Quick Breakdown
- Ondo receives Liechtenstein FMA approval to offer tokenized US stocks and ETFs across the EU and EEA.
- 500 million investors in 30 countries will gain on-chain access to regulated US market exposure.
- Approval comes as the EU considers shifting CASP oversight from national regulators to ESMA.
US-based tokenization platform Ondo Global Markets has received approval from the Liechtenstein Financial Market Authority (FMA) to offer tokenized stocks and ETFs to investors across the European Union and the wider European Economic Area (EEA). The approval marks a major regulatory breakthrough for the firm, expanding its reach to one of the world’s largest investor markets.
Access for 500 million investors
Ondo announced on Tuesday that the authorization allows it to introduce on-chain access to US equities within a regulated framework. With this approval, an estimated 500 million investors in 30 European countries will soon be able to tap into tokenized versions of US stocks and ETFs directly on the blockchain.
A big win for tokenization.
Soon millions across the EU will be able to access tokenized stocks and ETFs within a regulated framework. https://t.co/DnRKb1JGLl
— Ondo Finance (@OndoFinance) November 18, 2025
This development follows Ondo’s recent collaboration with the digital asset arm of Boerse Stuttgart Group, BX Digital, which enabled the trading of tokenised stocks in Switzerland earlier in November. In September, Ondo Finance launched its United States Dollar Yield (USDY) stablecoin on the Stellar network, introducing the first yield-generating dollar-backed asset to Stellar’s ecosystem.
Liechtenstein leans into MiCA despite not being in the EU
Although Liechtenstein is not an EU member, the country has aligned itself with the bloc’s Markets in Crypto-Assets (MiCA) rules through the EEA MiCA Implementation Act (EWR-MiCA-DG), which came into effect in February.
This alignment enables Ondo to obtain regulatory approval across all EEA jurisdictions, covering the 27 EU countries, as well as Iceland, Liechtenstein and Norway.
Ondo highlighted that the authorization allows it to operate within a unified, MiCA-compliant regulatory framework that maintains established investor protection standards. The company did not disclose the exact regulatory pathway used, but emphasized the significance of Liechtenstein’s passporting regime for cross-border operations.
Shift toward EU-wide oversight
Ondo’s approval comes amid growing debate within the EU about who should exercise supervisory authority under MiCA. Reports indicate that EU policymakers are considering granting the European Securities and Markets Authority (ESMA) complete oversight of all crypto-asset service providers (CASPs) across the bloc. This move would reduce the autonomy of national regulators.
From December 31, 2025, once MiCA’s transitional period ends, all CASPs operating from Liechtenstein will need full MiCA authorization from the FMA.
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