Ondo (ONDO) rose to a one-month high after a sharp rally driven by the debut of the first token shares backed by DTC Tokenized entitlements.
The altcoin rose as much as 17% over the past 24 hours to an intraday high of $0.37. This represents its strongest level since June 18.
The rally also pushed ONDO to the top of CoinGecko’s list of the biggest cryptocurrency gainers today. This rally emerged against a stable market, with little change in Bitcoin (BTC) over the same period.
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Ondo debuts its first DTC-backed token shares
Ondo Token Shares are backed by DTC Token entitlements of securities held at the Depository Trust Company (DTC). The design links on-chain tokens directly to stocks within Wall Street’s primary custodial system.
The company described it as the first of its kind for tokenized shares. Symbols The circle arrow represents (CRCL). and the SPDR S&P 500 ETF (SPY) on-chain. Ondo releases them as CRCLon and SPYon, each of which is fully backed by underlying security.
“Under this model, DTC token entitlements for securities held by DTC are generated through the DTCC tokenization service, and DTC token entitlements linked to CRCL and SPY serve as digital twins of the underlying securities of existing CRCLon and SPYon tokens (Ondo token issues of shares),” the team explained.
Ondo is connected to a DTC participant Network through alpaca markets. The underlying shares remain under DTC’s care throughout the process, according to the company.
“Ondo joins more than a dozen leading TradFi and DeFi firms — including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE — participating in DTCC’s largest tokenization initiative to date, marking an important step toward broader adoption of tokenized securities,” the blog said.
DTCC token payment is gaining traction
This launch comes as the Depository Trust & Clearing Corporation (DTCC) has completed the tokenization of assets held at the Depository Trust Company. More than 30 companies participated In the initiative.
Transactions included collateral pledges, securities lending, and stock settlements. DTCC ran it over its own HyperLedger Besu network and the public Canton network.
The platform plans to launch full tokenization Service in October 2026. The milestone arrived seven months after the Securities and Exchange Commission granted DTC a no-action letter for tokenizing custody assets.
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this post Ondo hits one-month high: This is what’s driving the 17% rally appeared first on BeInCrypto.
