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KYC is an express condition precedent to redemption, so a secondary-market buyer may hold a token it cannot redeem. Onboarding was institutional-only at the time of the Solana launch, with retail 'coming soon'.","summary":"Programme term expressly applies across the product set, including AXTIon.","scope":"programme-all-products","applicable":true,"exampleProduct":null,"scopeContext":{"kind":"programme-all-products","products":[],"source":"Ondo Stocks Sales Terms and current eligibility documentation","holders":"Onboarded Purchasers satisfying KYC and applicable investor classification","jurisdictions":"Non-US and subject to product-specific jurisdiction restrictions"},"answerScope":"product","evidence":"documented"},{"id":"kyc","label":"KYC / AML","value":true,"evidence":"documented"},{"id":"minimum","label":"Minimum","value":"$1.00 USD to invest or redeem","summary":"Programme term expressly applies across the product set, including AXTIon.","scope":"programme-all-products","applicable":true,"exampleProduct":null,"scopeContext":{"kind":"programme-all-products","products":[],"source":"Current Ondo Stocks Investing & Redeeming documentation","holders":"Eligible Onboarded Purchasers","jurisdictions":"Subject to onboarding and jurisdiction restrictions"},"answerScope":"product","evidence":"documented"},{"id":"fees","label":"Fees","value":"Sales Terms define Purchaser Fees owed to the Issuer for issuance AND redemption of up to 0.1% of the market price of the Underlyings; no separate redemption fee is advertised in the docs, and Ondo also retains the spread between the quoted token price and the price at which it trades the underlying. Ondo charges no fee for mint/redeem through Alpaca's ITN channel. Investor pays gas. Dividends are reinvested net of 30% US withholding tax on the BVI issuer.","summary":"Programme term expressly applies across the product set, including AXTIon.","scope":"programme-all-products","applicable":true,"exampleProduct":null,"scopeContext":{"kind":"programme-all-products","products":[],"source":"Ondo Stocks Sales Terms","holders":"Onboarded Purchasers","jurisdictions":"Subject to applicable final terms"},"answerScope":"product","evidence":"documented"},{"id":"timing-and-settlement","label":"Timing and settlement asset","value":"On-chain atomic mint/redeem against USDon (the platform stablecoin), with USDC atomically swapped 1:1 to/from USDon via a stablecoin swapper (users are not whitelisted for that swap by default). Requires an off-chain signed attestation (secp256k1) from the Ondo GM API quoting price and amount, submitted to the on-chain program by a whitelisted address. For an ordinary Onboarded Purchaser redemption is for cash/stablecoin only, and the Sales Terms exclude physical delivery and bar any conversion into certificated, uncertificated or book-entry securities. Separately, Alpaca's Instant Tokenization Network lets authorized participants mint from, and redeem into, the underlying securities in a linked Alpaca brokerage account on Ethereum and BNB Chain (no Ondo fee for ITN mint/redeem). Bank wire redemption not supported.","summary":"Programme term expressly applies across the product set, including AXTIon.","scope":"programme-all-products","applicable":true,"exampleProduct":null,"scopeContext":{"kind":"programme-all-products","products":[],"source":"Current Ondo Stocks operating documentation and Sales Terms","holders":"Eligible Onboarded Purchasers; ITN is separately limited to approved institutions","jurisdictions":"Cash/stablecoin route is programme-wide; the in-kind ITN route is not live on Solana"},"answerScope":"product","evidence":"documented"},{"id":"route-currently-available","label":"Route currently available","value":true,"evidence":"documented"},{"id":"successful-redemption","label":"Successful redemption independently observed","value":false,"evidence":"not-recorded"},{"id":"secondary-market-exit","label":"Secondary-market exit","value":true,"evidence":"observed"}]},"transferRestrictions":{"allowlist":false,"kycToHold":false,"usPersonsExcluded":true,"mechanism":"freeze-authority"},"maturityStage":"Level 2","maturityStageNum":2,"maturityScore":2},"reference":{"source":"ondo-implied","price":77.785,"ageSeconds":null,"marketOpen":false,"usdPrice":77.881,"premiumPct":0.123421},"afterHours":null,"depth":{"liquidityUsd":null,"vol24Usd":698.936,"organicVol24Usd":698.936,"organicSharePct":100,"trades24":2,"traders24":1,"tradesPerTrader":2,"dexPairs":0,"cexMarkets":2,"venuesPriced":2,"venueSpreadPct":0.268852,"venueSpreadLow":"Ondo Stocks","venueSpreadHigh":"MEXC","lastTradedAt":"2026-09-23T00:17:42+00:00","lastTradedVenue":"Ondo Stocks","holderCount":7,"mcapUsd":1329.83},"holders":{"supplyUi":17.0751,"top1SharePctExLabels":61.2221,"top5SharePctExLabels":99.8502,"top20SharePctExLabels":100,"top1SharePct":61.2221,"top5SharePct":99.8502,"top20SharePct":100,"distinctOwnersTop20":18,"frozenAccountsTop20":0,"top":[{"owner":"3itiWSjDd1X1B3ViYctkiVWFygkcJNTGzmpSzt7VAxNG","sharePct":61.2221,"ownerLabel":null,"frozen":false},{"owner":"HCNuV6LmCJpd64tAqF6FGYxas3eu8nMX1qkVrapnMMr1","sharePct":26.2269,"ownerLabel":null,"frozen":false},{"owner":"3BTabZxPgm8saQwrUePY9qtK2FG2VFqfSgLiZps8EXvE","sharePct":11.5542,"ownerLabel":null,"frozen":false},{"owner":"dustZAsX8B6s2mk3xsr2YxBatw75kEShbN63m9smTVi","sharePct":0.510385,"ownerLabel":null,"frozen":false},{"owner":"7Wji3MxL3cJKyPiooqZPzRnvPjHjfg55q2LXx5Cu2sNd","sharePct":0.336699,"ownerLabel":null,"frozen":false}]},"control":{"clawback":false,"mintAuthority":"9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD","permanentDelegate":false,"freezeAuthority":"51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK","pausable":true,"paused":false,"allowlist":false,"transferFeeBps":null,"hookActive":false},"keyGovernance":{"mint":"program","freeze":"multisig","delegate":"unknown","rebase":"program"},"verification":{"type":"daily-verification-agent","link":"https://www.dropbox.com/scl/fo/jzkrw308mrhsasauqrjqq/AJxJak0F90kcwkADSN3DCD4?rlkey=nik1v5slekrzx5fbi0zan5sk3&dl=0","machineReadable":false,"strength":3,"label":"daily agent"},"venues":{"dex":[],"cex":[{"market":"MEXC","target":"USDT","priceUsd":78.32,"volume24Usd":157719,"url":"https://www.mexc.com/exchange/AXTION_USDT","lastTradedAt":"2026-09-23T00:17:36+00:00"},{"market":"Ondo Stocks","target":"USDON","priceUsd":78.11,"volume24Usd":11314,"url":"https://app.ondo.finance/assets/axtion","lastTradedAt":"2026-09-23T00:17:42+00:00"}]},"issuerApi":{"kind":"ondo","ondoPrice":77.6511,"impliedUnderlyingPrice":77.785,"isTradingPaused":false,"isOffhoursTradable":false,"isAssetTradeable":true,"isMarketOpen":true,"currentSession":"overnight","nextMarketOpen":"2026-09-23T08:01:00Z","assetPauseReason":null},"sources":{"tokens":"2026-09-23T01:14:36Z","issuers":"2026-09-23T01:14:36Z","issuerApi":"2026-09-23T01:03:39Z","holders":"2026-09-23T01:10:48Z","venues":"2026-09-23T01:10:47Z","trades":"2026-09-23T01:06:55Z","afterhours":"2026-09-23T01:14:37Z","meteora":"2026-09-23T01:14:32Z","defiUsage":"2026-09-23T01:14:35Z"}}