An OpenAI-linked note is trading against USDC on Ondo Perps, giving eligible investors access to private-company exposure while leaving them with issuer credit risk and no OpenAI shareholder rights.
The OpenAI Private Market Note (OPAIPon) is an unsecured obligation of PM Issuer Co (BVI) Limited, Ondo’s public disclosures say. Holders receive no OpenAI shares, and OpenAI has no obligation to pay them. The note links any redemption payment to the value realized on OpenAI common shares at a qualifying liquidity event.
A payment requires both a qualifying event and a valid claim. Applicable withholding and settlement fees reduce the calculated amount, while holders bear the risk that the issuer cannot meet its obligation.
Ondo Perps offers spot trading in OPAIPon against USDC around the clock, subject to maintenance, risk controls and a possible issuer pause. Continuous access to the market does not ensure that a buyer or seller will be available. Holders may keep the token in their own wallets and transfer it to eligible recipients. The product is restricted to qualifying non-U.S. persons, who must complete eligibility checks to claim a payment.
Ondo introduced Ondo Private Markets on Oct. 5 with a plan to begin with a private AI company. The OpenAI-linked note became its first offering. Ondo has presented the platform as a response to high minimum investments and limited exit options in traditional private markets.
The trading price is set by orders in the market. It may differ from OpenAI’s private valuation and from any amount the note ultimately pays.
