Circle Internet Group (Ondo Tokenized Stock)

Ondo Global Markets (BVI) Limited, a subsidiary of Ondo Finance, offers US stocks and exchange-traded funds in token form to investors outside the United States. CRCLon is one of these products and provides economic exposure to shares of Circle Internet Group, the issuer of USDC. The token is issued on Ethereum, BNB Chain, Solana and HyperEVM.

CRCLon is designed as a total return tracker: dividends from the share are not distributed separately but are reflected in the token's value, so over time each token may correspond to more than one share. Eligible individual and institutional users outside the US can mint and redeem tokens against stablecoins during US market trading hours; retail investors in the United States cannot access these products. The underlying shares are stated to be held with regulated US custodians and verified regularly.

The value of CRCLon depends largely on price movements in Circle shares; the company's financial results, stablecoin legislation and interest rates matter in this respect. In addition, counterparty risk related to the issuer and the custody structure, the hours during which the mint-and-redeem mechanism operates and the depth of on-chain liquidity can cause the token price to diverge from the share. Lzzo.com shows DefiLlama's US dollar reference price for this token, and the chart is drawn from the same source's historical data.