Ondo Joins DTCC Network Handling Over 85% of US Mutual Fund Activity, a Tokenization First

Oasis Pro Markets, the broker-dealer owned by Ondo Finance, has become a member of DTCC’s Fund/SERV network, the two companies announced on Wednesday, calling it the first tokenization platform to join a system DTCC says handles over 85% of U.S. mutual fund activity.

Fund/SERV is the system fund companies and distributors such as brokerages use to process and settle mutual fund and other pooled fund trades. Membership plugs Oasis Pro into that shared trade processing, settlement and reporting instead of one-off links with each fund company.

“A key piece of infrastructure is now in place for tokenized funds to scale to mainstream adoption,” said Ian De Bode, Ondo’s acting CEO and president, in the release. The release says membership “paves the way for Ondo tokenized funds to be distributed across the traditional fund ecosystem,” but neither company said when a first trade will run or which of Ondo’s products will use the connection.

“As financial markets continue to evolve, interoperability between traditional infrastructure and digital asset ecosystems will be critical to achieving scale and broad market adoption,” Talia Klein, who leads DTCC’s wealth and investment solutions business, said in the same announcement.

Ondo issues tokenized products including the USDY and OUSG tokens and, through a transfer agent subsidiary, began tokenizing U.S. securities such as a BlackRock ETF in July. DTCC ran production trades of tokenized DTC-held assets that same month, naming Ondo among the participating firms, ahead of a tokenization service launch planned for October.

Kathleen Allman, whose son, Ondo founder Nathan Allman, died in May, sued in Delaware to remove De Bode, alleging he improperly seized control of the company after her son’s death. A board she expanded voted on July 24 to remove De Bode from all positions and install her as chair and interim CEO, according to reports on the complaint. De Bode has called the claims “meritless,” according to those reports.

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