Accessing tokenized stocks and ETFs in MetaMask
You can access 200+ tokenized stocks, ETFs and commodities directly within MetaMask’s swap interface via Ondo Global Markets. This guide explains what tokenized stocks are, how they work, and how to trade them in MetaMask.
Tokenized securities are only available on MetaMask Mobile at this time
Tokenized securities are not available to users in the United States and other restricted jurisdictions. For details and the latest information on eligibility, check here.
What are tokenized stocks and ETFs?
Tokenized stocks, ETFs, and commodities are real-world assets (RWA) represented onchain as tokens. Tokenization creates digital equivalents of traditional financial assets and broadens access to markets that were historically exclusive or illiquid.
Each token represents economic exposure to an underlying traditional asset—such as a publicly traded stock or ETF—that is held offchain. The token is designed to track the asset’s performance by reflecting its price movements and other economic outcomes (like dividends), rather than granting direct ownership of the asset itself.
With Ondo Global Markets, each tokenized stock or ETF is fully backed by the corresponding underlying asset, which is held with licensed custodial broker-dealers. Refer to Ondo documentation for more information.
Trading hours
Ondo Global Markets generally follows U.S. stock market trading hours, with trading availability and liquidity aligned to a 24/5 schedule, from Sunday 8:00 PM EST to Friday 7:59 PM EST.
| Trading sessions | Eastern Standard Time |
|---|---|
| Pre-Market | 4:00:00 AM EST - 9:29:59 AM EST |
| Regular Market | 9:30:00 AM EST - 3:59:59 PM EST |
| Post-Market | 4:00:00 PM EST - 7:59:59 PM EST |
| Overnight | 8:00:00 PM EST - 3:59:59 AM EST |
For the latest information on market hours, trading pauses, or market status, see here.
Tokenized stocks and ETFs can technically be traded onchain at any time. However, trading outside of Ondo Global Markets-defined hours may involve lower liquidity, higher price volatility, and limited or unavailable price quotes.
For this reason, quotes will be unavailable in MetaMask outside designated trading windows and trading during regular market hours is recommended.
How to trade tokenized stocks and ETFs on MetaMask
Tokenized stocks work the same way as any other token you would swap to.
- Tap the Swap button on your homepage
- Select USDC on Ethereum
- Swapping from other ERC-20 tokens is possible, but may result in no quotes or higher price impact due to limited liquidity. Swapping from native assets like ETH into Ondo Global Markets tokens is not currently supported. Ethereum is the only currently supported network.
- Search for the asset ticker and select the tokenized version, example $GOOGLon (Ondo Tokenized)
- Enter the amount you want ($5 minimum)
- Lower amounts typically incur a higher price impact.
- Review quote and confirm transaction.
How tokenized securities track asset performance
Ondo Global Markets tokenized stocks and ETFs are designed as total-return trackers. This means they aim to reflect the full economic performance of the underlying asset, assuming reinvestment of income.
A total-return tracker includes:
- Price movements: gains or losses in market value
- Income distributions: dividends (for stocks) or interest (for bond)
- Corporate actions: events like mergers, splits, or restructurings
By capturing both capital gains and income, total-return trackers provide a more comprehensive representation of asset performance than price-only tracking.
Dividends
Some stocks and ETFs pay dividends, which are periodic cash distributions made by the issuing company. With Ondo Global Markets tokenized stocks, dividends are not paid out directly as cash. Instead, dividends are automatically reflected in the token’s total-return performance through reinvestment (net of applicable withholding taxes).
This means:
- Dividends contribute to the overall value of the token
- Dividends are reinvested to compound returns
- Your exposure reflects both price changes and dividend income, net of applicable withholding taxes
As a result, a single token may come to represent multiple underlying shares.
Stock splits and reverse splits
A stock split increases the number of shares outstanding by dividing each share into multiple shares, while a reverse stock split reduces the number of shares outstanding by combining multiple shares into one. These actions change the share count and price per share, but do not change the total economic value of the asset.
When a company performs a stock split or reverse stock split, your total economic exposure through an Ondo Global Markets tokenized stock remains unchanged and no action is required from you.
For example, in a 10-for-1 stock split, one share becomes 10 shares. In this case, a single tokenized stock may continue to represent the same economic exposure and may now correspond to 10 underlying shares, with the token price adjusting proportionally. Your single tokenized stock will now represent the value of 10 shares, while the overall value of your position remains the same.
Are tokenized securities the same as owning the actual security?
No. While tokenized securities are designed to mirror the economic performance of the underlying asset, they are not the same as directly owning the stock or ETF. You will not own the underlying security.
When holding a tokenized stock or ETF:
- You do not receive shareholder voting rights
- You do not receive statutory shareholder disclosures
- You do not directly own the underlying security
Instead, you hold a token that reflects the total economic return of the asset. Refer to Ondo Global Markets documentation for additional details.
FAQ
Am I eligible to trade tokenized stocks and ETFs?
Ondo Global Markets are subject to availability and is not available to users in the following regions:
USA or any of its states, possessions, territories or federal districts, United Kingdom, Afghanistan, Algeria, Belarus, Brazil, Canada, China (Including Hong Kong), Crimea, Donetsk People’s Republic (DNR), European Economic Area, Luhansk People’s Republic (LNR), Kherson and Zaporizhzhia regions (Ukraine), the city of Sevastopol, Cuba, Democratic Republic of Korea, Eritrea, Iran, Libya, Malaysia, Myanmar, Morocco, Nepal, Russia, Singapore, Somalia, South Sudan, Sudan, Switzerland, Syria, and Venezuela. For details and the latest information on eligibility, check here.
What are the fees?
All trades into and out of Ondo Global Markets go through CowSwap and incur the below fees (subject to change):
- MetaMask - 87.5 bps*
- CowSwap - 12 bps
- Execution adjustment - 0.5 bps
Positive slippage may be captured if there is a difference between quote and execution. For more information, refer to CowSwap and Ondo Global Markets documentation directly.
*Basis points (bps) are commonly used to show fees. 100 bps = 1%.
Do I need to sign up or create an account?
No. If you’re eligible, you can swap into Ondo Global Markets assets directly through MetaMask. No additional sign-up or account creation is required.
What about market halts and trading pauses?
Because Ondo Global Markets pricing depends on underlying U.S. market activity, price quotes may be paused if:
- The entire U.S. stock market is halted, or
- A specific underlying asset is halted due to market volatility
In such cases, Ondo Global Markets would pause quoting prices until the relevant market or asset resumes trading.
How do I cancel a transaction?
All tokenized stock swaps are executed through CowSwap. Once a swap is submitted, you can only view its status or attempt to cancel it through CowSwap, not directly within MetaMask. We are working on adding this functionality to MetaMask directly.
CowSwap supports two cancellation methods:
- Off-chain cancellation: This option is free and does not require gas. However, because it is handled off-chain, there is a small chance the order may still execute if it is already being matched.
- On-chain cancellation: This option requires paying gas but has a much higher likelihood of successfully cancelling the order, since it is enforced onchain.
For more details on CowSwap order cancellation, see here.
To view the status of your order or attempt a cancellation, visit the CowSwap explorer.
What are withholding taxes?
Withholding taxes are taxes that are automatically deducted from certain types of income like dividends before that income is paid. The Ondo Global Markets entity that issues the tokens is based in the British Virgin Islands, so dividends paid by U.S. companies to the entity are subject to the standard 30% U.S. withholding tax. This is the default rate that applies to non-U.S. persons, in accordance with U.S. tax regulations. Refer here.
You are responsible for identifying and paying all taxes and other governmental fees and charges (and any penalties, interest, and other additions thereto) that are imposed on you upon or with respect to the transactions and payments made. All fees payable by you are exclusive taxes unless otherwise noted. We reserve the right to withhold taxes where required.
How does dividend reinvestment work?
Dividend reinvestment occurs net of withholding taxes.
For example, if a stock pays a $1 dividend per share and Ondo holds 10 shares ($10 total), assuming a 30% withholding tax:
- $3 is withheld for taxes
- $7 is reinvested into additional shares of the underlying asset
This reinvestment is reflected in the token’s total-return performance.
Why can’t I trade the tokenized asset?
The most common reason is regional ineligibility. If your region is not supported, the token will not be tradeable in MetaMask.
In some cases, tokens may also be temporarily unavailable due to market hours or limited liquidity.
If you believe you’re eligible, make sure:
- You’re not located in a restricted jurisdiction. If you are in a prohibited region, you’re ineligible to trade.
- You’re attempting to trade during Ondo-defined market hours
How are tokenized securities backed?
Ondo Global Markets tokenized securities are fully backed by the corresponding stock or ETF, held with one or more licensed U.S. custodial broker-dealers (together with cash in transit). For further information, refer here.