Ondo Finance and Mirae Asset Global Investments have signed a memorandum of understanding to tokenize exchange-traded funds, starting with US-listed ETFs offered through Mirae’s American subsidiary, Global X. The deal makes Mirae Asset the first major Asian asset manager to move into ETF tokenization, pairing one of the largest fund houses in Asia with the protocol that currently commands roughly 58% of the tokenized equities market.

What the deal actually covers

The MOU, signed on June 16, lays out a phased approach. Phase one focuses on tokenizing US-listed Global X ETFs through Ondo’s infrastructure. Phase two gets more ambitious: expansion into Canada, Europe, Australia, Japan, and Hong Kong.

The collaboration also plans to incorporate additional asset classes beyond equities, including commodities. Every regional rollout will need to navigate local regulatory frameworks, and both parties have emphasized full compliance as a core requirement rather than an afterthought.

Mirae Asset’s chairman has reportedly positioned ETFs as a core product engine alongside AI and tokenization within the firm’s broader strategy. The company has previously signaled interest in digital assets through collaborations with Ava Labs and an explored acquisition of cryptocurrency exchange Korbit.

Why Ondo, and why it matters now

Ondo Finance has built itself into the dominant force in real-world asset tokenization over the past two years. The protocol currently offers over 260 tokenized securities, holds a total value locked exceeding $1B, and has processed cumulative trading volume surpassing $18B.

The Mirae deal follows Ondo’s tokenization of five Franklin Templeton ETFs completed back in March 2026. That project served as something of a template: take established, regulated fund products and make them accessible on-chain with the same compliance standards investors expect in traditional markets.

Tokenized ETFs could unlock 24/7 trading, faster settlement, and fractional ownership, none of which traditional ETF wrappers currently offer natively.

What this means for investors

For the tokenized asset market broadly, the deal reinforces a pattern that’s been building throughout 2026. Major financial institutions aren’t just experimenting with blockchain. They’re signing MOUs, allocating resources, and planning multi-jurisdiction rollouts. The emphasis on regulatory compliance across every target market suggests these firms are building for permanence, not just headlines.

Regulatory approval in six different jurisdictions is not a given. Each market has its own securities framework, its own approach to digital assets, and its own timeline for granting permissions. Investors should watch for concrete product launches rather than treating the MOU itself as a finished accomplishment.

Ondo’s 58% market share in tokenized equities is commanding, but BlackRock, Franklin Templeton, and other major players are all building tokenization capabilities.