Ondo Opens Private Markets With Tokenized Pre-IPO AI Notes

Ondo's move matters less for this single note than for the template it sets: tokenized wrappers reaching into pre-IPO equity, an asset class that has historically been gated by accreditation and long lockups. The eligibility restriction is the tell — this is private-market access with a blockchain rail, not a genuinely open market, so the near-term audience stays narrow. The open question is whether tokenization here improves real liquidity or simply re-packages the same illiquidity with a new settlement layer.