Ondo Finance has launched an in-kind conversion feature allowing approved institutions to turn stocks and exchange-traded funds held in Alpaca accounts into Ondo Stocks tokens without separately providing cash. Shares move through an internal transfer from an institution's Alpaca account to Ondo, which then issues corresponding tokens on Ethereum or BNB Chain; token redemptions return the underlying shares. The alternative to Ondo's cash-funded issuance model can reduce additional capital needs, financing costs and timing mismatches between conventional share holdings and tokenized positions. Access requires active accounts with both Alpaca and Ondo and is limited to institutions approved by Alpaca. RWA.xyz lists Ondo with about $3.63 billion in distributed assets across 441 products, ranking it second behind Securitize.