What is Bilibili (Ondo Tokenized) (BILIon)?

Quick Facts

• Token: BILIon — tokenized Bilibili (NASDAQ: BILI) stock
• Issuer: Ondo Finance via Ondo Global Markets
• Eligible users: Non-US retail and institutional investors
• Availability: Minting and redemption 24 hours a day, five days a week
• Blockchains: Ethereum, BNB Smart Chain, Solana
• Price feed: Powered by Chainlink data oracles
• Custodian: BitGo; brokerage via Alpaca Securities LLC
• Asset class: Real-World Asset (RWA) — tokenized public equity

Introduction

BILIon is a blockchain-based token issued by Ondo Finance that gives holders economic exposure equivalent to holding shares in Bilibili — the major Chinese online video and entertainment platform listed on NASDAQ under the ticker BILI.

Rather than a utility token or meme coin, BILIon is a tokenized real-world asset (RWA) — a digital representation of traditional equity brought onto the blockchain through Ondo's infrastructure.

History & Background

Ondo Finance built its Ondo Global Markets platform to connect traditional financial markets with the blockchain ecosystem. The platform issues a range of tokenized US stocks and ETFs, of which BILIon is one product targeting exposure to Bilibili.

Bilibili itself is a well-known Chinese video-sharing and entertainment company, often compared to YouTube, and has been publicly traded on US markets. BILIon was created to open access to this asset for non-US investors through blockchain rails.

How Bilibili (Ondo Tokenized) Works

BILIon is minted and redeemed through the Ondo Global Markets platform. When a user mints BILIon, the platform acquires the corresponding Bilibili shares through Alpaca Securities LLC, its registered brokerage partner. BitGo acts as the digital asset custodian, securing the underlying holdings.

Chainlink data oracles supply real-time price feeds directly on-chain, ensuring the token's value tracks the live market price of BILI. Any dividends paid by Bilibili are automatically reinvested, reflected in the token's net asset value over time.

Peer-to-peer transfers of BILIon are available 24/7. Minting and redemption windows follow traditional market hours — 24 hours a day, five days a week.

Tokenomics

BILIon does not follow a conventional token economic model. Its value is directly pegged to the net asset value of the underlying Bilibili equity held in custody. New tokens are minted on demand when users deposit funds, and tokens are burned upon redemption. This mint-and-burn mechanism keeps the circulating amount in line with actual assets held.

Ecosystem & Use Cases

• Equity access: Non-US investors can gain exposure to a US-listed stock via crypto infrastructure.
• DeFi integration: BILIon tokens can be transferred on-chain and potentially used within compatible DeFi protocols.
• 24/7 settlement: Unlike traditional brokerages, BILIon enables round-the-clock peer-to-peer transfers.
• Dividend reinvestment: Dividends from Bilibili are automatically reinvested into the token's value.

Team, Governance & Community

Ondo Finance is the issuing entity behind BILIon. The platform is managed by a professional team focused on real-world asset tokenization. Governance of the token's structure and compliance framework is centralized within Ondo Finance, not a decentralized DAO, reflecting the regulated nature of the underlying asset.

Advantages

• Global access: Non-US investors can access Bilibili equity without a traditional brokerage account.
• Blockchain settlement: On-chain transfers are faster and available 24/7.
• Regulated infrastructure: Licensed brokerage and qualified custodian add a layer of institutional trust.
• Dividend reinvestment: Economic return is compounded automatically over time.
• Real-time pricing: Chainlink oracles ensure accurate, live price tracking.

Risks & Challenges

• Regulatory restrictions: BILIon is explicitly unavailable to US persons, limiting its addressable user base.
• Counterparty risk: Dependence on Alpaca Securities and BitGo introduces custodial and brokerage risk.
• Equity risk: Token value tracks Bilibili stock, which is subject to market and geopolitical volatility.
• Low liquidity: As a niche RWA token, trading volumes remain relatively small.
• Compliance complexity: Operating at the intersection of crypto and securities law requires ongoing regulatory navigation.

Long-Term Vision

BILIon represents Ondo Finance's broader ambition to bring the full range of US capital markets onto public blockchains — making traditional equities accessible to a global audience through programmable, composable tokens. As the RWA sector matures and regulatory frameworks evolve, products like BILIon may serve as a bridge between decentralized finance and mainstream investing.