Ondo Global Markets issues tokenized stocks across three chains. As of this writing we track 75 of its stocks and 195 of its listings, spread over Ethereum, BNB Chain and Solana, with a different slice of the catalogue on each. That makes it the broadest multi-chain deployment on this site.
We are not connected to Ondo. This is a report on what Ondo publishes and what its contracts show.
The structure
Ondo issues through Ondo Global Markets (BVI) Limited, using a bankruptcy-remote special purpose vehicle. Ondo states its tokens are total return trackers that give economic exposure similar to holding the share and reinvesting dividends, not title to the share or shareholder rights.
Two phrases there carry the meaning. "Bankruptcy-remote" describes the intent to separate the vehicle's assets from the operating company's insolvency. "Not title" is Ondo saying, in its own words, that you are not being given ownership of the share. We quote it rather than paraphrase it, because an issuer's characterisation of its own product is the issuer's to make.
The part that catches people out
Ondo handles dividends by publishing a synthetic share value, often shortened to sValue. It says how many shares one token now counts as, and it rises as dividends are reinvested. This is the same family of mechanic Robinhood uses, with one structural difference that has a real practical effect.
Ondo's figure lives in a separate contract rather than on the token.
When a dividend is reinvested, your token balance stays where it was, and so does the number your wallet displays. Nothing visible happens in your wallet at all. What changed is how many shares each of your tokens represents, and that number is in Ondo's contract rather than in your wallet's view of the token.
Reading a static wallet balance as evidence that no distribution occurred is the mistake this design invites, and it is the most useful thing to know about holding one.
One instrument, several chains
Ondo registers the same claim on the same vehicle across three chains. AAPLon on Ethereum and AAPLon on Solana are the same instrument with the same sValue, rather than two products that happen to share a name.
This is why this site has an instrument layer between a stock and a listing. One stock, one page. Under it, one instrument per issuer, carrying one wrapper and one eligibility rule. Under that, one listing per chain, each with its own contract address. Ondo is the reason that distinction had to exist: without it, three contract addresses would look like three products.
Ondo registers its complete catalogue on one chain's oracle, so every sValue we publish is stamped with the chain we actually read it from. We report where a number came from rather than implying each chain published it separately.
Who can hold them
Ondo states: Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are "U.S. persons" or acting for the account or benefit of any "U.S. persons" within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming Ondo Stocks.
That is Ondo's own wording, and it names the definition of "U.S. person" it relies on. Read the linked eligibility page in full.
Where to look
The issuer page is at /issuers/ondo, with every contract address and the full eligibility statement. The chain pages for Ethereum, BNB Chain and Solana show what else shares those chains. The glossary defines synthetic share value, total return tracker and instrument.
Every claim about Ondo above is Ondo's own published description, linked at the top.