Ondo Perps adds tokenized stocks as collateral after $3.8 billion volume

Ondo Finance has made tokenized stock collateral live on OndoPerps, starting with SPYon and QQQon, which are tokenized versions of ETFs tracking the S&P 500 and Nasdaq-100. The feature lets users post those Ondo Stocks tokens as margin for perpetual futures positions rather than converting holdings into stablecoins or selling other assets first. OndoPerps said an initial $100,000 per-asset notional cap applies and will be expanded, with additional Ondo Stocks set to become eligible over time. The launch extends Ondo’s tokenized-equity offering beyond mint-and-redeem use cases into derivatives margining. Ondo Stocks are tokenized stocks, ETFs and ADRs issued by Ondo Global Markets (BVI) Limited that provide economic exposure to underlying assets without being the underlying securities themselves. Ondo said it has expanded the tokenized stock and ETF lineup to more than 430 assets across three chains. OndoPerps said trading volume on the venue has passed $3.8 billion and that the platform offers up to 20x leverage with 24/7/365 trading, although that volume figure was not independently verified. Access remains restricted: disclosures say the platform is made available by Ondo Global Panama Inc., is prohibited for U.S. persons, and that both the perpetual contracts and Ondo Stocks tokens are unregistered under U.S. securities laws. Ondo described the rollout as part of a broader "productive capital thesis" and a first step toward a prime brokerage layer for its ecosystem.