What Is SKHYON? Ondo Tokenized SK hynix ADS Explained

Summary

SKHYON, officially styled by Ondo as SKHYon, is an Ondo tokenized product designed to provide economic exposure linked to the American Depositary Shares of SK hynix Inc., which trade on Nasdaq under the ticker SKHY.

SKHYON is not issued by SK hynix, is not a directly owned SKHY American Depositary Share and does not provide direct ownership of SK hynix’s Korean-listed common stock.

The product involves three separate layers:

1. SK hynix common shares listed in South Korea under code 000660;

2. SKHY American Depositary Shares listed on Nasdaq;

3. SKHYON tokens designed to track the economic performance associated with SKHY.

Each SKHY ADS represents one-tenth of one SK hynix common share. Eligible users can trade SKHYON/USDT on MEXC.

Readers seeking more information about the underlying company can review What Is SK hynix (NASDAQ: SKHY) Stock? HBM, DRAM, NAND and AI Memory Explained.

What Is SKHYON?

SKHYON is the MEXC ticker for SKHYon, the Ondo-tokenized product linked to SK hynix’s Nasdaq-listed ADSs.

Ondo’s official asset page identifies the product as “SKHYon: SK Hynix (Ondo Tokenized).”

The ON suffix is used across Ondo’s tokenized-securities platform and can be understood as referring to “Ondo” or “onchain.”

A precise definition is:

SKHYON is an onchain token designed to provide total-return economic exposure linked to SKHY, the Nasdaq-listed American Depositary Share of SK hynix.

It should not be described simply as “tokenized Korean SK hynix stock,” because SKHYON’s immediate reference asset is the U.S.-listed SKHY ADS rather than the Korean common share itself.

What Is the Underlying SKHY ADS?

SKHY is the Nasdaq ticker for SK hynix American Depositary Shares.

SK hynix’s common shares are primarily listed on the KRX KOSPI Market under identification code 000660. The company’s ADSs are listed on the Nasdaq Global Select Market under SKHY.

Each SKHY ADS represents 0.1 SK hynix common share. Therefore:

• One SKHY ADS represents one-tenth of a Korean common share;

• Ten SKHY ADSs represent one Korean common share;

• The relationship may still be affected by depositary fees, taxes, currency conversion and market-price differences.

Citibank, N.A. is the depositary for the ADS program. The underlying Korean common shares are held through the depositary’s custody arrangements.

How Are 000660, SKHY and SKHYON Connected?

The relationship can be summarized as:

SK hynix business performance

↓

KRX-listed common share: 000660

↓

Nasdaq-listed ADS: SKHY

↓

Ondo tokenized product: SKHYON

↓

SKHYON/USDT market on MEXC

Each layer can introduce its own pricing considerations.

This makes SKHYON more structurally complex than a token linked directly to the common stock of a U.S.-incorporated company.

Who Issues SKHYON?

SKHYON is not issued by:

• SK hynix;

• Citibank;

• Nasdaq;

• Korea Exchange;

• MEXC;

• SK Square.

Ondo states that its tokenized securities are issued by Ondo Global Markets (BVI) Limited, while Ondo Finance provides tokenization services to the issuer.

The roles can be summarized as follows:

How Is SKHYON Backed?

Ondo states that its tokenized stocks, ETFs and ADR-related products are fully backed by the corresponding publicly traded securities and cash held through U.S. broker-dealers.

Its disclosed protection framework includes:

• Backing by corresponding securities and cash;

• Daily review by an independent verification agent;

• A security agent;

• A security interest in designated collateral;

• Bankruptcy-remoteness measures;

• Redemption rights for eligible tokenholders.

For SKHYON, the corresponding traditional-market security is SKHY.

Backing can help connect SKHYON’s value to SKHY, but it does not eliminate issuer, custody, legal, liquidity or operational risk.

Does Buying SKHYON Mean You Own SKHY ADSs?

No.

Ondo states that its tokenized securities provide economic exposure to underlying assets but are not themselves stocks, ETFs or ADRs. Tokenholders do not receive a general right to hold or receive the underlying security.

SKHYON should therefore be described as tokenized economic exposure to SKHY, not as a directly owned ADS stored on a blockchain.

Does One SKHYON Equal One SKHY ADS?

Users should not assume that one SKHYON permanently equals exactly one SKHY ADS.

Ondo asset pages can display a shares-per-token ratio, which may change as a result of:

• Dividends;

• Tax withholding;

• Corporate actions;

• Product adjustments;

• ADS ratio changes;

• Token terms.

The current ratio should be checked on the official Ondo SKHYON asset page before calculating exposure, premiums or discounts.

Even when the ratio is close to one token per ADS, the MEXC price can differ temporarily because SKHYON and SKHY trade on separate markets.

How Does SKHYON Track SKHY?

SKHYON is designed to track SKHY through:

• Underlying security backing;

• Token minting;

• Token redemption;

• Market-maker activity;

• Arbitrage;

• Secondary-market trading.

Ondo describes its tokenized securities as total-return trackers. This means they are designed to reflect both price movements and reinvested dividends after applicable withholding taxes.

When SKHYON Trades Above Reference Value

If SKHYON trades at a premium, an eligible participant may be able to:

1. Mint additional SKHYON near its reference value;

2. Sell the tokens into the secondary market;

3. Increase available supply;

4. Help reduce the premium.

When SKHYON Trades Below Reference Value

If SKHYON trades at a discount, an eligible participant may be able to:

1. Purchase discounted SKHYON;

2. Redeem it under applicable Ondo terms;

3. Reduce the circulating token supply;

4. Help narrow the discount.

Ordinary MEXC users should not assume that they personally have access to Ondo’s direct minting and redemption system. Eligibility, jurisdictional and account requirements may apply.

How Are Dividends Treated?

SK hynix may distribute dividends on its Korean common shares.

For SKHY ADS holders, the depositary can receive dividends on the underlying common shares, convert the relevant amount into U.S. dollars and distribute the net proceeds after deducting applicable:

• Korean withholding tax;

• Currency-conversion costs;

• Depositary fees;

• Other expenses.

SK hynix’s ADS prospectus states that cash distributions received on the underlying common shares may be paid to ADS holders after the applicable deductions.

SKHYON holders should not assume they will receive the same cash payment.

Ondo’s total-return model is designed to reflect net distributions through reinvestment into the token’s underlying exposure. This can cause the shares-per-token ratio to change over time.

Does SKHYON Provide Voting Rights?

Holding SKHYON does not make the user a direct SKHY ADS holder or SK hynix shareholder.

SKHY ADS holders may instruct the depositary to vote the underlying common shares represented by their ADSs, subject to:

• The deposit agreement;

• Voting deadlines;

• Information received from SK hynix;

• Applicable Korean laws and procedures.

SKHYON holders do not automatically receive these direct ADS voting rights.

Any voting-preference mechanism made available through Ondo would remain different from directly instructing the ADS depositary as a registered or beneficial SKHY holder.

Why Can SKHYON Differ From SKHY?

SKHY and SKHYON trade through separate markets.

SKHY trades on Nasdaq in U.S. dollars. SKHYON trades against USDT through the MEXC SKHYON/USDT market, where MEXC identifies the asset as SK Hynix (Ondo).

Temporary differences may be caused by:

• Separate order books;

• MEXC liquidity;

• Trading outside Nasdaq hours;

• USDT/USD movements;

• Minting or redemption interruptions;

• Corporate actions;

• Large market orders;

• Different investor expectations.

The Additional KRW/USD Effect

SKHY itself can differ from the converted value of Korean-listed 000660 shares.

A simplified theoretical calculation is:

SKHY value ≈ 000660 price × 0.1 ÷ KRW per USD

For example, if:

• One Korean share trades at KRW 2,000,000;

• Each ADS represents 0.1 share;

• The exchange rate is KRW 1,500 per U.S. dollar;

Then the simplified converted ADS value would be:

KRW 2,000,000 × 0.1 ÷ 1,500 = approximately $133.33

The actual SKHY market price may differ because of:

• Market hours;

• Depositary costs;

• Supply and demand;

• Currency movements;

• Conversion restrictions;

• Settlement timing;

• Investor sentiment.

SKHYON adds another potential price difference above the ADS layer.

Can SKHYON Trade Outside Nasdaq Hours?

Ondo states that direct minting and redemption are generally available 24 hours a day, five days a week. Supported tokens may be transferred or traded peer-to-peer at other times, subject to operational, market and jurisdictional restrictions.

The MEXC market may remain accessible while Nasdaq and the Korea Exchange are closed.

Outside the underlying markets’ active sessions:

• SKHY’s latest price may become stale;

• The KRW/USD reference may change;

• SKHYON spreads may widen;

• Order-book depth may decline;

• Premiums and discounts may increase;

• News may affect SKHYON before SKHY or 000660 reopens.

Longer market availability does not guarantee continuous liquidity or exact tracking.

How to Trade SKHYON on MEXC

Eligible users can access the SKHYON/USDT spot market on MEXC.

The general process is:

1. Create an eligible MEXC account.

2. Complete applicable verification requirements.

3. Deposit or acquire USDT.

4. Open the SKHYON/USDT market.

5. Review the latest SKHY and 000660 market information.

6. Check the KRW/USD and USDT/USD relationships.

7. Examine the MEXC spread and order-book depth.

8. Select a market or limit order.

9. Enter the desired quantity.

10. Review and confirm the transaction.

MEXC announced that SKHYON/USDT began spot trading on July 13, 2026, following SK hynix’s Nasdaq listing.

Useful MEXC Learn resources include:

• A Guide to Ondo Tokenized Stocks: How On-Chain Stock Exposure Works;

• What Is RealStocks?;

• How to Sign Up for a MEXC Account.

SKHYON vs SKHY vs 000660

Main Risks of SKHYON

SK hynix Business Risk

SKHYON may decline if SK hynix faces weaker HBM demand, falling DRAM or NAND prices, lower AI spending or manufacturing problems.

ADS and Currency Risk

SKHY is influenced by the Korean common share, the one-tenth ADS ratio, KRW/USD movements and depositary fees.

Tracking Risk

SKHYON may trade above or below the value associated with SKHY.

Issuer and Custody Risk

The product depends on Ondo’s legal structure, broker-dealers, backing securities, custodians and security arrangements.

MEXC Platform Risk

Assets held on MEXC depend on the exchange’s custody, security, liquidity and operational availability.

Blockchain Risk

Smart-contract vulnerabilities, network disruptions or incorrect transfers may result in losses.

USDT Risk

Changes in USDT’s market value relative to the U.S. dollar can affect the SKHYON/USDT price.

Regulatory and Eligibility Risk

Ondo tokenized securities are not available to U.S. persons and may be restricted to qualified investors or professional clients in certain jurisdictions. Other location-based restrictions also apply.

FAQ

What is SKHYON?

SKHYON is an Ondo tokenized product designed to provide economic exposure linked to SK hynix’s Nasdaq-listed SKHY ADSs.

Is SKHYON issued by SK hynix?

No. It is issued through the Ondo Stocks structure.

Is SKHYON a Korean SK hynix common share?

No. Its immediate reference asset is SKHY, the Nasdaq-listed ADS.

How many Korean shares does one SKHY ADS represent?

One SKHY ADS represents one-tenth of one SK hynix common share.

Does buying SKHYON mean I own SKHY ADSs?

No. SKHYON holders do not have a general right to hold or receive the underlying ADSs.

Does SKHYON reflect dividends?

Ondo’s total-return model is designed to reflect net reinvested distributions rather than guarantee an identical cash dividend.

Why can SKHYON differ from SKHY?

Differences may result from separate liquidity, trading hours, USDT movements, minting and redemption conditions or MEXC order-book activity.

Where can eligible users trade SKHYON?

Eligible users can access the SKHYON/USDT spot market on MEXC.

Risk Disclaimer

This article is provided for informational and educational purposes only. It does not constitute investment, financial, legal, accounting or tax advice.

SKHYON combines exposure to SK hynix’s business performance with risks associated with Korean common shares, American Depositary Shares, foreign-exchange movements, depositary arrangements, token issuance, backing, custody, tracking, liquidity, blockchain technology, USDT, MEXC operations and regulation.

SKHYON is not a directly owned SKHY ADS or SK hynix common share and does not provide a guaranteed right to receive either security.

Readers should review official SK hynix disclosures, SEC filings, Ondo product documentation, the MEXC SKHYON/USDT market and the rules applicable in their jurisdiction before making any decision.