Ondo Global Markets

## What you are actually holding An Ondo Global Markets token is **not a share**. Ondo's own documentation calls it "a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited" — a BVI special purpose vehicle, with tokenholder rights governed by Swiss law. You hold a claim on that SPV. Ondo states directly that you "do not have shareholder voting rights, shareholder information rights or other shareholder rights from the issuer of the underlying securities". ## Where the collateral sits Ondo's structure is, on paper, the stronger of the two here. The underlying securities are held with U.S.-registered custodial broker-dealers, and an independent security agent — Ankura Trust Company — holds a **first-priority perfected security interest** in that collateral, with authority to take possession, liquidate, and distribute proceeds to tokenholders if the issuer defaults. A bankruptcy-remote SPV plus a perfected security interest plus a US-regulated custodian is a materially different arrangement from an unsecured claim. What is missing is the same thing missing at xStocks: a routine, published, third-party reserve attestation. The structure is described; it is not independently evidenced on a schedule. ## What the issuer can do to your tokens Ondo sets **no `permanentDelegate`** on any of its 442 Solana mints. xStocks sets one on all 737. That is the single clearest on-chain difference between the two issuers, and it means Ondo cannot unilaterally move tokens out of a holder's wallet the way Backed can. That is not the absence of control. Ondo retains live **mint and freeze authority**, and sets `pausableConfig` and a `transferHook` on every mint, exactly as xStocks does. Freezing your account and seizing your tokens are different powers, but both end with you unable to sell. ## You probably cannot redeem, and you probably cannot sell Redemption requires KYC and is restricted by jurisdiction: the tokens are offered under Regulation S, so **US persons are excluded**. That leaves the secondary market — and on Solana there effectively isn't one. Across a full depth ladder run on 2026-09-10, **not one of the 442 Ondo mints could absorb $1,000 at 1% price impact**, in either direction. Eleven returned a routable quote at some size; none cleared the smallest rung we measure. So an Ondo token on Solana is, in practice, an instrument you can buy and then hold. The listing is real; the market is not. That is not a criticism of the legal structure, which is sound — it is a statement about what the token does once it is in your wallet. ## Corporate actions move the token, silently Like xStocks, Ondo mints use the Token-2022 **Scaled UI Amount** extension, and 241 of 442 already carry a multiplier other than 1. Reading the raw on-chain amount understates what a holder owns. Ondo's decimals are 9, against 8 for xStocks. *Sources: Ondo Finance legal and regulatory documentation (docs.ondo.finance); on-chain mint state read directly from Solana mainnet on 2026-09-09; depth measured from live Jupiter quotes on 2026-09-10.*