Tokenized equities are gaining traction on crypto trading venues as MEXC deepens its collaboration with Ondo Finance, expanding on-chain access to mainstream U.S. stocks. In a March 3 update, the exchange said it would list 17 additional spot tokenized stock pairs and seven new tokens tied to defense and energy firms, all trading against USDT on its platform. The underlying equities remain held in regulated trust accounts and are subject to quarterly audits, designed to mirror ownership of the corresponding shares. The expansion marks the ninth wave of listings since the product’s initial rollout in September 2025, underscoring the accelerating push into tokenized traditional assets.

Key takeaways

The MEXC–Ondo Finance partnership adds 17 new tokenized stock pairs and seven defense/energy-linked tokens, broadening on-chain exposure to U.S. equities.
Tokens are issued as ERC-20 assets on Ethereum and trade against USDT (CRYPTO: USDT) pairs on the exchange, with the underlying shares held in regulated trusts and audited quarterly.
Trading fees for the 17 new pairs are waived for the first 30 days, a post-launch incentive designed to spur onboarding and liquidity.
Among the newly listed tokens are representations tied to Lockheed Martin (EXCHANGE: LMT), RTX (EXCHANGE: RTX), ConocoPhillips (EXCHANGE: COP) and Occidental Petroleum (EXCHANGE: OXY); withdrawals for the new tokens are set to commence on March 5.
This expansion continues a multi-month cadence of tokenized-equity launches, illustrating sustained interest from exchanges in on‑chain access to traditional assets.

Tickers mentioned: $LMT, $RTX, $COP, $OXY, $USDT

Sentiment: Neutral

Price impact: Neutral. The piece centers on new listings and fee waivers rather than explicit price movements or market reactions.

Market context: Tokenized equities are increasingly appearing across crypto venues as platforms seek to bridge traditional asset access with on-chain infrastructure, even as regulatory guidance remains nuanced in the United States. The trend is underscored by multiple exchanges expanding their tokenized stock catalogs and by ongoing industry chatter about how on-chain representations can coexist with conventional securities frameworks.

Why it matters

The MEXC–Ondo Finance collaboration is emblematic of a broader push to tokenize traditional assets and to deliver them in a blockchain-native format. By representing ownership of real shares as ERC-20 tokens, the partners aim to offer investors near-instant settlement, programmable governance features, and 24/7 trading availability across global markets. The underlying shares are held in regulated trust accounts and are subject to quarterly third-party audits, offering a degree of regulatory comfort that is often cited as a barrier in earlier tokenized-stock experiments.

Significantly, the expansion includes defense and energy sector equities. The addition of tokens tied to Lockheed Martin, RTX, ConocoPhillips and Occidental Petroleum alongside broader tech, healthcare and financials exposure broadens the potential use cases for tokenized assets—from hedging and diversification to access for non-traditional audiences who prefer crypto-friendly platforms. For participants, the ability to trade tokenized stock pairings against USDT on an exchange known for its liquidity could reduce the friction and settlement times historically associated with traditional stock trading venues.

Ondo Finance’s role as the on-chain issuer remains central. Based in New York, Ondo focuses on bringing traditional financial assets on-chain, and its current asset base totals around $2.66 billion in tokenized value. This scale underscores the practical viability of maintaining regulated custody and audits while delivering on-chain representations. The partnership’s track record—nine expansions since the product’s September 2025 launch—signals a deliberate strategy to normalize tokenized equities as a complement to, rather than a replacement for, conventional stock markets. In the broader market, such expansions occur amid rising interest in tokenized assets, even as market participants monitor regulatory developments and the potential implications for liquidity, custody, and investor protections.

Additionally, the initiative sits within a backdrop of exchanges experimenting with tokenized-stock pipelines beyond the United States. Other platforms have rolled out tokenized stock trading or perpetual futures tied to US-listed equities, illustrating a growing ecosystem of on-chain representations that appeal to crypto-native traders seeking cross-asset exposure. The combination of regulated custody, periodic audits and 30-day fee waivers creates a practical path for onboarding new users who may be evaluating the stability and reliability of tokenized equities as part of diversified crypto portfolios.

What to watch next

Withdrawals for the seven new tokenized equities, including LMT, RTX, COP and OXY, begin on March 5, opening the door for user-access and potential liquidity ramps.
The ongoing cadence of tokenized-equity expansions—now at nine total—could foretell further category diversification, including additional sectors or international listings.
Regulatory developments in the U.S. and elsewhere could influence product design, custody standards, and eligibility for retail participation in tokenized securities.
Any updates on trading volumes, liquidity metrics, or auditing cadence could shape investor confidence and platform competitiveness relative to other tokenized-equity offerings.

Sources & verification

PR Newswire: MEXC and Ondo Finance expand tokenized stock partnership with 17 new spot pairs and zero-fee trading (March 3)
Newswire Canada: MEXC partners with Ondo Finance to launch tokenized U.S. equities in defense and energy sectors (seven new equities)
RWA.xyz: Ondo platform data showing tokenized asset totals
CoinMarketCap: Exchange data corroborating MEXC’s ranking and activity
Cointelegraph coverage on related tokenized-equity developments (Kraken) for context on industry movements

Expanded tokenized equities deepen MEXC-Ondo collaboration

On March 3, MEXC, a centralized crypto exchange founded in 2018, announced a widened on-chain representation of U.S. equities through its partnership with Ondo Finance. The update confirms 17 additional tokenized stock pairs and seven new tokens connected to the defense and energy sectors. Trading occurs as ERC-20 tokens on Ethereum and exchanges against USDT (CRYPTO: USDT) pairs on the platform, with the underlying shares held in regulated trust accounts and subjected to quarterly audits to help ensure parity with the actual securities. The issuance framework emphasizes custody and compliance, distinguishing it from more speculative on-chain assets by anchoring tokens to registered equities.

The new batch expands a product line that Ondo and MEXC have iterated since September 2025, reflecting a deliberate effort to scale tokenized equities across multiple sectors. The seven defense- and energy-linked tokens—led by shares tied to major names such as Lockheed Martin, RTX, ConocoPhillips and Occidental Petroleum—underscore a broadening approach to sectoral diversification. Investors will see these tokens trade on the same venue as other tokenized assets, with withdrawals scheduled to start on March 5, a procedural milestone that enables on-exchange redemption and on-platform liquidity adjustments. The first appearances of these equities are designed to resemble the same ownership logic that governs traditional shares, backed by regulated custody, audit regimes and outside oversight.

From a structural standpoint, Ondo Finance positions itself as a New York–based firm focused on bringing traditional assets on-chain. Its portfolio footprint—about $2.66 billion in tokenized value—serves as a crucial reference point for the perceived reliability of tokenized equities in live markets. By modularizing the tokenization process (ERC-20 representations) and integrating with established exchanges that already handle high trading volumes, the collaboration aims to deliver familiar equity exposure through the lens of decentralized finance rails. While the technology stack enables on-chain settlement and programmable features, the governance and compliance layers remain anchored in traditional regulatory or custodial frameworks, an arrangement designed to reassure participants wary of unregulated digitized securities.

For observers, the expansion highlights a broader trend: crypto venues are increasingly courting mainstream assets via tokenization, even as the regulatory climate remains a work in progress. The combination of regulated trust custody, periodic audits, and time-bound promotional incentives (such as 30-day trading-fee waivers) signals a practical approach to onboarding a broader audience—investors who want the flexibility and 24/7 access of crypto platforms while still acknowledging the underlying equity rights. In this evolving landscape, the MEXC–Ondo collaboration stands as a notable example of how traditional finance and blockchain-enabled markets are converging, with the potential to redefine liquidity access and cross-asset trading strategies for retail and institutional participants alike.