Ondo Finance Launches First Platform to Use Tokenized Stocks as Crypto Collateral

TLDR

• Ondo Finance launched Ondo Perps, the first perpetual futures platform to accept tokenized stocks as collateral
• Non-U.S. traders can access up to 20x leverage on stocks, ETFs, and commodities 24/7
• Supported assets include Apple, Tesla, Nvidia, Micron, gold, and oil
• Ondo Global Markets has grown to over $1 billion in total value locked since September 2025
• Early users can earn a share of $150,000 in USDC rewards during the first week

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Ondo Finance has launched a perpetual futures trading platform that lets traders use tokenized stocks as collateral for the first time. The platform, called Ondo Perps, is now live for pre-alpha users outside the United States.

The service is available 24 hours a day, seven days a week. Traders in eligible countries can access it at any time, without the restrictions of traditional market hours.

Ondo Perps supports perpetual futures on U.S. stocks, ETFs, and commodities. Assets include Apple, Tesla, Nvidia, Micron, the S&P 500 via SPCX, QQQ, gold, and silver.

Traders can use tokenized stock holdings directly as collateral. This removes the need to hold separate cash reserves on different platforms.

The platform offers up to 20x leverage. That means a trader can open a position worth 20 times their deposited collateral.

How the Platform Works

Ondo Perps sources its liquidity from traditional financial markets. This gives it spreads and depth that Ondo says are comparable to conventional derivatives exchanges.

Order routing, margin updates, and liquidations are handled in real time. Ondo says execution speed matches the fastest centralized crypto exchanges while keeping decentralization intact.

Stablecoins are also accepted as collateral, alongside tokenized stocks and ETFs. Traders can choose how they want to post margin.

Ian De Bode, President of Ondo Finance, said the platform is “the first time a permissionless equity perps platform has been built with the infrastructure required to unlock liquidity, speed, and capital efficiency comparable to traditional derivatives markets.”

Growth and Expansion

Ondo Global Markets, the tokenized equity infrastructure behind the platform, has grown roughly 5% per week since launching in September 2025. It now holds over $1 billion in total value locked.

Ondo added tokenized versions of BlackRock’s iShares Core S&P 500 ETF and Micron shares just days before this launch. Those were added under a custodial framework the SEC outlined in January.

Last year, Ondo gave investors in Asia-Pacific, European, African, and Latin American markets access to over 100 U.S. stocks and ETFs on-chain.

Ondo Perps is not available to users in the U.S., Panama, or other restricted jurisdictions. The platform is operated by Ondo Global Panama Inc.

To attract early users, Ondo is offering $150,000 worth of USDC in rewards for trading activity during the first week.

The launch puts Ondo Perps in direct competition with other crypto derivatives platforms such as Ostium and Hyperliquid.

Tokenized stocks have mostly been held as passive on-chain assets. Ondo’s platform now lets them function as active collateral within a live derivatives market.

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