Ondo's stock tokens can support single transactions of up to $100,000, but there isn’t actually a pool that big on-chain. So how does it work? It uses a really clever method by minting its own stablecoin, USDon. When there’s a purchase demand, it directly mints stock tokens and uses its own USDon as a bridge. This way, it doesn’t need external liquidity because both the stock tokens and USDon are controlled by itself. In theory, it can have unlimited liquidity . On the flip side, when someone sells, it first burns the stock tokens, then converts them into USDon based on Oracle pricing, and finally swaps them into the on-chain asset the user wants. With this setup, it’s probably the most user-friendly on-chain swap solution. A single transaction of this size is more than enough for regular users. If Ondo’s stock token trading volume doesn’t take off, it’s likely that the demand for this sector is just like that. Other solutions probably won’t have much of a chance either.