PANWon represents the Ondo-issued tokenized form of Palo Alto Networks stock. It provides holders with economic benefits comparable to owning PANW shares, including the automatic reinvestment of dividends. Through Ondo’s platform, institutional and retail investors outside the United States can mint and redeem these tokenized U.S. equities and ETFs instantly. This service operates 24 hours a day, five days a week, offering complete access to traditional exchange liquidity, though further restrictions are in place.