Ondo Finance seeks SEC clearance to run parallel blockchain recordkeeping for U.S. securities

Non-U.S. investors gain exposure to U.S.-listed stocks and exchange-traded funds through the platform Ondo Global Markets. The firm has submitted a no-action letter to the SEC requesting confirmation that the regulator will not take enforcement action against a proposed blockchain-based recordkeeping framework. Under the model, tokens on the Ethereum network would support internal processes such as collateral monitoring, reconciliation, and creation and redemption workflows. Security entitlements would be represented on Ethereum and held by custodian BitGo. Underlying assets would remain held through the Depository Trust Company via U.S. broker-dealer Alpaca. These tokens would not replace official ownership records but would operate alongside them to improve operational efficiency and transparency in asset management.