CoinDesk Podcast Network Ondo Charts a Path from Tokenized Assets to On-Chain Prime Brokerage | Markets Outlook
Feb 6, 2026
Ian DeBode, President of Ondo Finance and builder of tokenized treasury and on-chain markets. He discusses scaling to $2B TVL and the race to tokenization. He explains retail demand for 24/7 tokenized stocks and how distribution partners fuel adoption. He unveils Ondo Perps, letting tokenized spot assets serve as collateral for perpetuals, and previews a one-app trading future.
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Build Pipes Before Chasing Scale
- Ondo prioritizes building infrastructure now and expects revenue and scale to follow later.
- Ian DeBode frames tokenization as laying pipes that enable future financial services on-chain.
Growth Shows Momentum, Not Market Parity
- Ondo grew to $2B in tokenized treasury and ~$600M in tokenized stocks, capturing market share.
- The numbers signal momentum but remain small versus TradFi, underscoring long runway.
From Token Issuance To On‑Chain Services
- Tokenization remains collaborative with TradFi incumbents working to get on-chain.
- Ondo plans to shift from issuing tokens to offering on-chain financial services like prime brokerage.