NEAR partners with Ondo to bring tokenized US stocks to NEAR Intents
NEAR and Ondo Finance announced on September 22nd that Ondo Stocks is now officially live on near.com and can be accessed through NEAR Intents.
9/23/20264 min read
The key structural issue lies in the routing layer.
The key difference lies between near.com and NEAR Intents. Near.com is the user interface, a single account providing users with access to 20 tokenized assets. NEAR Intents is the cross-chain implementation layer beneath it, and this layer has connections to over 30 blockchain networks.
This means that Ondo's tokenized assets are available not only to near.com users but also to any e-wallet, DeFi protocol, or application that has routed through NEAR Intents, without Ondo needing to build and maintain a separate integration for each one. Ondo has built a single integration and achieved distribution across a network of connected user interfaces.
For a company whose competitive position is based on being the default issuer of tokenized shares, that's the more valuable part of the deal. Depending on the measurement method, Ondo holds approximately 59 to 70% of the tokenized share issuance market, and its cumulative trading volume has increased from around $20 billion reported in August to over $26 billion today, an increase of about $6 billion in six weeks. Maintaining that position against Coinbase on Base, Stock Tokens issued by Robinhood's Jersey, Backed's xStocks, and Binance's bStocks is more of a distribution competition than a product competition, as the underlying tools are generally quite similar.
The bridge problem-solving intention model
In the intent model, users specify the outcome they want to achieve, such as holding NVIDIA tokens while currently holding Bitcoin, and independent solvers compete to find and execute a route between the networks and related assets. Users never choose bridges or order the transfer transactions.
This is a real improvement over the status quo. Manual bridging is both the worst part of the multi-chain user experience and one of the biggest sources of damage in cryptocurrency. The AFX Trade bridging attack cost $24.15 million through compromised authentication keys in July, and the Liquid Network lost approximately $320 million in September when a scope-based error-proofing vulnerability in Elements allowed for the creation and anchoring of unsecured L-BTC.
It's important to be precise about what intent changes. Value still has to move between chains, meaning the underlying mechanisms remain. What changes is who is responsible for making the execution decisions. The solver will choose the route and bear the operational risk of completing it, and users will be affected by the solver's performance and any infrastructure the solver uses, rather than their own routing choices. Competition between solvers should be geared toward reliable paths, because any solver that fails will not be paid. But risk is mediated, not eliminated, and the security attributes of an intent system depend more on the set of solvers and payment guarantees than on whether users have chosen a good bridge.
The comparison made in the article is very helpful. A previous LayerZero-based product allowed users to transfer over 100 crypto stocks and ETFs between Ethereum and the BNB Chain via a dedicated bridge. NEAR Intents connects users and applications through a network of solvers, which is another architecture aimed at solving the same problem.
Bitcoin as a source of funding
The most appealing commercial detail is that users holding Bitcoin can acquire ownership of the tokenized shares without having to convert to fiat currency or open a brokerage account.
Bitcoin is valued at approximately $1.6 trillion, largely as idle collateral, and the complexity of holding it compared to holding anything else historically has often involved separate exchanges, banks, and brokerage relationships. Transferring Bitcoin directly into ownership of tokenized NVIDIA shares through a single account would eliminate those steps for users outside the United States and Canada.
It's important to note that, in essence, Ondo Stocks tokens are backed 1:1 by shares held by a brokerage firm and reflect dividends in total returns, but holders receive economic benefits, not ownership rights; they do not have shareholder rights. Numerous articles about this announcement have clarified that point.
This places the product outside the scope of the SEC's Innovation Exemption issued on September 17, which allows a five-year exemption for tokenized National Market System shares only if the tokens retain the same core rights as the underlying stock, including dividends and voting rights. Ondo has separately requested that the SEC allow the distribution of registered securities on-chain via Ethereum and other public blockchains, which is the path by which its products could eventually reach US users. Until something changes along this path, the world's largest stock market remains inaccessible to the world's largest tokenized securities platform.
Assessment and Conclusion
For NEAR, this partnership is a use case for Intents at a time when the accumulation of value for the protocol is being discussed. Co-founder Illia Polosukhin proposed a Protocol Sovereignty Fund on September 3rd, which would convert the protocol's treasury and revenue into income-generating assets to cover operating costs, a proposal that has raised questions about the actual amount of external revenue NEAR generates, other than revenue from token issuance.
The routing of tokenized security volume through Intents is the kind of activity that generates external fee revenue rather than recycled inflation, and that's the key difference the sovereign wealth fund debate has highlighted. Whether that volume can be achieved on a significant scale remains an open question, and the first proof will be how many Ondo transactions will move to interfaces connected to Intents in the coming quarters instead of remaining on Solana, Ethereum, and the BNB Chain, where the assets are already stored.
Disclaimer: The content in this article is for informational, research, data analysis, and reference purposes only regarding the cryptocurrency market. All opinions, assessments, forecasts, or opinions reflect the author's perspective at the time of publication and do not constitute investment advice, solicitations for buying or selling, trading recommendations, advertising, marketing, or promotion of any financial products, services, or cryptocurrencies. Mentions of projects, tokens, protocols, exchanges, wallets, or cryptocurrency service providers (CASPs) are for research, analysis, or informational purposes only and should not be construed as endorsements, recommendations, or guarantees in any way. HCCVenture does not broker, advertise, market, promote, or connect users in Vietnam with any cryptocurrency services from CASPs. HCCVenture does not accept asset custody, investment mandates, manage assets, or execute transactions on behalf of clients. All investment decisions are made entirely through the reader's own research (DYOR), evaluation, and responsibility; HCCVenture is not liable for any losses or damages arising from the use of or reliance on the information presented in this article.
Compiled and analyzed by HCCVenture
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