ONDO Price Surges 18% Following Tokenized Stock Expansion and SBI Partnership

ONDO has seen significant price gains following its tokenized stock expansion and partnership with Japan's SBI Group. The token has been trading at $0.3719, down 0.23% over the past 24 hours, but recorded $462.34 million in daily trading volume and held a market capitalization of $1.80 billion.

The price surge was triggered after Ondo Finance introduced the issuance of stock tokens backed by DTCC and Japan's SBI Group. This move indicates an increasing focus on RWA tokenization, which refers to incorporating conventional financial assets like stocks and bonds into blockchain technology. Tokenized assets are expected to make investment more convenient due to instant settlements, increased market access, and continuous trading.

According to Santiment, ONDO's network metrics have been getting stronger consistently since the news, not deteriorating after the initial surge. The daily amount of new wallet addresses has gone from 367 on July 14th to 562 on July 15th and then 754 on July 16th. This reflects the best three-day growth for the network since June and is almost twice as strong as the metric was observed previously this month.