Ondo Perps Adds New Tokenized Stocks as Collateral, Expanding On‑Chain Equity Use Cases

Ondo Finance announced that its perpetual futures platform, Ondo Perps, will now accept three additional tokenized equities – Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) – as eligible collateral. This change lets traders use these assets to back leveraged positions without first converting them to USDC, preserving their spot market exposure.

How Collateral Works on Ondo Perps

Ondo Perps is designed to support multi‑asset collateral, allowing tokenized securities to be paired with stablecoins. Users can hold a tokenized stock and simultaneously open a perpetual futures trade, either as a hedge or to capture funding rate differentials through a basis trade (holding spot and shorting the perp).

Growth of Tokenized Equities

• Tokenized stocks reached roughly $1.8 billion in market capitalization in August, representing about 15 % of the tracked real‑world asset market.
• Ondo held the largest share, around $957 million, as of 17 August.
• The platform now lists over 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana.

Risk Management and Backing

Ondo states that each tokenized equity is backed by the corresponding underlying security and cash in transit, held by US‑registered broker‑dealers or national trust companies. An independent verification agent reviews the backing daily, and pricing relies on Chainlink data feeds and Gauntlet risk models.

Broader On‑Chain Uses

Beyond serving as collateral for perpetual futures, tokenized equities have been integrated into lending protocols such as Morpho and Euler, enabling users to borrow stablecoins against these assets. This creates a layered utility: spot exposure, credit collateral, and derivatives trading.

Implications

The addition of CRCLon, SPCXon and SNDKon demonstrates a growing trend of on‑chain equities being used in sophisticated financial strategies, effectively turning tokenized stocks into components of an on‑chain prime brokerage service.