Ondo Perps enables tokenized stock funds as perpetuals collateral
DeFi & Yields ·
New feature lets traders back leveraged crypto positions with tokenized SPY and QQQ shares instead of stablecoins.
Ondo Perps has begun accepting tokenized stock funds as collateral for perpetual futures trading, starting with versions tracking the S&P 500 and Nasdaq‑100, according to an announcement from OndoPerps. The move lets traders post SPYon and QQQon holdings directly into perpetual positions rather than converting to stablecoins first, a change the corroborating cluster describes as an improvement in capital efficiency for market participants who already hold tokenized equity exposure.
The launch extends the broader push by Ondo Finance to connect traditional securities markets with on-chain infrastructure. Ondo's product suite already spans tokenized U.S. Treasuries, money market funds, and a growing marketplace for tokenized stocks and ETFs, alongside Ondo Chain, a layer-1 network built specifically for real-world asset settlement. Allowing tokenized equity funds to serve as margin for derivatives trading represents a further step in treating these instruments as programmable collateral rather than static holdings.
The feature arrives amid a wider expansion of Ondo's tokenized equity offerings. The wider coverage universe notes that Ondo launched tokenized equity perpetuals with 20x leverage for traders outside the U.S. in June, and separately partnered with Deutsche Börse's Clearstream and 360X to bring ten tokenized U.S. stocks onto regulated European market infrastructure. Binance Convert has also added recurring buy support for Ondo's tokenized securities, and Ondo has requested a no-action letter from the SEC to record tokenized securities on Ethereum, signaling parallel efforts to build both retail accessibility and regulatory clarity around these products.
Ondo's tokenized equities compete in a market where, per the same coverage set, Solana captures 97% of tokenized equity trading volume, with Backpack, xStocks, and PreStocks competing alongside Ondo on holder rights, structure, and regulatory treatment. How SPYon and QQQon collateral will be risk-managed within Ondo Perps, including margining rules, liquidation mechanics, and eligibility outside the initial two funds, has not been detailed in available material. It also remains unclear whether the collateral feature will expand to the broader roster of tokenized stocks Ondo has rolled out through its Clearstream and 360X partnership, or whether the pending SEC no-action request will affect how these collateral products are structured going forward.