Ondo Finance has announced a major integration with MetaMask to bring tokenized US stocks and ETFs directly to the popular self-custodial wallet.
However, the ONDO token remained largely unmoved by the news and continued to decline for a month, losing more than a third of its value.
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MetaMask and Ondo Finance announced their integration at the Ondo Global Summit on February 3rd. The partnership will bring over 200 tokenized US securities to the MetaMask mobile wallet through Ondo Global Markets.
Users in supported jurisdictions can now buy, hold, and trade tokenized versions of leading stocks such as Tesla, NVIDIA, Apple, Microsoft, and Amazon. The product also includes ETFs such as SLV for silver exposure, IAU for gold, and QQQ for tech stocks.
This integration works through MetaMask Swaps on the Ethereum mainnet. Users can use USDC to acquire Ondo Global Markets tokens and trade them 24 hours a day, 5 days a week. Token transfers are available for 24 hours.
Joe Rubin, founder and CEO of ConsenSys and co-founder of Ethereum, said: “Access to the U.S. market is still via legacy rails. Brokerage accounts, fragmented apps, and rigid trading windows have not meaningfully evolved.” “By bringing Ondo’s tokenized US stocks and ETFs directly into MetaMask, we demonstrate what a better model looks like.”
Ian De Bode, Managing Director of Ondo Finance, highlighted the strategic value of reaching MetaMask’s user base. He noted that this integration brings pricing comparable to traditional brokerages like Robinhood to a self-custodial on-chain environment.
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Limiting impact due to geographic restrictions
Despite the headline-grabbing announcement, a closer look reveals significant limitations. The list of excluded jurisdictions is like a directory of the world’s major financial markets.
Users in the United States, European Economic Area, United Kingdom, Switzerland, Canada, China (including Hong Kong), Singapore, Japan, South Korea, and Brazil may not access the Service. This exclusion effectively limits access to less regulated emerging markets.
This geographic constraint may explain the market’s lackluster response. Although this integration represents a technological milestone, the addressable market remains small.
ONDO token ignores news
ONDO token is trading at $0.2811 at the time of publication, down 37.3% in the last month. The 24-hour price change shows a modest decline of 0.2%, suggesting that the market views the consolidation as not an unusual event for the token value.
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Looking at the monthly chart, ONDO has steadily declined from around $0.45 in early January to current levels near $0.28. The MetaMask news failed to reverse or even pause this downward trend.
According to market data, ONDO has a market capitalization of $1.37 billion and a total locked-in amount of over $2 billion. The disconnect between protocol metrics and token performance reflects a broader pattern in the real-world asset sector.
RWA token struggles despite sector growth
Ondo’s price action is consistent with well-documented trends across RWA governance tokens. According to CoinGecko’s 2025 RWA report, most tokens in this sector recorded negative returns ranging from -26% to -79% between January 2024 and April 2025.
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The report attributes this disconnect to structural factors. In bull markets, DeFi lending protocols offer alternative yield opportunities without the need for RWA exposure. Meanwhile, capital is primarily flowing into institutional products such as BlackRock’s BUIDL fund and stablecoin infrastructure, rather than governance tokens.
The market capitalization of tokenized government bonds increased by 544% to $5.6 billion, with BlackRock’s BUIDL gaining 44% of the market share. Private credit protocols such as Maple Finance dominate, accounting for 67% of active loans. However, these successes rarely translate into profits for token holders.
This pattern suggests that RWA governance tokens are acting more as a speculative vehicle than as a direct claim to the growth of the protocol.
what happens next
The MetaMask integration will enable Ondo to grow even as the regulatory environment evolves. The infrastructure now exists to seamlessly trade tokenized securities within major self-custodial wallets.
The real impact will remain limited until major markets open up. For ONDO holders, this announcement is yet another reminder that protocol milestones and token performance often differ in the RWA sector.
