Tokenized Stocks: The $100 Trillion Onchain Shift | Ondo Finance Ian De Bode & Nathan Allman

Bankless

Technology, News, Tech News

4.7 • 1.2K Ratings

🗓️ 11 September 2025

⏱️ 95 minutes

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Summary

Ryan & David sit down with Ondo Finance’s Nathan Allman and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks. We break down why Ondo’s wrapper model is set out to win, how blockchain brings 24/5 primary markets with 24/7 secondary markets, Defi composability and liquidity at fair prices. Ethereum and Ondo are leading a $100T onchain migration you can’t miss. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🎩DEGEN | JOIN THE COMMUNITY https://bankless.cc/degen ------ TIMESTAMPS 0:00 Intro 5:55 Is Business Booming? 7:59 Are RWAs Inevitable? 12:50 Tokenized Treasuries 19:13 Tokenization Roadmap 24:17 Types of Tokenized Treasuries 31:40 What’s Holding the US Back? 37:08 Tokenized Stocks 41:04 Tokenized Stocks Liquidity 50:56 Property Rights 56:25 Is Permissionless Tokenization Possible? 1:04:32 24/7 Markets? 1:07:52 Ondo Global Markets 1:10:54 Why Ethereum? 1:12:08 Stocks Meet DeFi 1:19:26 What Chains will RWAs Settle On? 1:32:41 Is Wall Street Ready? 1:34:29 What’s Next? 1:36:00 Closing & Disclaimers ------ RESOURCES Ian https://x.com/iandebode Nathan https://x.com/nathanlallman Ondo Finance https://ondo.finance/ Ondo Global Markets https://app.ondo.finance/ RWAs Overview https://app.rwa.xyz/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

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0:00.0	What does Wall Street think about all this stuff?
0:02.9	Like, are they, do they understand what's coming?
0:05.1	Are they tokenization bowls?
0:07.7	It seems like they're starting to wake up to stable coins,
0:10.2	but do they know what is about to hit them?
0:12.8	I don't think they really do, if I'm being honest.
0:19.8	Welcome to Bankless, where today we explore the frontier of tokenized equities, tokenized stocks.
0:27.4	We're doing it.
0:28.1	This is Ryan Sean Adams.
0:29.0	I'm here with David Hoffman, and we're here to help you become more bankless.
0:32.9	Guys, we have Ondo on the podcast.
0:34.8	They launched a pretty interesting tokenized securities market on Ethereum.
0:41.2	And so we dug into that in today's episode.
0:43.4	The big takeaway I have from this episode is the whole rapt versus native debate.
0:48.0	And I think a lot of listeners, when they think like tokenized securities, tokenized stocks,
0:51.4	they're thinking like, oh yeah, we are going to find ways for like what, the term I learned,
0:56.3	native tokenization to happen on chain, whereas the actual token itself is the security.
1:02.7	And I walked away from this episode maybe thinking that that's actually not the case.
1:06.3	I think there will be some of that, whether it's the dominant thing.
1:10.7	I'm not so sure, because
1:12.4	native dollars aren't stable coins. There is no native dollars on chain. There are zero
1:18.3	native dollars on chain. There are only wrapped versions. And so I think there's going to be a
	...

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