Ondo's own disclosure treats Ondo Stocks as restricted securities exposure, not U.S.-registered shares, and Poppie is piping that wrapper into Euler debt markets on BNB Chain. Chainlink data feeds and vault LTVs now have to survive U.S. equity gap moves while borrowers and liquidators can act 24/7. Ondo's homepage shows $3.57B TVL and 165 ecosystem partners.

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