MetaMask has begun to enable access to tokenized US stocks, ETFs, and commodities through Ondo Global Markets, targeting users outside the United States. The service is set for launch on the Ethereum network, but will exclude 30 jurisdictions, including Canada, the European Economic Area, and the UK.

Overview of MetaMask’s Offering

Starting this Tuesday, non-US MetaMask users will obtain a selection of 200 tokenized US stocks, exchange-traded funds, and physical assets like gold and silver. The assets can be acquired via MetaMask Swaps, exchanging Circle’s USDC stablecoin for GM tokens, which are designed to maintain a 1:1 value relationship with their underlying assets.

Ondo Finance has garnered attention for its collaboration with World Liberty Financial, a crypto project associated with US President Donald Trump. The market performance for Ondo’s native token, ONDO, has seen a significant decline of about 80% this past year.

Desktop Functionality Coming Soon

Initially, access to tokenized assets will be limited to the MetaMask mobile app, with desktop options predicted to launch by the end of February, as confirmed by a Consensys representative.

Joe Lubin highlighted the limitations of current market practices, stating,

“Access to US markets still runs through legacy rails,” explaining that traditional markets suffer from disjointed applications and strict trading hours.

Lubin further commented:

“A single, self-custodial wallet where people can move between crypto and traditional assets without intermediaries and without giving up control. That’s the future we’re actively building toward at MetaMask.”

Exclusion of Certain Markets

In accordance with Ondo’s strategy, the initial rollout will not allow transactions from the US and several other markets. A spokesperson added:

“MetaMask employs a number of techniques to enforce geographic restrictions, including using users’ IP addresses to determine location.”

When detected in a restricted area, users will receive an error indicating that their transaction cannot proceed.

THE RISE OF TOKENIZED ASSETS

MetaMask’s initiative into real-world assets signifies a growing industry move towards a comprehensive financial application, with exchanges and self-custodial wallets increasingly incorporating tokenized assets. Blockchain.com, which operates a crypto wallet and blockchain explorer, also announced a partnership with Ondo on Tuesday, aiming to introduce tokenized RWAs to Europe.

In addition to this, Coinbase is currently developing its own RWA platform, investing in the future of finance by adopting a forward-looking approach.