Ondo Perps Launches Tokenised Stock Collateral

Ondo Launches Perpetual Futures Platform

Tokenised real-world asset (RWA) issuer Ondo Finance launched the pre-alpha version of its perpetual futures trading platform, Ondo Perps, on 2026-07-07, allowing traders for the first time to use tokenised stocks as trading collateral. The platform describes itself as the first perpetual contracts platform to support this type of collateral, marking a new infrastructure use case for tokenised assets beyond on-chain exposure.(Source: PR Newswire, Ondo Perps Launches First Equity Perpetuals Platform, published: 2026-07-07.)

According to the company announcement, Ondo Perps is available to eligible traders outside the United States, Panama and other restricted jurisdictions. It operates 24 hours a day and offers leverage of up to 20 times. The platform is operated by Ondo Global Panama Inc., a Panama-based company.

Platform Covers Stocks, Indices and Commodities

Ondo Perps went live on 2026-07-07 with an initial launch of around two dozen markets. The tradable instruments include perpetual futures on US stocks, exchange-traded funds (ETF) and commodities, including:

• Large-cap technology stocks: Nvidia, Tesla, Apple, Microsoft, Meta, Amazon, Alphabet and others;

• Crypto-related stocks: Coinbase, Circle, Strategy, Robinhood and others;

• Commodities: gold, silver and oil;

• Index products: contracts tracking the US 100 and US 500.

All contracts have no expiry date, or in Ondo’s wording, “no closing bell”. The platform’s core differentiation lies in connecting tokenised real-world assets with derivatives collateral, allowing traders to use tokenised stocks as margin for leveraged positions without first converting their holdings into stablecoins.(Source: The Block, Ondo Finance says tokenized stocks can now be used as collateral, published: 2026-07-07.)

Private Beta Volume Nears US$2 Billion, First-Day Volume Tops US$100 Million

Ondo President and Chief Executive Officer Ian De Bode disclosed on social media that the platform’s trading volume had approached US$2 billion during the private beta phase. After launch, Ondo Perps exceeded US$100 million in 24-hour trading volume. The platform’s key operating parameters are shown below.

To attract early trading activity, Ondo announced rewards of up to US$3 million in total, including a US$150,000 USDC prize pool linked to first-week trading volume, as well as a referral programme and a subsequent Ondo Points scheme for perpetual contract traders.

De Bode Says the Platform Will Surpass Traditional Brokerage Accounts

De Bode positioned the launch as part of a broader shift in market access. He said:

According to public reports, Ondo founder Nathan Allman passed away earlier in 2026. De Bode, who was then president, subsequently took over as CEO and continued to drive the company’s expansion from tokenisation into trading.

Tokenised Stocks Shift from Passive Exposure to Trading Collateral

Previously, tokenised stocks were largely regarded as on-chain versions of traditional market exposure. Ondo’s new product turns them into collateral that can support cross-market leveraged trading. The significance of this shift is reflected on two levels:

1. Collateral utility is one of the main ways in which tokenised assets can increase value for traders; tokenised stocks that merely track share prices have limited functionality;

2. Tokenised stocks that can be included in margin systems and support futures trading may become part of a broader capital structure.

Over the past year, Ondo has continued to expand its tokenised asset business. The company had previously launched round-the-clock on-chain trading services covering more than 100 US stocks and ETFs for eligible investors in Asia-Pacific, Europe, Africa and Latin America. More recently, it also launched tokenised versions of BlackRock’s iShares Core S&P 500 ETF and Micron Technology shares in the United States through a third-party custody framework.

Regulatory Boundaries Remain a Core Constraint

The platform’s restrictions on users in the United States, Panama and other jurisdictions reflect the close connection between tokenised stocks, derivatives and regulatory boundaries. Although tokenised stocks can be traded on-chain, they still reference regulated securities in traditional markets. Ondo’s announcement states that the platform strictly prohibits use by users subject to sanctions lists maintained by the United Nations, the United States, the European Union, the United Kingdom, Canada and Panama, or users located in relevant restricted regions.

Ondo is entering a highly competitive perpetual futures market, with rivals including crypto-native platforms such as Hyperliquid and Ostium, as well as centralised exchanges such as Coinbase. Its key distinction lies in linking real-world asset tokenisation with derivatives collateral. The launch therefore represents an early test of whether tokenised stocks can evolve from market access products into core trading infrastructure.(Source: Stocktwits, Ondo Joins Perps Race Against Hyperliquid, Coinbase, published: 2026-07-07.)

Questions About the Ondo Perps Platform