Ondo Finance’s brokerage subsidiary Oasis Pro Markets has joined DTCC’s Fund/SERV platform, becoming the first tokenization company admitted to the network that handles more than 85% of US mutual fund transaction activity. The announcement came on September 16 from DTCC and Ondo, and it links Ondo’s tokenized funds to the operational backbone of the American fund industry.
Fund/SERV is the core transaction processing and distribution system for US mutual funds, serving more than 1,300 fund industry clients. Membership gives Oasis Pro Markets a single standardized connection to fund companies, wealth platforms and service providers, covering account-level data, transaction confirmations, reconciliation, fund distributions, tax reporting and regulatory reporting.
ONDO, the protocol’s token, rose about 3.6% in the ten hours after the news, moving from roughly $0.325 to $0.337, according to CoinMarketCap data. The move came during a broader risk-off stretch for crypto following the Fed’s rate hike, which makes the gain stand out against a market where most tokens fell.
What the membership changes
Until now, a tokenized fund that wanted to reach traditional distributors had to build bespoke integrations fund by fund. Through Fund/SERV, Oasis Pro can transact with fund companies and wealth platforms through one connection, the same rails the rest of the industry uses. That removes a real operational barrier between tokenized products and mainstream distribution.
Ian De Bode, acting CEO and president of Ondo Finance, said in the announcement: “Through a single standardized connection, Ondo’s subsidiary Oasis Pro Markets can transact with fund companies, wealth platforms, and service providers without requiring separate integrations. A key piece of infrastructure is now in place for tokenized funds to scale to mainstream adoption.”
Talia Klein, managing director and head of Wealth & Investment Solutions at DTCC, said interoperability between traditional infrastructure and digital asset ecosystems would be critical to achieving scale and broad market adoption. She added that Ondo’s participation demonstrated how established industry infrastructure can support the next phase of market evolution.
Why it matters for tokenization
The tokenized Treasury market has grown quickly, with Ondo among the largest issuers of on-chain US Treasuries products. Distribution, not issuance, has been the constraint. Getting a tokenized fund into a wealth platform’s menu has meant custom plumbing for each relationship. Fund/SERV membership replaces that with the standard set.
Oasis Pro Markets was acquired by Ondo in October 2025. It is an SEC-registered broker-dealer, a noticed Alternative Trading System and a FINRA/SIPC member. The firm has been building a compliant bridge into traditional distribution since the acquisition, and the DTCC membership is the most concrete step so far.
DTCC has been running its own tokenization work in parallel, including an SEC-authorized tokenization service and a working group on digital assets. Adding a tokenization-native member to Fund/SERV signals that the two tracks, traditional fund processing and on-chain products, are starting to share infrastructure rather than run side by side.
| Item | Detail |
|---|---|
| Member | Oasis Pro Markets, Ondo Finance subsidiary |
| Network | DTCC Fund/SERV |
| Network coverage | Over 85% of US mutual fund transaction activity |
| Fund industry clients | More than 1,300 |
| Status | First tokenization company admitted |
| Functions covered | Confirmations, reconciliation, distributions, tax and regulatory reporting |
Market reaction and context
The price move was modest but notable for its timing. Most of the crypto market spent the week digesting the Fed’s first rate hike in three years and the failed Senate vote on the CLARITY Act, with spot bitcoin ETFs losing $746 million over two sessions. A mid-cap token rising on company-specific infrastructure news, rather than market beta, is the kind of move traders watch for.
Analysts have framed Ondo as the main proxy for the tokenized Treasuries trade, and rate decisions now matter directly for on-chain yield products. With the Fed hiking and eurozone inflation running at 3.3%, tokenized money market products are competing in a rate environment where cash-like yields are rising everywhere. Higher rates make Treasury tokens more attractive on yield, but they also raise the bar for every other on-chain return.
Competing issuers have been building their own institutional rails. Circle launched its Arc blockchain on September 16 with BlackRock and Visa as validators, and Franklin Templeton and BlackRock run tokenized fund products of their own. The difference in Ondo’s case is the distribution route: rather than building a new chain, it plugged into the one that already moves most US fund transactions.
Regulatory groundwork has also moved in the sector’s favor this week. The SEC granted tokenized securities venues a five-year exemption from exchange rules, opening US markets to on-chain stock trading, and the House Financial Services Committee advanced a bitcoin reserve bill. The policy direction, whatever its pace, is toward acceptance of tokenized instruments inside regulated market structure.
There is still a gap between access and adoption. A connection to Fund/SERV does not oblige any fund company or wealth platform to offer Ondo products, and the first transactions will show which distributors are willing to move. The company has not disclosed which platforms are lined up, and DTCC’s statement described the membership as paving the way for distribution rather than confirming live flows.
For now, the practical effect is distribution access. Whether Ondo’s tokenized funds actually flow through Fund/SERV to wealth platforms in volume will depend on the fund companies and platforms that choose to transact with Oasis Pro. The connection is in place. The volume is the next question.