For years, tokenization has been promoted as a future possibility. In Europe, it just became a present reality.
Key Takeaways
Ondo can now offer tokenized U.S. stocks and ETFs to investors across all 30 EEA countries.
The approval relies on Liechtenstein’s MiCA-based passporting regime.
Over 500 million Europeans will gain regulated on-chain access to U.S. markets.
The latest push isn’t coming from a European giant, but from the United States. Ondo Global Markets now has the regulatory blessing to bring tokenized U.S. equities to everyday European investors, marking one of the clearest examples yet of traditional finance migrating fully on-chain.
How a Tiny Country Unlocked 30 Markets
To understand the breakthrough, the key isn’t the technology — it’s the jurisdiction.
Ondo didn’t get approval from the EU in Brussels, or from a legacy European stock exchange. The turning point came from Liechtenstein’s Financial Market Authority (FMA).
Because Liechtenstein participates in the European Economic Area (EEA), licenses issued there can passport across all 30 member markets. That means retail investors in all EU nations — as well as Iceland, Norway and Liechtenstein — will soon be able to access tokenized U.S. stocks and ETFs.
More than 500 million people are now in the prospective customer pool.
The announcement is not an isolated event. Earlier this month, Ondo rolled out tokenized stock trading in Switzerland through BX Digital, the digital arm of Boerse Stuttgart Group. That launch demonstrated demand. The new approval gives Ondo the legal perimeter to scale it across the entire EEA.
MiCA Shapes the Rules — and the Race
Liechtenstein’s speedy regulatory approval isn’t accidental. The country has already implemented the EU’s MiCA crypto framework through domestic law, long before many EU member states.
Once the MiCA transitional period ends on December 31, 2025, every crypto asset service provider will need MiCA authorization to operate in the region — a deadline that turns early approvals into competitive moats.
Ondo didn’t disclose the exact legal track used to receive the green light, but emphasized that Liechtenstein’s passporting regime was key to unlocking the entire bloc.
Regulation in Flux Across Europe
This progress arrives as policymakers fight over the next phase of MiCA. A growing group in Brussels wants the European Securities and Markets Authority (ESMA) to take over direct supervision of all CASPs across the union — a move that would weaken the power of individual national regulators.
Whether Europe moves toward centralization or maintains shared authority will determine how quickly other tokenization players can launch across borders.
The Bigger Picture: Tokenization Is No Longer Theory
Ondo has already tokenized more than 100 U.S. equities and ETFs on the BNB Chain, signaling that the company isn’t just waiting for regulation — it has the technical infrastructure prepared.
With legal barriers now lowered across 30 markets simultaneously, the division between Wall Street and blockchain is becoming thinner than ever.
If the model succeeds, investors may soon stop thinking about “tradfi” and “crypto” as separate worlds — because both could start living on-chain.
