Ondo Finance partners with Mirae Asset to tokenize $99B Global X ETFs

South Korea's largest asset manager is bringing $99 billion in ETFs onchain through Ondo Finance, marking the biggest tokenization deal by a traditional Asian asset manager to date.

Ondo Finance signed a memorandum of understanding with Mirae Asset Global Investments to tokenize the South Korean firm's Global X ETF lineup, a platform managing more than $99 billion in assets. The partnership makes Mirae the first major Asian asset manager to commit to putting its listed ETFs onchain through Ondo Global Markets, which holds over $1 billion in total value locked across 260-plus tokenized securities.

"Tokenization is one of the key technologies that will reshape the paradigm of the asset management industry," Young Hwan Kim, President and Head of the Global Business Division at Mirae Asset Global Investments, said. "Through our collaboration with Ondo Finance, we aim to position our global ETF lineup for the next generation of capital market infrastructure and deliver more efficient investment solutions by leveraging blockchain technology within existing regulatory frameworks."

The first product will be a tokenized share class of Hong Kong's first covered-call ETF, targeted for a Q3 2026 launch. The initial batch covers 10 Global X funds spanning space innovation, AI and robotics, blockchain, defense technology, lithium and battery tech, silver miners and covered-call strategies. Mirae Asset, which manages $721 billion in total assets, will continue managing the underlying ETFs while Ondo provides the tokenization infrastructure and distribution layer.

The deal signals that institutional asset managers are moving beyond pilot programs into live tokenization deployments. Ondo Global Markets has accumulated more than $18 billion in cumulative trading volume since its September 2025 launch, and the Mirae partnership could accelerate that trajectory as the platform expands into Asian-listed ETFs across Europe, Hong Kong, Japan, Canada and Australia.

Tokenization's institutional inflection point

The Mirae deal follows a wave of tokenization activity that has pushed the market for onchain equities past $1.57 billion in distributed value, up nearly fivefold from about $330 million a year ago, according to RWA.xyz data. Blockchain.com this week added 173 tokenized stocks and ETFs through Ondo, bringing its catalog to more than 430 offerings across Ethereum, Solana and BNB Chain.

Ondo has been building institutional infrastructure for months. The company appointed John Hoffman, a former Grayscale and Invesco executive, as Managing Director and Head of Product Portfolios on June 11 to develop tokenized portfolio products. Ondo also launched leveraged stock trading through Ondo Perps on June 9.

What the deal means for investors

Tokenized ETFs offer continuous settlement, fractional ownership and global accessibility — features that legacy market infrastructure cannot match. A tokenized share class of a covered-call ETF that settles near-instantly and trades around the clock presents a clear value proposition for investors outside the US seeking exposure to US-listed strategies.

The partnership also expands beyond the initial Hong Kong product. Mirae and Ondo plan to tokenize Global X ETFs listed across Europe, Hong Kong, Japan, Canada and Australia, subject to regulatory approvals in each jurisdiction. Cross-border distribution of tokenized securities introduces complexities around investor protection, tax treatment and compliance that remain unresolved in most markets.

This article is for informational purposes only and does not constitute investment advice.