Crypto exchange MEXC has expanded its tokenized equities lineup through its partnership with Ondo Finance, adding new onchain representations of U.S. stocks that trade against Tether on the platform. The latest rollout includes 17 additional tokenized stock pairs as well as seven tokens tied to U.S. defense and energy companies.
The tokens are issued as ERC-20 assets on the Ethereum network and trade against USDT on the exchange. According to company disclosures, the underlying shares are held in regulated trust accounts and subject to quarterly third-party audits, with each token designed to track the value of the corresponding equity.
The March 3 announcement introducing the new batch of tokenized equities spans several sectors, including technology, healthcare and finance. Trading fees for the newly listed pairs will be waived during the first 30 days, though the companies did not disclose the specific stocks included in the 17-pair expansion.
In a separate announcement released Wednesday, MEXC and Ondo Finance introduced seven additional tokenized equities linked to U.S. defense and energy companies. The list includes tokens representing shares of Lockheed Martin, RTX, ConocoPhillips and Occidental Petroleum.
Withdrawals for the newly listed tokens are scheduled to begin March 5. As with other tokenized equities on the platform, the assets trade as blockchain-based representations rather than direct shares, allowing crypto users to gain price exposure through tokenized instruments.
The latest additions represent the ninth expansion of the tokenized equities product since MEXC first launched the offering in September 2025 in collaboration with Ondo Finance.
Ondo Finance focuses on bringing traditional financial instruments onto blockchain networks through tokenization. Under the model used with MEXC, tokenized equities are backed by underlying shares that are held in custody while blockchain tokens mirror their value in secondary trading.
Data from RWA.xyz shows that assets issued through Ondo Finance currently account for roughly $2.66 billion in tokenized value. The company has positioned tokenization as a bridge between traditional financial markets and digital asset trading infrastructure.
MEXC, founded in 2018, operates as a centralized cryptocurrency exchange offering spot and derivatives markets for digital assets. CoinMarketCap ranks it among the top ten exchanges globally by spot trading volume.
Competition among crypto exchanges to tokenize equities has accelerated over the past year as platforms explore ways to combine digital-asset trading with exposure to traditional financial instruments.
In June, more than 60 tokenized equities were introduced on exchanges including Kraken and Bybit through Backed Finance’s xStocks product. The lineup included major companies such as Apple, Amazon, Nvidia, Tesla, Meta and Netflix.
Gemini also entered the segment through a partnership with Dinari, announcing that customers in the European Union could trade tokenized U.S. stocks tied to companies such as Exxon, Sony, BlackRock and Visa.
Despite the expansion overseas, tokenized equities remain largely unavailable to U.S. users while regulators consider how blockchain-based securities should be supervised.
Several exchanges are simultaneously moving toward direct equity trading services. Kraken announced plans in April to offer trading in roughly 11,000 U.S.-listed stocks and exchange-traded funds through a phased rollout. Coinbase and Bitpanda have also introduced features allowing customers to buy and sell equities alongside cryptocurrencies on the same platforms.
As exchanges expand beyond crypto into traditional assets, tokenization and brokerage-style equity trading are emerging as two parallel strategies aimed at bringing stock market exposure into digital-asset ecosystems.
