Ondo Finance’s real-world-asset-based perpetual futures exchange, Ondo Perps, launched 24/7 spot trading for 12 tokenized stocks and ETFs on September 28, including NVDAon, TSLAon and SPYon, and is expanding its tokenized-stock offering to Korean equities for overseas investors. Eligible users outside the United States can buy the assets with USDC through the platform’s central limit order book and use tokenized stocks, ETFs and stablecoins as collateral for leveraged perpetual futures on the same venue. Cumulative trading volume exceeded $8 billion by mid-August, following phased launches that began with early access in March 2026, public beta in June and full features in July. CEO David Wells described the United States as a significant opportunity without confirming a U.S. launch, while Ondo Finance and Oasis Pro asked the SEC and CFTC to recognize cash-settled perpetual futures under existing law. The platform remains unavailable to U.S. persons and users in certain other jurisdictions, and spot trading fees are waived for the first 30 days.