Felix Protocol has launched tokenized U.S. stocks and exchange-traded funds on HyperEVM, delivering on a partnership with Ondo Finance first announced in January. On-chain traders can now access more than 250 equities — ranging from individual stocks to ETFs — directly within Felix's trading interface, without needing to off-ramp funds to traditional brokerages.

How It Works

Every tokenized asset on Felix is backed by real shares held off-chain through Ondo Global Markets, which routes mints and redemptions through Felix's smart contracts. Holders get economic exposure to price action and dividends, not direct share ownership. Felix says trades up to $1 million can be executed with net costs below 10 basis points, targeting institutional-scale order sizes that have historically made on-chain equity adoption impractical.

The launch is not available to U.S. users or those in other prohibited jurisdictions.

Ondo's Growing Footprint

The infrastructure comes from Ondo Finance, which now commands roughly 59% of the tokenized equity market with over $550 million in TVL for tokenized stocks alone. Its broader platform — including tokenized Treasuries and the USDY yield-bearing dollar — holds approximately $2.9 billion in total TVL.

Felix's Expanding Scope

Felix started as a collateralized debt position and lending protocol on HyperEVM and has grown into the fifth-largest DeFi application on Hyperliquid's L1, with around $167 million in TVL. Future iterations will add limit orders, DCA functionality, international equity markets (South Korea, Japan, India), and the ability to use tokenized stocks as collateral on Felix's existing lending markets — potentially the most impactful use case, enabling traders to borrow against equity positions entirely on-chain.