26. Liquidity decides whether this is useful beyond farming rewards; the launch is pre-alpha, excludes the U.S. and Panama, and advertises up to $3M in rewards.

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