Ondo Finance has deployed tokenized stock collateral on its perpetual futures exchange, OndoPerps. The initial rollout enables traders to back perpetual positions using SPYon and QQQon, tokenized versions of ETFs tracking the S&P 500 and Nasdaq-100 index benchmarks, without needing to convert their equity holdings into stablecoins.
Issued by Ondo Global Markets (BVI) Limited, Ondo Stocks offer economic exposure to underlying traditional equities. To manage risk during the initial launch, OndoPerps has established a $100,000 per-asset notional cap on collateral deposits, with plans to expand capacity and add further tokenized equities over time. According to self-reported platform metrics, OndoPerps has processed over $3.8 billion in total trading volume, offering up to 20x leverage on a 24/7 basis.
The venue operates under strict jurisdictional controls via Ondo Global Panama Inc, strictly prohibiting access to US persons as neither the perpetual contracts nor the tokenized equities are registered under US securities laws. By expanding its roster of over 430 tokenized assets into active derivative margining, Ondo frames the collateral feature as a foundational component of a broader, prime brokerage layer designed to increase capital efficiency across its decentralized finance ecosystem.
