Ondo Expands Perps Collateral as Tokenized Stocks Gain a Second Use
A tokenized inventory can now stay a part of a dealer’s market publicity whereas funding a leveraged place. Selling it for USDC first is not required.
Ondo Perps has added tokenized Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) as eligible collateral. Traders can retain publicity to these property whereas utilizing them to assist perpetual futures trades.
The addition arrives throughout a robust 12 months for onchain equities. Tokenized shares reached roughly $1.8 billion in market capitalization in August and accounted for about 15% of the tracked real-world asset market, 3 times their share firstly of 2026.
Ondo held the biggest slice at roughly $957 million on August 17.
Collateral Changes Things
Spot tokenization provides traders blockchain-based publicity to equities. Collateral lets the identical capital assist one other commerce whereas the investor retains market publicity.
Ondo designed Perps in order that merchants can use tokenized securities alongside stablecoins as multi-asset collateral, together with an fairness token linked to at least one firm to assist a perpetual contract linked to a different. The firm also pitches the mixture of spot property and perps as an early type of onchain prime brokerage.
The instant use case is hedging. A dealer holding a tokenized fairness can open an offsetting perpetual commerce on the identical venue. Basis methods add one other use, the place traders can maintain the spot token, quick its perpetual future and gather funding when charges are constructive.
Of course, collateral high quality is vital. Perpetual markets depend upon dependable pricing and sufficient liquidity to handle liquidations throughout unstable intervals. Equities additionally carry dividends, inventory splits and different company actions into the danger mannequin.
Ondo says its tokenized shares and ETFs are backed by corresponding securities and money in transit, with underlying holdings stored at US-registered broker-dealers or US-chartered nationwide belief firms. An impartial verification agent critiques the backing every enterprise day.
Tokenized Equities are Already Entering Credit Markets
In February, Ondo introduced SPYon and QQQon into Morpho lending markets, permitting the tokenized S&P 500 and Nasdaq-100 ETF merchandise to serve as collateral for borrowing. Gauntlet offers threat administration for the markets.
Chainlink information feeds for Ondo property together with SPYon, QQQon and TSLAon additionally went reside earlier this 12 months, supporting collateral valuation throughout DeFi functions.
Euler was among the many first integrations, permitting customers to borrow stablecoins in opposition to eligible tokenized shares and ETFs.
So, a tokenized security can start as market publicity to a inventory, then develop into lending collateral and assist derivatives buying and selling. Each further use provides holders extra methods to deploy the identical asset throughout onchain finance.
A $2.8 Billion Market Finds More Uses
Ondo Stocks now provides greater than 440 tokenized shares and ETFs throughout Ethereum, BNB Chain and Solana. The platform has additionally handed $1 billion in TVL, according to Ondo and feedback from managing director John Hoffman.
Usage is actually changing into extra refined. The tokenized fairness market now spans spot buying and selling, credit score and leveraged derivatives, giving issuers a bigger area by which to compete.
The addition of Circle, SpaceX and SanDisk means every asset can serve as market publicity and buying and selling collateral inside the identical system.
Collateral provides tokenized property monetary utility after issuance, turning equities into elements of onchain portfolio administration.
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