The integration of Ondo Finance with MetaMask has become one of the most notable events in the tokenized asset market. Wallet users gained access to US stocks and ETFs directly on-chain. But the market reacted coolly. The ONDO token barely changed in price, continuing its prolonged decline.
Over the past month, ONDO has fallen by more than 37%. And the news, which previously might have triggered growth in the market, did not reverse this trend.
MetaMask Opens Access to Stocks and ETFs On-Chain
The partnership between MetaMask and Ondo Finance was announced on February 3 at a summit. As part of the integration, more than 200 tokenized US securities appeared in the MetaMask mobile wallet.
This includes major stocks—Tesla, Nvidia, Apple, Microsoft, Amazon—as well as exchange-traded funds. Among them are ETFs for technology, gold, and silver. Buying and trading take place through the MetaMask Swaps service on the Ethereum network. Settlements are in USDC.
Trading is available five days a week, and token transfers are possible around the clock. Essentially, this is an attempt to bring the familiar brokerage experience to a self-custodial wallet without intermediaries.
Ondo calls this a step toward next-generation financial infrastructure. Consensys emphasizes that traditional brokerage platforms still operate on an outdated model—with limited trading windows and complex infrastructure.
Country Restrictions Sharply Reduce the Effect
Despite the high-profile announcement, a key detail was in the list of exceptions. The service is unavailable in the US, EU, UK, Switzerland, Canada, China, Japan, South Korea, and Singapore.
In fact, only certain emerging markets with looser regulation gained access. This sharply narrows the potential audience and explains the restrained reaction from investors. Technically, the integration is important. From a business perspective, the effect is still limited.
Why the ONDO Token Did Not Rise
At the time of publication, ONDO was trading around $0.28. Over the day, the price barely changed, but over the month, the token lost more than a third of its value. Since the beginning of January, the decline has appeared steady and continuous.
The market clearly does not see the integration with MetaMask as a growth factor for the token. And this is not a unique story for Ondo.
The Problem of the Entire RWA Segment
The situation with ONDO reflects a broader trend. Tokens of projects working with real-world assets often do not benefit from the growth of the sector itself.
According to CoinGecko, most RWA tokens in 2024–2025 have shown negative returns—from minus 26% to minus 79%. Even where protocols are increasing volumes and attracting institutional capital, the price of governance tokens remains under pressure.
The reason is structural. The main money goes not into governance tokens but into institutional products—tokenized bonds, funds, and stablecoin infrastructure. A vivid example is the BlackRock BUIDL fund, which has captured nearly half the market for tokenized US treasury securities. The sector is growing. Token growth is not guaranteed.
What This Means for Investors
The integration with MetaMask strengthens Ondo’s position at the infrastructure level. The company is laying the rails for the future on-chain securities market.
But for ONDO holders, this is another reminder: product development and token dynamics can follow different paths. While key markets remain closed and the value distribution model stays blurred, token price growth remains in question.
The RWA market is maturing. But tokens in this sector still live by the laws of speculation, not fundamental demand.
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