What Is NVIDIA Tokenized Stock (Ondo) (NVDAon)? A Clear Guide to the Crypto Asset Backed by NVDA Shares

There’s no such thing as a "NVIDIA crypto coin" in the traditional sense. You can’t buy NVIDIA stock directly on a blockchain like you would Bitcoin or Ethereum. But if you’ve seen people talking about NVDAon, you’re not imagining things. It’s a real digital asset that lets you track and trade NVIDIA’s stock price - without owning the actual stock. And it’s not a meme or a scam. It’s a carefully built bridge between Wall Street and blockchain.

What NVDAon Actually Is

NVDAon isn’t a new cryptocurrency created from scratch. It’s a tokenized version of NVIDIA Corporation (NVDA) stock, issued by a company called Ondo Finance. Each NVDAon token represents a fraction of a real NVIDIA share held in a secure, regulated custodian. Think of it like owning a digital IOU that mirrors the value of NVIDIA stock - down to the penny - and even gets you a share of the dividends.

Ondo Finance launched NVDAon in late 2023. It’s designed for investors outside the U.S. who can’t easily buy U.S. stocks through traditional brokers. If you’re in Singapore, Germany, or Brazil, and you want exposure to NVIDIA’s explosive growth, NVDAon gives you a way to do it without jumping through international brokerage hoops.

How It Works - No Magic, Just Mechanics

Here’s the simple version: Ondo buys actual NVIDIA shares on the New York Stock Exchange. They lock those shares in a trusted custody account. Then, they issue NVDAon tokens on blockchains like Ethereum and BNB Chain. For every NVDAon token you hold, there’s a matching fraction of a real NVIDIA share sitting in custody. It’s a 1:1 backing, verified monthly by Armanino LLP, a top accounting firm.

When NVIDIA pays a dividend, Ondo collects it and distributes the equivalent amount in USD to NVDAon holders. You don’t get shares - you get cash. That’s it. No complicated smart contracts. No synthetic price feeds. Just direct replication.

Trading happens 24/7 on exchanges like MEXC, Gate.io, and OKX. That’s a big deal. While the NYSE only opens for 6.5 hours a day, NVDAon trades nonstop. If NVIDIA drops 5% after hours in the U.S., you can sell your NVDAon immediately - no waiting until the market opens again.

Where It Trades and How Big It Is

NVDAon runs on two major blockchains: Ethereum and BNB Chain. As of January 30, 2026, there were just over 50,200 NVDAon tokens in circulation. That might sound small, but it’s worth about $9.6 million total. Compare that to NVIDIA’s $2.8 trillion market cap - NVDAon is a drop in the ocean. But it’s growing fast.

On BNB Chain, trading volume is way higher than on Ethereum. Why? Lower fees. A single trade on BNB Chain costs pennies. On Ethereum, gas fees can spike to $45 during busy times. That’s why most retail traders use BNB Chain. Over 80% of NVDAon trades happen outside U.S. market hours - mostly from Southeast Asia and Europe.

Price-wise, NVDAon trades around $190. That’s almost exactly where NVIDIA stock is trading. The two have a 99.87% correlation, according to Chainlink oracles. That’s tighter than most ETFs.

Who Can Buy It - And Who Can’t

This is the catch: U.S. retail investors cannot hold NVDAon. Ondo’s terms explicitly block anyone with a U.S. address or ID. Why? Because the SEC considers NVDAon a security. Selling securities to unlicensed retail investors in the U.S. is illegal. So Ondo targets the rest of the world - over 142,000 holders globally, mostly from Singapore, Germany, India, and Brazil.

If you’re outside the U.S., you can buy NVDAon with crypto (like USDT or ETH) on supported exchanges. But if you want to cash out and get real USD back, you have to go through Ondo’s redemption system. That means proving you’re not a U.S. person, passing KYC checks, and paying a 0.25% fee. For amounts over $10,000, you need extra documents - think bank statements, proof of residency, tax forms.

Redemption can take up to 72 hours. That’s slower than a traditional broker, and it’s one of the biggest complaints from users. Some say they got their money back in 24 hours. Others waited three days. It’s inconsistent.

Pros and Cons - The Real Trade-Offs

• Pros: Trade NVIDIA 24/7. Access U.S. tech stocks from countries with restricted brokerage access. Fractional ownership (you can buy 0.001 NVDAon for under $0.20). Dividend payouts. Transparent backing. Low minimums.
• Cons: No U.S. access. Redemption is slow and paperwork-heavy. Gas fees on Ethereum can be wild. Limited fiat on-ramps - you usually need crypto first. Low liquidity during Asian market hours. 0.25% redemption fee eats into small profits.

For someone in Manila trying to invest in NVIDIA, NVDAon is a game-changer. For someone in New York? It’s off-limits. And that’s by design.

How to Get Started (If You’re Eligible)

If you’re outside the U.S. and want to try NVDAon, here’s the real-world process:

1. Create an account on Ondo Global Markets. You’ll need a government ID and proof of non-U.S. residency (like a utility bill or bank statement from your country).
2. Complete identity verification. This usually takes 24-48 hours.
3. Connect a Web3 wallet - MetaMask, Trust Wallet, or Coinbase Wallet work fine.
4. Buy crypto (like USDT) on a centralized exchange like Binance or Coinbase, then send it to your wallet.
5. Go to a supported exchange (MEXC, Gate.io, OKX) and trade your USDT for NVDAon.
6. For redemptions: Use Ondo’s portal to swap NVDAon back for USD. Expect to wait 1-3 days and pay 0.25%.

The whole onboarding process takes about 22 minutes on average - if you have your documents ready. Most delays come from document rejections or slow bank transfers for USD payouts.

Is NVDAon Safe?

It’s safer than most crypto assets, but not risk-free. Your money isn’t in a volatile algorithm. It’s backed by real NVIDIA stock. That’s a huge plus. The custody is handled by a regulated financial institution. The backing is audited. The price mirrors the real stock.

But risks remain:

• Regulatory risk: The SEC could crack down on Ondo if they decide NVDAon is an unregistered security sold to non-U.S. investors in a way that violates U.S. law.
• Liquidity risk: If everyone tries to sell at once, prices could dip due to thin order books.
• Platform risk: If Ondo Finance goes under or gets shut down, you could lose access to redemption.

That’s why experts like David Sacks call it "the most legitimate bridge between TradFi and DeFi." But SEC Commissioner Hester Peirce warns it operates in a gray zone. It’s legal for now - but that could change.

The Bigger Picture - Tokenized Stocks Are Just Starting

NVDAon is part of a $4.7 billion market for tokenized stocks. That’s tiny compared to the $120 trillion global equity market. But it’s growing fast - up 217% in the last year. Other companies like Matrixbox and Tokeny offer similar products. But Ondo leads in volume and transparency.

Big banks and asset managers are watching. Fidelity and Standard Chartered say tokenized equities could hit $50-100 billion in daily trading volume by 2028 - if regulators get on board. The EU’s MiCA rules, which took effect in January 2026, give tokenized stocks clearer legal footing. The U.S. is still dragging its feet.

Ondo’s next move? Expanding to Arbitrum and Optimism in Q2 2026. That means faster trades, cheaper fees, and better user experience. They’re also starting quarterly dividend payouts in April 2026 - directly tied to NVIDIA’s schedule.

Final Verdict: Worth It?

If you’re outside the U.S. and want to own NVIDIA without a U.S. brokerage account - yes, NVDAon is worth it. It’s transparent, backed, and gives you real exposure. You get dividends. You get 24/7 trading. You get fractional ownership.

If you’re in the U.S., you can’t use it. And even if you could, traditional brokers like Interactive Brokers or Fidelity offer NVIDIA stock with lower fees, better protection, and full regulatory backing.

NVDAon isn’t the future of stock trading. It’s a workaround for people locked out of it. And right now, that’s enough to make it valuable.