Ondo Finance has opened an in-kind minting mechanism for its tokenized U.S. equities product, allowing approved institutions to exchange existing share inventory directly for Ondo Stock tokens through brokerage partner Alpaca, bypassing the prior requirement to liquidate to cash first. This significantly lowers the friction for institutions already holding large equity inventories to obtain tokenized representations of those assets.
For Armada's crypto repo desk, this matters because it accelerates the pipeline of tokenized equities into institutional hands, where they could eventually be presented as repo collateral by hedge fund or family office counterparties. Armada's current collateral policy covers BTC, ETH, SOL, HYPE, and tokenized T-Bills, but tokenized equities represent a structurally different and less liquid collateral class. Counterparty inquiries on this collateral type should be flagged for a formal policy review before any commitment is made.