MEXC, a cryptocurrency exchange, listed MRNAON, a tokenized representation of Moderna stock, on August 20, expanding retail access to U.S. biotech equities through real-world asset infrastructure.
The listing went live at 09:00 UTC and represents a continuation of Ondo Finance's strategy to tokenize traditional securities on blockchain rails. Ondo, which launched its first tokenized U.S. Treasury product in 2023, has built its business around wrapping regulated financial assets into ERC-20 tokens accessible to crypto-native traders. MRNAON allows MEXC users to gain exposure to Moderna without holding the stock through a traditional brokerage account.
Ondo's RWA tokenization model works by having a regulated custodian hold the underlying Moderna shares while the protocol issues an equivalent number of MRNAON tokens. The tokens trade on decentralized and centralized exchanges, and token holders retain economic rights to the underlying shares, including dividend exposure. MEXC did not announce additional trading pairs or volume targets in the announcement.
Moqera, Ondo's parent entity, has marketed RWA tokenization to bridge traditional finance and crypto markets. The company also offers tokenized versions of BlackRock's iShares funds and has expanded to tokenized commodities and foreign exchange instruments. Competition in the tokenized securities space has grown; competitors like Hashdex and Backed Finance offer similar products, though Ondo remains the largest by assets under administration.
MEXC, founded in 2018, operates as one of the larger global cryptocurrency exchanges by trading volume. The exchange focuses on listing early-stage tokens and alternative assets, and has previously added real-world asset offerings from other RWA issuers. Regulatory clarity around spot trading has improved in major jurisdictions over the past year.
Ondo's RWA token suite had accumulated approximately $800 million in total value by mid-2026, with the majority locked in tokenized Treasury products. Adding Moderna exposure diversifies Ondo's offering beyond fixed-income instruments into equities, a category with higher volatility but potentially broader retail appeal.
The entrance of major exchanges like MEXC into tokenized stock trading removes a friction point for crypto users seeking traditional equity exposure without custody complications. If MRNAON achieves meaningful trading volume on MEXC, it would validate demand for tokenized individual equities as a category and likely trigger similar listings across other exchanges and RWA issuers.
