Ondo Eyes On-Chain Prime Brokerage with Perps As First Step

TLDR

• Ondo has over $2 billion in tokenized U.S. Treasuries on-chain.
• The new Ondo Perps platform lets tokenized assets be used as collateral.
• Ondo has secured a 60% market share in tokenized stocks and ETFs.
• Retail adoption is growing, especially in Asia, with new wallet integrations.

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Ondo, a blockchain-based financial services firm, is on a mission to transform traditional finance by rebuilding prime brokerage services on-chain. The firm’s ambition is to use its growing infrastructure and tokenized assets as the foundation for an entirely new digital trading ecosystem. Perpetual futures, or “perps,” are the first step in this plan, which aims to revolutionize access to global markets for investors worldwide.

In an interview at the Ondo Summit, President Ian de Bode described 2025 as a breakout year for Ondo, with key achievements in tokenized U.S. Treasuries and stocks. He highlighted the firm’s position as a leader in tokenized U.S. Treasuries, with over $2 billion in total value locked (TVL). Ondo’s platform for tokenized stocks and ETFs is also a key player, having achieved $600 million in TVL, accounting for a significant share of the market.

The Introduction of Ondo Perps

One of the key developments announced at the summit was the launch of Ondo Perps, a platform designed for perpetual futures on tokenized equities and commodities. Unlike other platforms, Ondo Perps will allow tokenized stocks and exchange-traded funds (ETFs) to be used as collateral. This feature aims to attract market makers, increase liquidity, and provide more advanced trading strategies.

By offering these advanced financial instruments, Ondo intends to cater to both institutional and retail traders who seek new ways to participate in on-chain markets. Ondo’s approach differs from other platforms in that it integrates tokenized assets directly into crypto trading workflows, enabling investors to trade traditional assets alongside cryptocurrencies.

Global Expansion and Adoption

Ondo’s tokenized assets are gaining traction beyond the United States, with retail adoption growing rapidly in Asia. The firm’s partnerships with major crypto exchanges, such as Binance and MetaMask, have played a significant role in driving this adoption.

Ondo has reported net inflows every day except three since launching its tokenized stocks platform in September. The firm’s user-friendly approach, enabling easy access through wallets and exchanges, is contributing to its rapid global growth.

De Bode emphasized that tokenized stocks are solving real access issues for investors worldwide, similar to how stablecoins have expanded access to the U.S. dollar. This move aligns with Ondo’s long-term strategy to bridge the gap between traditional financial markets and the growing crypto economy.

Moving Toward On-Chain Prime Brokerage

Ondo’s vision extends beyond tokenized stocks and perpetual futures. The company aims to create a fully on-chain prime brokerage service, providing a comprehensive platform for digital trading. This service would offer investors the ability to trade crypto, stocks, ETFs, and derivatives seamlessly in one place.

The first step toward this broader goal is the development of Ondo Perps, but De Bode made it clear that the company’s long-term strategy is focused on building out the infrastructure needed to support on-chain financial services. The company has already begun partnering with major financial institutions such as JPMorgan and Mastercard, signaling the growing recognition of blockchain technology in traditional finance.

Ondo’s approach involves creating the necessary “pipes” — scalable infrastructure — before focusing on monetization. As tokenization of assets continues to grow, the company is positioning itself to play a leading role in the transformation of global finance.

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